Getting affordable life insurance with pre-existing conditions may be challenging, but it’s not impossible.
In fact, 70% of Americans would consider buying a life insurance policy if they didn’t have to undergo a medical exam.
When looking for life insurance for people with pre-existing health issues, take into consideration different insurance companies and compare their rates.
The nature of your illness and how well you manage it may also be a significant factor in getting a favorable premium rate from a life insurance provider.
Typically, those with pre-existing illnesses are considered high risk by insurance companies. As a result, many people write off obtaining life insurance altogether.
Keep reading to learn how you can shop for life insurance with pre-existing conditions.
What you need to know about life insurance with pre-existing conditions
Finding the best life insurance with pre-existing conditions should be easy if you’re well prepared.
Usually, insurance agents will ask questions about your health condition and treatments. Additionally, you may need to provide the date of your diagnosis or details about the type and frequency of medicine you take.
In most cases, you’ll need to submit the results of your medical exams. The insurance company will then make a quote based on the information you provided.
Depending on the insurer, you may get better rates for life insurance with pre-existing conditions such as Diabetes Type 2. This is because some companies view it as more favorable than Type 1 Diabetes or other serious and chronic illnesses.
On the other hand, if you show that you manage your condition well or have treated it successfully, you’ll get lower premium rates. Your lifestyle, number of hospital visits or additional health issues can also contribute to the final quote.
Some of the most common pre-existing medical conditions are:
- High cholesterol
- High blood pressure
- Diabetes Type 1 or 2
- Heart disease
- Liver/kidney disease
- Sleep apnea
- Chronic Obstructive Pulmonary Disease (COPD)
Of all pre-existing conditions, cancer may be the trickiest when it comes to getting life insurance. Because insurance companies are businesses, their goal is to offer a valuable product, but also to make a profit.
If you’re a cancer patient looking to get life insurance, be prepared to answer questions about your condition
For example, the insurance agent will need to know the following:
- The type of cancer you have or had
- Whether your cancer has spread
- The kinds of treatments you’ve done
- Whether your treatments are ongoing or completed
- If your treatments were successful
This is not to say that cancer patients can’t get life insurance. It’s that getting one depends on a lot of factors, most specifically on estimated survival rates.
So, the rule of thumb when consulting an insurance agent is to just be honest about your health issues. Don’t leave out any important information that may be useful.
Include all complications, lab tests and side effects you’ve had. This will help the insurance provider determine the best insurance type and the best rate for you.
How to choose the right life insurance company
With so many options for life insurance with pre-existing conditions, you should learn how to pick the best one for your specific case.
The easiest way to sift through companies is to compare their offers and premium rates. Applicants with pre-existing medical problems get higher rates from insurers because they’re considered high-risk cases.
Learn how to find the right insurance company for you by taking the steps below.
Do your research
Before you buy life insurance with pre-existing conditions, do some research on different insurance providers.
If you’re not sure where to start, ask your family and friends for recommendations. You can also do a quick online search or use specialized services to compare offers.
Take your time choosing your life insurance with pre-existing conditions. Look into through several insurance companies to find the right match.
Premiums for life insurance with pre-existing conditions are usually high, but you can still find an affordable policy.
The key is to compare different quotes and decide based on value.
You can choose the following ways to get informed on quotes:
- Meet with an insurance agent in person
- Contact an insurance agency over the phone or by email
- Request quotes online
Talking to an independent agent can save you a lot of time. They can present several quotes from different companies and customize them to your needs.
Based on your current medical condition, they’ll link you to an insurance company. They may even complete the procedure for you.
Independent insurance agents specializing in high-risk cases are your best bet.
If you don’t have the time to meet an agent, call a few insurance companies to inquire about their rates.
The easiest way to compare quotes for life insurance with pre-existing conditions is online. Find a reputable independent life insurance agency that’ll do the work for you. Based on the information you provide, they’ll gather data from several insurance providers and give you the most affordable rates.
Based on the information you provide, they’ll gather data from several insurance providers and give you the most affordable rates.
Choose the right life insurance policy for your medical condition
Choosing the right life insurance with pre-existing conditions can be hard if you don’t know what’s available.
Most insurers see you as a high-risk case if you have a pre-existing medical issue. This leads to higher premiums and limited policy options.
There are four types of policies for life insurance with pre-existing conditions:
- Fully underwritten policies
- Permanent life insurance policies
- Term life insurance policies
- No medical exam life insurance policies
To get a fully underwritten life insurance, you’ll need to provide results from your medical exams, any medical paperwork, prescription checks and a statement from your doctor. Certain pre-existing conditions may not be eligible for an underwritten policy.
Permanent (guaranteed) life insurance policies are a good choice if you can’t afford life insurance with pre-existing conditions. They come with fixed premium rates throughout the entire duration of the insurance. Permanent life insurance is one of the most expensive out there.
Term life insurance policies are often picked for their affordable rates. Even though term life insurance has fixed premiums, it may not always be available to people with pre-existing medical conditions. Consult your insurance agent or request a quote online to see how you rank.
Some people with pre-existing medical issues choose the no medical exam life insurance policy. Premium rates are very high, but you’re not required to take a medical exam.
Instead, you’ll submit a medical questionnaire, motor vehicle report, prescription report and Medical Information Bureau document. Note that no medical exam doesn’t guarantee you’ll be approved.
Picking life insurance with pre-existing conditions can be overwhelming. But if you know how to approach it, you’ll find the best premium rates for you.
First, get informed about life insurance policies for people with pre-existing medical issues. Some insurers simply don’t offer such insurance, but there are many that do with great coverage and premiums. You’ll need to look around to find the best match.
The second step is to do your research. Don’t choose the first company willing to offer you insurance just for the sake of it. Chances are, there are other insurers out there with better policies, coverage, and prices.
Some companies even specialize in life insurance for customers with pre-existing conditions. Do your research well before you give your money away.
Once you’ve found a few companies you like, take a look at their prices and compare the rates
In this case, it’s important to choose the policy that’ll work for your condition in the long run, rather than the cheapest one. If you’re lucky, you may even find a cheap policy with good coverage.
Last but not least, be careful who you buy insurance from. Just because a company has accepted your circumstances doesn’t mean it’s the best choice for you.
Ask around and see if you can find insurance companies specializing in life insurance for people with pre-existing illnesses.
Because they’ve worked with people in your situation before, they’ll know exactly what to offer you.
Finally, be prepared to answer a lot of questions about your condition. In addition to questions, you’ll need to submit medical reports, doctor’s statements, lab tests and more.
It may be overwhelming, but the more details you give to your insurance agent, the greater chances you have of getting life insurance.
Very often, if you have a pre-existing condition and are managing it well, the insurance company won’t hesitate to give you insurance.
If you’re not able to obtain life insurance for any reason, search for other options. There are other types of insurance that don’t require medical examinations and interviews.
Though you may have to pay slightly higher premiums and be somewhat limited in coverage, you’ll still be protected.
If you want to learn more about life insurance for people with pre-existing medical problems or would like to get quotes from several companies, we at Top Quote Life Insurance are always happy to help you.