Life Insurance with a Pre-Existing Condition
Cancer survivors, those with diabetes, people with a history of heart problems, and many others who live with a serious medical condition form a large proportion of society. Such people are likely to be only too aware of the value of life insurance and may be keen to find the right policy to help their loved ones when they’re gone. If you have a pre-existing medical condition, it can make your search for life insurance that much more tricky.
When you apply for life insurance, the underwriting process typically involves a brief medical exam. That usually means giving blood and urine samples, having your height, weight, and blood pressure recorded and answering a detailed health questionnaire. If you state that you have a current condition, the insurance company will want to know how you’re managing it. You’ll need to tell your insurer what medications you’re taking (if any), and how often. The medical examiner will also ask you how often you visit your doctor and whether you’ve had any recent episodes related to your condition.
Insurers will also take in your health and lifestyle factors when determining your premium. They will look at whether you’re overweight, smoke cigarettes, or have a history of alcohol abuse. The insurer uses all of these factors to determine how your health status may affect your life expectancy.
Many people who do have a pre-existing condition believe that they cannot qualify for great premium rates. Keep in mind that this is possible; it all goes back to how much of a risk you present to the insurance company. For example, let’s say you have diagnosed diabetes. However, if you follow a healthy diet, take a low dose of insulin and see your doctor regularly. If this is the case, it could be entirely possible to qualify for the preferred rate class. Keep in mind that the more serious your condition or overall health is, the more likely you’ll pay the highest rates.
The type of policy you choose also affects the kind of premiums you pay. Term life insurance typically provides the cheapest option but this kind of policy only covers you for a set amount of time. A whole life insurance policy will cover you for your entire life. While a whole life policy can have a higher premium, there are many benefits, such as permanent coverage and a cash value asset.
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