Life insurance is available for people with health problems, and life insurance companies cover a broader range of applicants. If you have a pre-existing medical condition, do not assume that you won’t get life insurance. In many cases, however, it may be possible for you to find the coverage you need.
Your insurability depends on various factors that include your diagnosis, associated health issues, and how well your condition is being controlled. Chronic diseases are challenging to manage, but medical progress makes it possible for many people with these illnesses. Insurance companies now offer coverage to those whose health risks have been addressed and monitored well to make their lives easier.
There are many different life insurance products available. Still, it is always prudent to check how individual companies deal with your health history and policies before deciding on one that suits your needs best, especially if you’re applying for a large amount of cover.
How Can Life Insurance Help People With Health Problems
Life insurance was designed to cover the financial needs of your family after you die. However, many people believe that their family should not worry about money after they die because they can always count on their spouse and children for support. Unfortunately, life doesn’t always turn out as we plan. Many unpleasant surprises can happen in life, and death is one of the worst. In most cases, life insurance will cover funeral expenses. Life insurance covers many other services, including cemetery plots, burial rights, transportation arrangements, and grief counseling for family members who have recently lost someone important to them.
If you pass away with outstanding debt, life insurance can help your family pay it in many cases. Life insurance is essential if you have an outstanding mortgage or student loan. Many people with these types of debts must maintain a certain amount of coverage throughout their lives so that the debt will be paid off after they pass away. Some people have medical bills or credit card debts that someone must cover after they die because it would not make sense for these debts to go unpaid.
Life insurance can provide peace of mind for people who suffer from terminal illnesses and know that they probably will not live long enough to receive benefits under their current policies. In line with this, particular types of plans are offered called accelerated benefit riders. These riders provide qualified beneficiaries the chance to receive benefits before the contract holder passes away.
Life insurance can also provide peace of mind to people who suffer chronic and life-threatening illnesses. There are many different plans available based on your specific needs, and these policies often offer significant savings over traditional life plans because they cover a longer time frame. These particular policies can be used during an extended hospital stay, rehabilitation center visit, hospice visit, or regular doctor’s visits when no other type of medical coverage is available.
Does Life Insurance Cover Pre Existing Conditions
People are usually surprised to learn that life insurance covers pre-existing conditions. A pre-existing condition does not mean only disease or illness; it refers to any medical history information the insurer used to determine your premium rates and eligibility for coverage.
For the reason why so many people are unwilling to disclose any medical history on an application for life insurance, it may appear as though they’re not truthful, which is the case. But there is an exception to the rule: if you’re applying for group life insurance (usually through your employer), this pre-existing condition exclusion does not apply. This means if you had a genetic test on file with an insurer and they found out that you tested positive for one of the primary breast cancer gene mutations (BRCA-1 or BRCA-2), they could use that information to either deny coverage or to charge you a higher premium.
For many people who were once considered uninsurable, the medical advances of recent years have opened up a whole new world of possibilities. Now that insurance companies provide coverage to those whose conditions are monitored and stable, they can live long and productive lives.
What Are Common Pre Existing Conditions
A pre-existing medical condition is any illness or health problem that your doctor currently or previously diagnosed. The periods which define what is and isn’t a pre-existing condition varies among different insurers, but typically, anything over six months will be classed as one.
For this reason, some insurers won’t accept you if you’ve been suffering from any health problem for longer than this period except if it was caused by accident. It’s also why many don’t cover you when the symptoms of the condition are minor (i.e., chronic fatigue) or even non-existent at the point of taking out cover. Many conditions that meet these initial criteria can be covered, such as high cholesterol, high blood pressure, and varicose veins.
What is Term Life Insurance with pre-existing conditions?
Term life insurance is a form of insurance that provides coverage for your death during the term. It comes in two forms: whole and universal. Full life insurance is typically more expensive, but it builds cash value over time which can be accessed before you die to pay off debts or make investments. Universal life insurance may cost less than whole life but does not build any cash value and has an expiration date on when it will stop paying out benefits if you do not renew your policy (typically 10-20 years). If you want regular payments until the end of your natural life, term life is best suited for this purpose.
Term life insurance can be used as an estate planning tool and other purposes such as providing liquidity to family members when they need it most. One may purchase a term life policy with no medical exam or evidence of insurability, but there are options available for those who do not qualify for health reasons. Term Life Insurance offers advantages over whole-life policies in that premiums are more affordable, and there’s no cash value build-up, which means you’re guaranteed never-ending premium payments regardless of your age at the time you pass away.
The cost of term life insurance will primarily depend on your age and health status, as well as the amount of coverage you need. Generally, younger and healthier people will pay less for coverage than those older or who have existing medical conditions. The older you are, the more expensive term life insurance will become.
There are several types of term insurance policies available on the market today, so it’s essential to review your options and choose which one works best for you.
Level Term Life Insurance
This allows someone looking for a basic level of protection with predictable premiums overtime to pay for these benefits as long as they continue paying premiums. The insurance company typically guarantees this amount and includes a death benefit paid out to your beneficiaries if you pass away.
Decreasing Term
These help people who want to save money on premiums by opting for lower rates that will decrease over time, but they are usually unable to offset the increased living costs.
Increasing Term
This type of policy offers more significant premiums initially but decreases as you get older, which means there may be a chance that you could pay more in premiums than what it’s worth in the long run.
Level Premium
With this type of term life coverage, your payments always remain level no matter how long ago or how old you are.
Limited payment Term Under Age 65
If you are under the age of 65, these types of term life insurance policies will pay out a death benefit to beneficiaries if you die but may not cover any pre-existing conditions you have. However, it can be considered a good way for people looking for coverage on a limited basis to get some protection.
Lump-Sum Cash Value Term
Generally, these provide more flexibility than most policy owners because they can choose to purchase premiums based on their current income and health status or continue paying lower rates when they become older and wealthier. However, this option usually leads to higher premiums initially since your insurer will want to assure at least some kind of cash value accumulation over time.
Guaranteed Acceptance
This type of policy can help people who have difficulty getting approved for coverage or those in poor health to receive the right amount of protection they need.
Term life insurance provides many of the same benefits as permanent life insurance, including:
Protection for your loved ones
Term life insurance may provide funds to help pay off outstanding debts or cover funeral costs so that your family doesn’t have to struggle financially in the aftermath of your death. It can also provide a guaranteed source of income for dependents that are economically dependent on you. Term life insurance may provide funds to help pay off outstanding debts or cover funeral costs so that your family doesn’t have to struggle financially after your death. It can also offer a guaranteed source of income for dependents that are economically dependent on you.
Global flexibility
Term life policies may be portable so that they travel with you if you move around the world for school, work, or leisure. Global flexibility is valuable if you want to take your spouse and children along on an international adventure. It allows them to have continuous access to financial protection in times of medical emergencies.
Do You Need a Medical Exam to Get Life Insurance If You Have a Pre Existing Condition
Ultimately it will be the underwriter’s decision as to whether you’ll have to go through an actual physical medical examination or not. If you are asking if you can get life insurance with pre existing conditions, the short answer is it depends on your age, health history, and other factors. Some companies offer alternative means of qualifying without a test, though, so depending on how old you are, your health history, and you’re unique circumstances, you may be able to skip the exam and opt for a blood test or other non-invasive means.
Most companies will not require you to undergo an actual medical exam if you have been deemed “in good health” by your doctor and carry no previous history of any major illness (cancer, heart disease, etc.) or pre-existing conditions such as diabetes, high blood pressure, sleep apnea, etc.
