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Life Insurance For Pre Existing Medical Conditions
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Finding affordable life insurance when you have a pre-existing condition can be a challenge. High-risk life insurance policies are typically more expensive and limited in their benefit offerings than life insurance products for people without pre-existing conditions. Despite the added difficulty of being considered a candidate for high-risk life insurance, there may be more affordable life insurance products available for those with pre-existing conditions and strategies you may be able to use to secure coverage.
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Guide To Approaching Life Insurance With Pre Existing Conditions
The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts, and anticipated funeral expenses.
Term life insurance is exactly what the name suggests: a good insurance policy for a specific period of time.
This advertising tool is operated by HomeInsurance.com, a licensed insurance company (NPN: 8781838) and an affiliate of . HomeInsurance.com LLC’s services are only available in the states in which it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are subject to the terms contained in the applicable insurance policy, and all related decisions (such as approval of coverage, premiums, commissions, and fees) and policy obligations are the sole responsibility of the insurance company. The information contained on this website does not modify the terms of any insurance policy in any way.
A pre-existing condition is a medical condition that was diagnosed before insurance coverage was sought. While health insurance companies can no longer deny coverage for treatment or raise rates for pre-existing conditions, there is no such law for life insurance companies. This means that pre-existing health conditions such as asthma, diabetes, cancer and heart disease can all have a negative impact on the premium and breadth of benefits available to potential policyholders.
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Not all pre-existing conditions are weighted equally by life insurance companies. The impact of a pre-existing condition on your life insurance premium will mostly depend on its severity. In general, the more serious the condition, the more it is expected to affect your insurance premium. Although the list below is not exhaustive, the following may be considered pre-existing conditions and have different impacts on your rate:
Essentially, any medical condition for which you have sought treatment or advice from a medical professional in the past can be considered a pre-existing condition. The more pre-existing conditions a person has, the greater the perceived risk in the eyes of insurance companies.
Although you can generally get life insurance with pre-existing conditions, they may have a negative impact on your insurance and coverage options. Insurance companies use a tiered system to determine which risks you are covered for. In general, policyholders are divided into four classifications:
Those with pre-existing conditions are typically placed in lower tier classifications, resulting in a higher premium or even denial of coverage. To determine your risk level, insurance companies will evaluate each case based on the following criteria:
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To further understand and determine your life insurance risks, your insurance company may ask your doctor for an Attending Physician Statement (APS). The APS will detail any legally permissible details requested by the insurance company, which may help the company decide whether to approve or deny your claim and the rate to pay.
While life insurance companies can charge higher premiums or deny coverage based on pre-existing conditions, there may still be policies available to at-risk life insurance candidates. Here are some potential solutions available for those looking for life insurance with pre-existing conditions.
A guaranteed issue life insurance plan can be a good option if you have a pre-existing condition because the policies are guaranteed issue. There is usually no medical examination, so people with pre-existing conditions may be able to more easily obtain coverage through this type of life insurance policy. Guaranteed issue rates tend to be more expensive and coverage amounts are lower than other types of life insurance. in addition to,
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