Do you have a pre-existing condition, and are you finding it difficult to buy life insurance? Or are you asking yourself if you can still buy life insurance with your pre-existing condition? You will find an answer now. In this article, you will know if you can buy life insurance with a pre-existing condition.
However, getting life insurance is still possible even if you have a medical history. The best way to get the most modest life insurance rates as an individual with a pre-existing condition is to shop around amongst different insurers. Without wasting much of our time, let’s find out how you can get life insurance with a pre-existing condition.
What is a pre-existing condition?
A pre-existing condition is a health condition that you have before you begin a new health care plan or before you apply for life insurance. These are conditions like high blood pressure, HIV/AIDS, cancer, diabetes, asthma, heart disease, depression, kidney disease, and autoimmune diseases. It is good to know that it is not all pre-existing conditions that affect your qualification for coverage.
How to Get Life Insurance with a Pre-Existing Condition
As stated earlier, it is not all pre-existing conditions that affect your qualification for coverage. The list below are some ways to possibly develop your opportunity of qualifying for coverage:
Get no-exam life insurance
A no-exam life insurance policy doesn’t need a medical exam, so that means you can’t be denied because of a pre-existing condition.
Look into term life insurance
Term and whole life are the two main types of life insurance. With term life insurance, you just need to pay a smaller premium, but you will just be covered for a short period. Your premium is higher with whole-life insurance, but you will be covered for your entire life.
Accept a higher premium
Life insurance providers are always cautious of candidates with pre-existing conditions because they are riskier to insure. Because of this reason, they always charge people with pre-existing conditions higher premiums.
Consider group life insurance
If your company bargains for a life insurance plan, you can be able to be eligible without a medical exam. Group policies have a habit of being less expensive than individual policies, but then they only provide basic coverage.
It is advisable to seek the assistance of a licensed life insurance agent or broker who is familiar with guaranteeing standards for your exact pre-existing condition and intended policy.
What counts as a pre-existing medical condition?
Whenever you want to get a quote for life insurance, you must reveal all pre-existing medical conditions and also take your time when answering the application questions. A characteristic pre-existing condition, ailment, or illness is as follows:
- High blood pressure.
- HIV/AIDS.
- Cancer.
- Diabetes.
- Asthma.
- Heart disease.
- Depression.
- kidney disease.
- Autoimmune diseases.
- High Cholesterol.
- Liver disease.
- Mental health conditions.
- Musculoskeletal conditions.
- Strokes.
- Sleep apnea.
You may also need to take a blood test or a medical examination when you apply for life insurance to confirm your health condition.
How life insurance companies evaluate medical conditions
There are some key facts that underwriters will evaluate for any health concern. They show development in some or all of the lists below, which can assist in lowering your rates:
- Prescription history: If you are set to smaller amounts of medications and if the drugs and dosages have been consistent over time, then you will get a lower rate.
- Severity of diagnosis: The more severe your analysis, the more payment you make for life insurance.
- Treatment history: The length of your treatment will also affect your rates.
- Length of diagnosis: A longer diagnosis can show that you are not responding to treatment, and it can worsen throughout your insurance policy.
- Related health concerns: Some medical conditions can become inferior if you have other diseases or unhealthy habits. If you are not a healthy person with high cholesterol, you will be, well, thought-out, at lower risk than a smoker with high cholesterol.
The particulars of what will earn you a better rate all depend on your medical condition and how the factors that are listed above affectyour diagnosis.
Final Thoughts
Allergies and pregnancy are not pre-existing medical conditions. In additionally, insurance companies check health status and prescription history during application assessments. Pregnant women should plan for life insurance during the first trimester. To get cheaper life insurance, follow doctor’s instructions and treatment plan, and communicate with a licensed agent.
