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Term Insurance For Pre Existing Medical Conditions – So wait, you’re not perfect? That’s right – no one turns out. But you can probably still get affordable coverage.
Let’s face it, we all have problems. And if Covid-19 has taught us anything, it’s that it’s important to take care of ourselves – physically and mentally – and take care of those we love. But what about the health problems and medical conditions you may already have or have no control over? It is estimated that up to half of all non-elderly people living in the US have some type of pre-existing health condition. If you are among this half of the country and need life insurance, there is a good chance you can still get the protection you and your family deserve.
Term Insurance For Pre Existing Medical Conditions
Having a condition such as a heart murmur, palpitations or coronary artery disease will still allow you to get life insurance. Even if you have had a heart attack, you may still be eligible for insurance. A life insurance company will want to know the severity of the condition and if the condition has been treated, under control or if there are other underlying health issues associated with the condition.
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According to the Center for Disease Control and Prevention, 1 in 10 Americans has diabetes. The good news is that most type 1 and type 2 cases will not prevent you from getting coverage. If you have either type, a life insurance company may want to learn more from you, including your blood sugar and/or cholesterol levels. They will also want to know when you were diagnosed (a diagnosis later in life will give you a better chance of getting treatment).
Recreational use of tobacco and marijuana will not prevent you from being protected. If you use either (or both), a life insurance company will need to know how often. If you use marijuana for medicinal purposes, they will also want to know the condition(s) it is being used to treat.
The medical world has made incredible progress in diagnosing and treating these common cancers. If you’ve had either, life insurance can still be an option – especially if you’re three years post-treatment. An insurance company will want to hear more about the stage and grade of the tumor and how you were treated (chemotherapy, radiation, surgery, or a combination of treatments).
According to the Anxiety and Depression Association of America, anxiety affects about 40 million adults in the United States. If you suffer from either or both, it’s important that you get the help you need first. And second, know that you can still get the life insurance protection you and your loved ones deserve.
How To Get Life Insurance With Pre Existing Conditions
If you take steps to stay healthy and actively manage your health conditions, life insurance companies will take that into account when calculating your policy rate.
For example, you may have a heart condition, but you have been managing it with the right medications for years. Or maybe you’ve lived with diabetes all your life and can show that your blood sugar is under control with recent labs. Any documentation of effective treatment and regular doctor checkups could help you get lower life insurance rates.
Below is a sample to show how typical marijuana habits can affect monthly insurance prices with us. Our example is a 30-year-old man in excellent health applying for a $500,000, 30-year term life policy.
Talk to a licensed Legal & General America (LGA) life insurance advisor who can answer any questions you may have or fill out our online application (it only takes about 15 minutes to apply). If you want to talk to someone first, we’re here for you.
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LGA is one of the few specialist life insurance companies that accepts pre-existing conditions. We are a top term life provider in the US and we are ready to work with you to get the best rate – regardless of your health condition. Our goal is to educate and advise on life insurance options, so you can feel confident makes the right choice, whether through it or elsewhere. To ensure that we provide accurate and reliable information, our writers follow strict editorial standards.
It is usually possible to get life insurance with pre-existing conditions. Having a health problem does not automatically disqualify you from coverage. However, the cost of your policy may be higher depending on your health status.
In this guide, we’ll explain how you can get life insurance with your pre-existing condition and give advice on how you can get the best deal.
A life insurance company pays a death benefit to the policy beneficiary if an insured person dies. Each policy can be worth anywhere from $10,000 to over $65, 000, 000. Each insurance company has thousands or millions of customers.
National Brokerage Atlantic, Inc.
Insurance companies need to be smart about who they insure. They cannot accept all applicants. Risk and long-term financial viability must be balanced in order to pay future claims.
To determine how much an applicant with a medical condition will pay for life insurance, companies want to know:
After you apply, the company’s underwriters will review your application, medical records, and life insurance medical exam results to assess your risk level and assign a corresponding risk class.
A pre-existing condition is a medical illness or injury that you were diagnosed with before purchasing insurance. Certain pre-existing conditions can affect your life insurance rate or make you uninsurable for traditional life insurance.
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Since there are many different types of life insurance, even individuals with serious medical problems can be covered. However, some medical diagnoses will make you ineligible for traditional life insurance.
If something on the list above is part of your medical history, life insurance is not out of the question.
Working with a good broker will give you the best chance of finding affordable coverage if you have a pre-existing condition. First apply for traditional life insurance. If you are not eligible, there are other options available.
Let’s dig deeper into each type so you can find the best life insurance for your pre-existing condition.
Pre Existing Conditions: What Are They And How Many People Have Them?
Term life insurance is the most affordable type. Once you buy the policy, your rate is guaranteed. The cost will not increase as you age or if your medical condition worsens.
If you have a pre-existing condition, it’s worth applying and seeing if you’re approved. Even if you only qualify for Standard rates or have a table rate, a term policy will likely be cheaper than any guaranteed issue policy.
Work with an independent broker to find out which life insurance companies will accept your pre-existing condition(s). Not all life insurance companies cover medical conditions in the same way.
For example, some insurers are much more lenient with anxiety medication than others. And some insurers will accept a pregnant woman’s pre-pregnancy weight against her current weight.
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Life insurance rates can vary significantly between companies when medical conditions are involved. A broker can compare carriers and advocate for your needs.
Guaranteed issue life insurance, also known as guaranteed acceptance, is essentially whole life insurance with limitations. You cannot be refused cover if you are between 50 and 80.
It’s called “life insurance of last resort” because you usually only apply for it if you’ve written off traditional life insurance. Guaranteed issue life insurance will accept you regardless of your current condition. Be aware of the following risks:
Simplified issue life insurance requires an applicant to answer a short medical questionnaire. You can get coverage if you can say “No” to all the health conditions on that particular list.
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This type of insurance has fewer underwriting requirements than traditional life insurance but more than guaranteed issue. It also offers less coverage than traditional, but higher premiums.
If your employer offers group life insurance, take it up. The cover is usually only equal to your annual salary, but is usually free or cheap. You don’t need to answer any medical questions to qualify for group life insurance.
Some employers also offer you the option to buy more coverage. This is called voluntary life insurance. We would only recommend purchasing this additional coverage if you are denied a traditional policy. Group and voluntary life insurance policies do not follow you if you leave the company, and their premiums increase as you age.
It is always wise to apply for an individually owned term life insurance policy before resorting to more expensive options. If your pre-existing medical history prevents you from finding coverage, consider the following options.
Turned Down For Life Insurance Due To Preexisting Conditions?
If you are refused life insurance and your employer offers voluntary buy-up life insurance, buy as much as you can afford. You can often buy up to 3-5 times your annual salary without having to provide any medical information. Ask these questions before you buy:
Due to the low amounts of coverage and high premiums, only if:
Accidental death life insurance only pays a death benefit if you die due to an accident. As it doesn’t cover illness, it’s easy to buy, even if you have pre-existing conditions.
If you don’t qualify for whole life insurance and want affordable peace of mind, accidental death life insurance can provide that.
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The benefits of working with an independent broker to find affordable life insurance if you have pre-existing conditions cannot be overstated. Here at , we work with over 25 of the nation’s leading players
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