One of the primary criteria in qualifying for life insurance is an applicant’s anticipated life expectancy. Someone who has a shorter estimated time can pose much more risk to a life insurance company than someone who is young and healthy.
If you have a pre-existing medical condition, underwriters will want to learn more about your general health by reviewing your medical records.
How Do Pre-Existing Conditions Affect Life Insurance?
Here are some of the most common pre-existing medical conditions that may cause an insurance carrier to look more closely at your health situation include:
Medical records may be requested from your primary care medical professional and/or from any specialists that you see.
Life Insurance Medical Exam
You’ll also participate in a short medical exam that the carrier uses to collect samples of your blood and urine. These samples 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 and decide whether or not to accept your application for coverage.
How Much Does Life Insurance Cost If You Have a Pre-Existing Condition?
Your life insurance premium can 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 still a possibility of receiving coverage at a Standard premium rate. This means 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 makes you riskier to the life insurance company, you may be offered 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.
Sub-Standard Policy Types
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
- 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.
Life Insurance Companies Treat Pre Existing Conditions Differently
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.
No Exam Policies for Pre Existing Conditions
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.
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.
List of Other Pre Existing Conditions
Click any of the links below to learn more about life insurance with the following pre-existing conditions:
- Abdominal Aortic Aneurysm
- Abscess Pneumonia
- Adrenal Mass
- Amyloid Disease
- Ankylosing Spondylitis
- Aplastic Anemia
- Bechterews Disease
- Benign Tumors
- Bergers Disease
- Biliary Cirrhosis
- Bipolar Disorder
- Brachial Plexus Palsy
- Celiac Disease
- Cerebral Thrombosis
- Chronic Bronchitis
- Chronic Obstructive Lung Disease
- Crohns Disease
- Cushings Syndrome
- Disabled People
- Down Syndrome
- Dubin Johnson Syndrome
- Encephalitis Lethargia
- Gullain Barre Syndrome
- Hepatitis B
- Hepatitis C
- High Blood Pressure
- High Cholesterol
- High PSA
- Hirschsprung’s Disease
- Iron Deficiency Anemia
- Manic Depressive Disorder
- Metabolic Syndrome
- Multiple Sclerosis
- Muscular Dystrophy
- Optic Neuritis
- Pagets Disease
- Parkinsons Disease
- Pulmonary Embolism
- Purulent Pleuritis
- Rheumatoid Arthritis
- Sickle Cell Disease
- Sleep Apnea
- Thromboangitis Obliterans
- Ulcerative Colitis
How to Find the Best Rates on Life Insurance
Our agents are well versed in helping clients who are dealing with health issues or have numerous pre-existing conditions.
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 satisfied and comfortable with your coverage.
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!