Purchasing life insurance also means undergoing medical examinations before the confirmation of your coverage. But what exactly do medical doctors test as a requirement in getting life insurance? In this article, you are going to learn how to get life insurance with pre-existing medical conditions, and why and when a medical exam is needed.
Getting a life insurance policy can give someone peace of mind, knowing that their family is financially protected if something happens to the holder. The question now is, it is possible to get life insurance if you are suffering from a severe medical condition or illness? Below are the things you need to know about taking life insurance with a pre-existing condition and how it works.
What is a pre-existing medical condition?
The pre-existing medical conditions are those that describe a disease, an injury, or illness that you already have in the past or currently having before getting life insurance. An insurer will provide a list of the disease under pre-existing conditions. This includes:
- Cancer
- Epilepsy
- Obesity
- Asthma and breathing problems
- Diabetes
- High blood pressure
- Kidney diseases
- Heart disease, including heart attacks and angina
- Cerebral palsy and other neurological conditions
- Strokes, including mini-strokes and brain hemorrhage
- High cholesterol
- Depression
- Anxiety
If you decided to get life insurance, you have to make sure that your insurer knows about your pre-existing medical condition so they will know how to weigh up the chances and risks of claiming. It will help them come up with a decision of how much rate they are going to charge you for insurance, or whether they need to offer you a relatable policy.
How do insurance companies know if you have a pre-existing condition?
In a life insurance application, there are some questions that you need to answer about your health. The process of purchasing life insurance requires you to permit the insurer to access the medical documents which they need to assess the details you have answered to the form. Additionally, you are asked to undergo a medical test as part of the underwriting method. They will try to see other tests too or specific markers in your blood work that tells about your underlying medical conditions, or if you are ever aware of it.
Can I get life insurance with a pre-existing medical condition?
The answer is yes. However, getting life insurance with a pre-existing medical condition will cost you more than you expected. The reason is that the insurer may see you as a higher risk for having a claim. There are limited numbers of insurance providers who are willing to cover you.
Being said that, those who try to apply for life insurance are evaluated depending on each case. So, having a policy under this kind of insurance varies in specific circumstances. There are pre-existing medical conditions that don’t make a lot of difference when it comes to paying out life insurance. But in case you have a very serious illness like cancer or heart disease, it’s harder for the applicant to get a competitive cost.
If you are planning on getting life insurance, it’s very important to conduct your research. Remember that not all insurance companies have the same view of pre-existing conditions, so better to shop around to find the one that suited your needs.
What questions will insurance providers ask?
You must be ready to answer a set of questions about your lifestyle and health if you apply for life insurance. If you are honest about your pre-existing medical condition to your insurance provider, you will be asked these questions below.
- Are you taking any medication for your illness?
- Is there are family history of your condition?
- How long have experienced the disease?
- Have you been admitted to hospitals?
The insurer may ask you also to show the medical records of your medical tests and exams. It’s possible that they will directly talk to your general physician about your condition and may require you to undertake another medical exam and medical assessment.
As much as possible, answer all questions accurately and with all honesty. It would be best if you are honest about it so the provider may know how to guide you with the process and help you with your policy approval. Of course, one thing you don’t want to happen is to leave your loved ones unprotected because your insurance is rejected. An insurer may refuse to pay your claim if they will find out that you’re not being vocal about your medical conditions or illnesses.
Best life insurance options for pre-existing conditions
Any kind of insurance that will be offered to you will depend on your health condition and individual circumstances. Some other insurance policies may provide exclusions.
Do not expect yet that you’ll be turned down for life insurance only because of having medical conditions. Insurance providers may provide you a quote at a higher premium and attainable coverage. Below are some of the coverage choices for life insurance applicants with pre-existing medical conditions. Tailored life insurance policies
Some insurance providers provide unique policies and coverage to cater to the needs of applicants with certain health and medical conditions. For instance:
- Prudential Life provides policies and coverage to HIV-positive individuals, but on a case-to-case basis.
- Guardian Life provides applicants with HIV their whole life insurance product.
- Fidelity Life provides applicants with cancer life insurance solutions.
- John Hancock’s Aspire is designed to give the right policy for people with diabetes.
Guaranteed issue life insurance
If your medical condition will not allow you from attaining a competitive price for a permanent or term life insurance policy, you can consider other types of life insurance that don’t need medical tests and exams like the guaranteed issue of life insurance.
This life insurance assures a better acceptance as long as you are with the right age range. You don’t need to undergo any medical exams or answer several questions about the history of your health to be qualified. However, you need to pay more for the less coverage offered. Generally, this insurance has some graded benefits, meaning the insurance provider will not pay in case you died within the few years of purchasing their policy.
Group life insurance through work
Several individuals, including those experiencing health issues, can purchase group life insurance with the help of their employers. Coverage is usually limited to two or three times the annual salary, but there is no medical exam needed to qualify. Remember that if you leave the job, you may also lose coverage.
Accidental death and dismemberment insurance
In any case that you are not qualified to get permanent or term life insurance, you may consider getting dismemberment insurance and accidental death insurance. The death benefit is being paid if there’s is accidental death. It means that the medical history is not anymore needed to know that you are eligible. But, if the pre-existing condition contributes to the accident, there will be no payout left for your beneficiaries.
How pre-existing conditions affect life insurance
Insurance providers usually group people who want to apply for insurance into different rate classes like standard, preferred, or super preferred and it will be based on their health condition. The name for each class varies among providers, but they all have similar goals, and that is to create a specific category to insure you based on your health.
According to the records from Quotacy which is a life insurance broker, more people qualify for the super preferred life insurance quotes. But in case you have a medical health condition, you may only get the standard class. If you want to know the reason why it depends on a specific situation. A pre-existing medical condition may cause unexpected or early death, which maximizes the risk factor for the insurer and the policy cost becomes higher. The insurance provider may reject the coverage if the risks are too high.
There is still some good news as the medical aspect advances to improve the outcomes of the coverage for many patients and leads to better rates. If your health condition is well-managed, it’s possible to get approval for standard and preferred rates.
Tips for buying life insurance with a pre-existing condition
Always Be Mindful.
When you apply for insurance, always be mindful. An insurance provider rejects you if you apply right after your heart attack or cancer diagnosis. You can still reapply if you want, especially if your health records show that you are having an effective treatment.
Take Advantage Of Your Health’s Improvement.
When you get the approval but still charge at a higher rate, you can ask for a lower premium and get a new medical exam if your health condition has been manageable.
Focus Only On Crucial Things You Can Control.
The first thing to do in finding affordable life insurance with a pre-existing medical condition is to make sure that you are in a good shape. If you need to take medications, do it. If you need to be active with physical activities, do it. Eat healthier and ensure that your weight is the required weight for physically fit people. If the insurer sees that you have a healthy lifestyle even if you have a medical condition, it might reflect in your premiums.
Look For The Right Insurance Agent.
You must find an agent who already has experience working with an impaired risk specialist. It is a broker who learns which insurance organizations are more likely to give a better rate for a certain condition. It could save you from getting more rejections for your insurance.
Factors that improve insurability for people with pre-existing conditions
Do not think that because you have pre-existing medical conditions, you can no longer get life insurance. There are some ways that you can potentially do to maximize the chance of qualifying for coverage with pre-existing medical conditions and even lowering your rate.
Follow the treatment plan
Control and manage your medical condition well. It will take a lesser risk to a potential insurance provider. Whatever your health problems, go to your doctor and get a treatment plan. Make sure that you follow what has been advised to you and what medications you need to take. It will increase your chance of improving and maintaining your health and quality of life, insurably.
Be active in doing physical activities like exercise
The benefits of physical activities to your health and overall well-being are documented. Exercise becomes the most helpful factor that makes an individual risky to insure. One recommendation is to ask your doctor about good exercise that you can do before starting it, especially if you have a serious illness. Even if you cannot perform the hard exercise, simple walking activities can still do a lot of benefits.
Lose weight and maintain it
It seems hard to lose weight these days, but it’s not impossible to achieve. It’s important for a person to not have excess weight because it can affect its overall well-being and life expectancy. Modify your eating habits and increase your activities until you become comfortable with the routine to lose a little bit, even if it’s just one pound. In no time, you can achieve your weight loss goal.
What to do if you’ve been denied life insurance
Even if you have been denied life insurance, or you cannot find an affordable coverage premium that you need, do not lose hope.
One best choice is to invest that money first in something that will provide you more cash value. If your goal is to provide to your beneficiaries, especially in covering final expenses in case you die, a good investment account can support that goal. You can still reapply and wait for another life insurance but you have to make sure that your health condition has improved well.
The not-so-worthy strategy to avoid is to conceal your condition from the insurance provider. Insurers utilize several methods to know fraud. Misrepresenting the real condition of your health on your insurance application could lead to the rejection of an insurance claim, jeopardizing your beneficiaries’ premium benefits. If the insurance provider learns any fraudulent information no matter how small it is, it will be recorded as a fraud incident in the MIB or Medical Information Bureau database and will be shared with several insurers. This situation might lose your chance of purchasing insurance coverage from another insurer.
