Can You Buy Life Insurance with a Pre-Existing Condition? In this article, you will learn if you can buy life insurance with a pre-existing condition. In the meantime, 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 not all pre-existing conditions 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 contains 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 only 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, they always charge people with pre-existing conditions higher premiums.
Consider Group Life Insurance
If your company offers a life insurance plan, you can 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 disclose 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 apnoea.
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 that development in some or all of the lists below can assist in lowering your rates:
Prescription History:
If you are used 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 at a well-thought-out lower risk than a smoker with high cholesterol.
The particulars of what will earn you a better rating all depend on your medical condition and how the factors that are listed above affect your diagnosis.
Frequently Asked Questions
Is an Allergy a Pre-Existing Medical Condition?
No, allergies are not pre-existing medical conditions, and the consequences all depend on your life insurance provider.
Is Pregnancy a Pre-existing Medical Condition?
Yes, pregnancy is known as a pre-existing medical condition. You should have a plan to buy life insurance during the first trimester of your pregnancy when you are not as likely to experience any problems.
How do Insurance Companies Know if you have a Pre-Existing Condition?
Insurance companies will surely do their job to check your correct health status when they assess your application.
Do Life Insurance Companies Check Prescriptions?
Yes, simply because your prescription history is pertinent to your health status in the general risk valuation of the endorsing process.
How can I get cheaper life insurance if I have a pre-existing condition?
Make sure you follow your doctor’s instructions and treatment plan. After that, you communicate with a licensed agent.