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Can I Buy A Life Insurance Policy For Someone With A Critical Illness?

Critical Illness Life Insurance

Life insurance plans are generally easily obtained for people who are healthy and do not suffer from any preexisting conditions or diseases. Even term insurance, which is one of the more affordable types of life insurance, is easier to purchase for people who do not suffer from any pre-existing conditions.

However, if you or someone you know already suffers from a critical illness, obtaining a life insurance cover may be a bit more difficult. This is because most insurance service providers have strict terms and conditions regarding life insurance for someone with a critical illness.

So, can someone with a critical illness buy a life insurance policy?

In some cases, the answer is yes. As long as any applicant with a pre-existing critical illness fulfils the requirements laid out by the insurer, it may be possible to invest in a life insurance plan.

The bottom line is that insurers need to be aware of the risk involved in selling a life insurance cover to an applicant. And for people with a critical illness, that risk is significantly greater, since the probability that the insured person may pass away during the policy’s term is also higher. So, when it comes to offering a protective life cover to people with a critical illness, most insurance companies have certain rules and regulations in place.

What are some examples of critical illness?

While the exhaustive list of conditions considered as critical illness may vary from one insurer to another, here are some examples of what this category may include.

What to keep in mind before buying a life insurance policy when you have a critical illness?

Investing in any of the different types of life insurance when you’re healthy is a straightforward process. However, if you or someone you know suffers from a critical illness, the process involved in buying life insurance is a tad bit different. Here are some important things you need to keep in mind before you decide to buy a life insurance plan for someone with a critical illness.

  • You need to disclose to your insurer the fact that you suffer from a critical illness before you invest in life insurance. Not revealing this information could make your claim invalid when you approach the insurer for your final settlement. The specifics may vary from one illness to another, but they’re all directed at helping the insurer understand the extent of risk involved in providing you a life cover. Typically, most insurers will require details such as these when you buy life insurance.
    • The date you were first diagnosed with the critical illness
    • The extent of the disease or the severity of the condition
    • The kind of treatment you received (or are currently receiving)
  • The premium charged for investing in life insurance is significantly higher if you’ve been diagnosed with a critical illness such as cancer, heart disease, or stroke. This is because with a pre-existing condition, the chances are higher that the insurer may be required to pay out the protective cover to the policyholder. So, to compensate for this increased exposure to risk, insurance companies charge a higher premium on policies issued to people with a critical illness.
  • If you have a history of any critical illness, most insurers will provide a waiting period that you need to get through before purchasing a life insurance plan. For instance, if you’ve just had a heart attack, you might only be eligible to invest in a life cover 6 months after the date of the attack. Some insurers may extend this period up to 3 years. Similarly, with conditions like cancer, insurers may require that you be in remission for a specified period before they consider you eligible.
  • Typically, if you’ve been declared healthy once again after having suffered from a critical illness, the chances are high that you may be able to enjoy lower premium rates. So, before you approach an insurer to buy a life cover, ensure that your medical records are up-to-date and in order, so you can make a better case for yourself.


If you have not been diagnosed with a critical illness, but suspect that cancer or heart disease runs in your family, you can hedge your future by obtaining a critical illness riders on your life cover. This rider makes you eligible for lumpsum or periodic payments if you’re diagnosed with any critical illness during the term of the policy.

Canara HSBC offers the iSelect Smart360 Term Plan, which is one of the most affordable types of life insurance. The benefits of this policy include accidental death and total permanent disability cover, so you can secure your future in case something untoward happens. You can also avail the benefits of spousal cover, maturity benefits and a variety of different payout options.

Speak to an insurance specialist now!

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