How a Pre-Existing Medical Condition Can Affect Your Application for Life Insurance
One of the primary criteria in qualifying for life insurance is an applicant’s anticipated life expectancy, as someone who has a shorter estimate time can pose much more risk to a life insurance company than someone who is young and in good health.
Just some of the pre-existing medical conditions that may cause an insurance carrier to look more closely at your health situation include:
- Multiple Sclerosis
- Heart disease
- Diabetes (You can still get type 1 diabetics health insurance)
The underwriters may also want to learn more about your pre-existing medical condition – as well as your health in general – by reviewing your medical records. These may be requested from your primary care medical professional and/or from any specialists that you see.
You’ll also participate in a short medical exam, that the carrier uses to collect samples of your blood and urine that are tested to see if you are prone to any future health issues.
Once all of your information has been obtained from the insurance company, the underwriters will be better able to understand your health condition, as well as whether or not it may be considered too risky to accept your application for coverage.
How Much Does Life Insurance Cost If You Have a Pre-Existing Condition?
Your life insurance premium can also be affected by your overall health – especially if you have a specific pre-existing condition. Depending on the condition – and how you are managing or controlling it – there is the possibility of being offered coverage at a Standard premium rate. This means that, other than your pre-existing condition, you can in fairly good health, and because of that, you will pay a similar amount of premium as someone who is considered to be of “average” health.
However, if it is deemed that your pre-existing condition may make you riskier to the life insurance company, you may be offered a policy with a Sub-standard rating. This means that, even though you may qualify for coverage, the amount of the premium will be higher than that of someone who is considered to be in average health, and who is your same gender and age.
When it comes to Sub-standard policy rates, there are several different categories that your coverage may fall into, such as Mild Sub-standard, Medium Sub-standard, or Severe Sub-standard. Life insurance companies may also use Table Ratings. This means that the insurer will add an additional amount to the policy’s premium. In some cases, if you have owned your policy for a certain number of years, the extra amount of premium will be reduced.
In any case, if you do have any pre-existing medical conditions, it can be important to obtain premium quotes from several different life insurance companies. This is because, just like most other products and services that you buy, the price of a life insurance policy can differ, sometimes significantly, from one insurance company to another. This can be the case, even for the very same type and amount of life insurance coverage.
When comparing life insurance policies and their premiums, it can be best if you work with an independent life insurance agency or brokerage. That is because these companies will usually work with a multitude of life insurance carriers – and because of that, they will be able to go out into the marketplace and find you the best coverage and rates for you.
What To Do If You Don’t Qualify for Traditional Life Insurance
It does not mean that you will have to go without life insurance coverage altogether if your application has been turned down. For those who have pre-existing medical conditions, a no medical exam or a guaranteed issue policy could still provide you with the insurance coverage that you need.
In fact, with a guaranteed issue life insurance policy, you are guaranteed to be approved for coverage, and your policy cannot be canceled by the insurance carrier – provided that you continue to pay the premium.
While the cost of no medical exam and guaranteed issue life insurance may be higher than that of a medically underwritten plan, these options can provide you with financial protection and peace of mind, even if you have medical issues to contend with.
In addition, because there is no medical underwriting required, these types of life insurance policies can often be approved and issued within a very short period of time – possibly even the very same day that you apply.
How to Find the Best Rates on Life Insurance – Even If You Have a Pre-Existing Condition
Our agents at Insurenow are well versed in helping clients who are dealing with health issues or have numerous pre-existing conditions.
And we promise, that with our contacts, we will work hard to put you in a life insurance plan that is beneficial to you. The way we find the best rates for you is to compare, compare, compare.
We will listen to your situation, and figure out what companies fit your needs. Then we will run rate comparisons between different styled plans until you are comfortable and satisfied with our suggestion.
We’d love for you to fill out the quote form on the left, or give us a call at 888-229-7522. We’re ready to help you and your family!