Fibromyalgia and life insurance guide 2024

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What is life insurance and why may you need it?

Life insurance is simply financial protection for a worst-case scenario. You take out a policy, usually for a set cover amount, and decide the term length. If you were to pass away within this policy term, then your loved ones would receive a cash pay-out for the said amount.

The proceeds from a life insurance policy are often used to clear the mortgage (enabling your loved ones to remain in the family home), cover rising living costs, provide an inheritance, fund education/childcare fees and pay high funeral expenses.

It is common for people to consider taking out life insurance for the first time after a significant life event, such as having children, buying a property, or getting married.

But how is life insurance affected, if at all, by having Fibromyalgia? Let’s explore…

Can you get life insurance with fibromyalgia?

Yes, rest assured you can secure life insurance protection even if you are diagnosed with fibromyalgia syndrome, as generally speaking it is not considered a life threatening condition.

Insurers will regard fibromyalgia as a ‘pre-existing medical condition’, which you need to declare during the application process.

If your fibromyalgia symptoms are minor with no related medical issues, then it is possible to get a policy on standard terms (with no inflated premiums). However, every insurer will view your application differently and therefore it is vital that you compare multiple quotes.

The outcome of your application and the price you are quoted will depend:

  1. The severity of your fibromyalgia symptoms
  2. How fibromyalgia affects your day-to-day life and work
  3. Whether you have any other medical problems

The application process

As mentioned above, you will need to declare any medical conditions you have to the insurer during the application.

Once the insurer is aware of your fibromyalgia, they will likely ask several additional questions to gain a better understanding of your condition (this is normal).

  • When were you diagnosed?
  • How severe are your symptoms?
  • Are you taking any fibromyalgia medication?
  • Do you use mobility aids?
  • Are you able to work?
  • Have you been hospitalised?

It is important that you are open and honest with your insurer during the application to ensure your policy is valid and pays out when needed.

Depending on your personal circumstances and the severity of your fibromyalgia, an insurer may request to see your medical records. This is nothing to be worried about and is simply so that they can gain a greater understanding of your health and to calculate your premiums accordingly.

In order to view your medical records, the insurer must first ask for your approval and the process will not cost you anything.

What if your application is declined?

It is highly unlikely that your application will be declined purely because of your fibromyalgia. It is more likely that you would be declined because of other serious related medical issues.

However, if this does happen it does not mean you cannot ever find life insurance cover. Every provider has a different underwriting criterion and so what one insurer perceives as too high risk, another may not.

What’s more there are providers such as The Exeter and MetLife who specialise in finding cover for those considered non-standard applicants who have been refused elsewhere.

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How much will your life insurance cost?

If your symptoms are very mild, then you could secure life insurance with standard terms. Meaning a non-smoker in their 20s could secure approximately £200,000 of cover for 20p a day. If you symptoms are more serious, then it is likely your monthly premiums with be inflated to compensate for this increased risk.

As we age, all premiums increase in cost as statistically we are more likely to suffer a medical condition and therefore a claim is more likely.

Along with age, your smoking status, weight/BMI, medical history, the cover amount, and term length are all key factors when it comes to calculating premiums.

To secure the lowest premium its best to take out a policy when you are young and healthy, locking the lower rate in for decades to come.

What if I am diagnosed with fibromyalgia after taking out a policy?

If you take out a policy and are then diagnosed with fibromyalgia it does not impact the validity of your policy. If you were truthful at the point of application, then your policy will be live and provide important financial protection. You are also not legally obligated to inform your insurer of your diagnosis.

How best to save money on your premiums?

The best way to save on your premiums is to compare multiple quotes from different providers as prices can vary wildly between providers, especially if you are applying for life insurance with a pre-existing condition.

You can use a reputable comparison website to help save time and money or use a regulated life insurance broker. A broker can help put you in touch with specialist insurers if required. They can also help run you through the lengthy application process, unpicking the jargon and answering any question you have.

The higher your cover amount the higher your premiums, so take the time to work out exactly how much cover you require. Consider your remaining mortgage, utility bills, transport costs, food shopping, children’s education etc. Also consider how long you need cover for? Often until the children are financially independent and the mortgage is paid off.

Seize the day

The thing about life insurance is, you never know when you and your family may really need the financial security it provides. So, if you have loved ones who depend on you, why not seize the day, and secure their future (whatever it may hold). Rest assured your fibromyalgia should not affect your chances of securing cover.

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