Getting life insurance can help you to ensure that those you love and care about will have the funds that they need for going on financially – even in the event of the unexpected. That is because the funds that are received from life insurance can be used for paying loved ones’ ongoing living expenses, as well as for paying off debts.
While some people can easily obtain this type of insurance coverage, for other, it may be much more difficult. This can particularly be the case if you have certain pre-existing medical conditions.
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)
When you apply for life insurance coverage, then, the underwriters at the insurance company will want to know more about you and your health. This begins by having you fully complete an application for coverage. On this application, you will be asked certain questions regarding your:
- Height and Weight
- Smoking Status
- Alcohol Usage
- Overall Health History
- Family Health History
- Medications Taken
- Hobbies and Habits (especially those that may be considered risky, such as scuba diving, rock climbing, skydiving, etc.)
If you have a pre-existing medical condition, the insurance company will usually want to know more condition related specifics, such as:
- When were you initially diagnosed with your condition?
- What are you doing to manage and / or control your health condition?
- Are you taking any particular medications for your condition – and if so, what is it and what is the dosage?
- Do you regularly see your primary care doctor or other medical specialist for your condition?
- Have you recently had any lab tests performed that are relevant to your condition?
Typically, you will also be required to take a medical examination. During this exam, you will meet with a paramedical professional who will take from you a heart rate and a blood pressure reading, as well as a blood and urine sample for testing.
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.
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?
There are several parameters that can determine the cost of your life insurance premium. These include the type of coverage that you are purchasing, as well as the amount of coverage that you are applying for.
Your life insurance premium can also be affected by your overall health – especially if you have a specific preexisting 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
If you are not able to qualify for a traditional, medically underwritten life insurance policy, it does not mean that you will have to go without life insurance coverage altogether. 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.
That is because these policies will not require you to undergo a medical examination as a part of the underwriting process, in turn, allowing you a better chance of qualifying for the life insurance protection that you need.
In fact, with a guarantee 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 guarantee 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
If you have pre-existing medical conditions and you are seeking life insurance coverage, we can help. We work with many of the top life insurance carriers in the industry, and we can help with finding you the right insurance protection. For more details on plans and quotes, just simply fill out the quote form on this page. We can also be reached via phone, toll-free, if you would like to ask any additional questions. Please feel free to call us directly at 888-229-7522. Having a pre-existing medical condition can be challenging – but getting the life insurance that you need doesn’t have to be. So, contact us today – we’re here to help.