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Can You Get Life Insurance with Pre-Existing Conditions?

There are a very large number of health problems that can be considered pre-existing conditions, which can affect whether or not an insurance carrier will sell you a life insurance plan. Pre-existing medical conditions can prevent people from qualifying for coverage, or they can increase the rates a person pays to get a policy. There are insurance companies that provide plans for a wide array of medical conditions, so sometimes all it takes is comparison shopping to find the right insurance provider for you.

The first step to getting a life insurance plan that suits your needs is to research which types of life insurance coverage you are most interested in. From term life insurance policies to universal and variable life insurance plans, there are many options available. Since each company uses different formulas to determine a person’s life insurance rates, as well as which policies they will offer, shopping around is critical. The tools on this website are designed to help you find a life insurance plan that works for you. Continue reading to get more information about how different pre-existing conditions affect your ability to purchase a life insurance policy.


What Conditions Affect Life Insurance Rates?

A common question that people ask is, “How can I get a life insurance policy when I have a pre-existing condition?” The answer to this can be fairly complex. How to find a cheap life insurance policy with pre-existing conditions involves time and research. Generally speaking, term life insurance is the cheapest life insurance plan for people to purchase. Not everyone passes the underwriting process, but if you do, this is likely to be the most cost-efficient kind of plan. Keep in mind that no medical exam policies, and guaranteed policies, are available. These plans have higher premiums, but also accept a larger number of medical issues.


How To Get Life Insurance With Pre-Existing Conditions?

With some guaranteed issue plans, the death benefit might be limited. Even so, for many conditions, it is likely a person can find enough life insurance coverage to cover the costs of final expenses, as well as offer reasonable support to their family in case they pass away.

People may be disqualified for certain types of life insurance plans if they are in a nursing home or treatment facility, if their mobility is impaired and they require a wheelchair, if they have been diagnosed with a high-risk illness such as HIV, cancer, or kidney disease, if they are on dialysis, if they have been diagnosed in the previous two years with diseases like diabetes, or if they have cognitive impairments.

Pre-existing conditions can include everything from acid reflux to arthritis, asthma to osteoporosis, obesity to tuberculosis, and more. Other pre-existing conditions are cardiovascular disease, chronic bronchitis, skin cancer, breast cancer, epilepsy, high cholesterol, Crohn’s disease, Alzheimer’s disease, anemia, and numerous others. People who have a heart murmur can also be considered to be having a pre-existing condition. With these conditions, as well as others, people may be disqualified for certain types of life insurance policies. In other cases, they may pay more money overall.


Getting Term Life Insurance With Pre-existing Conditions

Term life insurance policies give coverage for a prespecified period of time. This can range between five years and 30 years or more. If you pass during the time your policy is valid, the beneficiary or beneficiaries listed in your policy will receive a death benefit. The death benefit is also called the face value of the policy. A pre-existing condition might raise your premiums significantly. That said, there are benefits to going with a term life insurance plan. You will likely be able to get a much higher death benefit than what is available with other types of policies, such as those with limited underwriting.

Your health and overall risk profile determine the rates for term life insurance. Insurance companies utilize different tiers of health ratings, and your premiums can depend on which one you qualify for.

Simplified Issue Life Insurance And No Medical Exam Insurance With Pre-existing Conditions

For policies that are simplified issues, as well as no medical exam plans, a few different types of policies are available. People can purchase a term life insurance policy in either of these categories, and permanent life insurance plans are also available with limited underwriting. With no medical exam, and often fewer health questions, this can be a choice for people who have pre-existing medical conditions. Even though simplified issue policies have maximum death benefits that are lower in comparison to fully underwritten policies, it can still be possible to find plans with up to $250,000 or more as the death benefit.

To get these types of insurance plans, however, you will be paying a higher premium. The first step is to answer several health questions provided by the insurance company. If you qualify for coverage, the health insurance provider will be able to let you know what premiums you qualify for. Being honest with your questionnaire is extremely important as they can cancel your life insurance coverage if they find discrepancies.

If a person is healthy, it is generally not recommended that they purchase a simplified issue policy. This is because insurance companies charge more money in exchange for having less information to utilize to assess your risk. Many people choose to apply for a life insurance policy that has a medical exam before looking into other options that are available.

It is often well worth it to get quotes from multiple life insurance providers if you have one or more pre-existing conditions. Different companies look at pre-existing conditions differently, both individually and in general. Use the tools on this website to find the best rates for life insurance plans available for your unique situation. By doing the research, you may be surprised to find that their policies out there that you can consider purchasing.

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