How to Get Life Insurance with Pre-existing Conditions
There are a lot of misconceptions and myths about life insurance, even among people who are otherwise informed about the insurance industry. One of these recurring myths is that people with health issues or pre-existing conditions cannot get life insurance policies because of those conditions. This is not the case. While having a pre-existing condition does make it often more difficult and more expensive to get life insurance, there are policies out there designed to cover people with this experience. There are several factors to consider:
Which Pre-existing Conditions Matter for Life Insurance?
How much a pre-existing condition will affect the price or availability of the life insurance policies depends on several factors. One of those factors is severity. If a person is otherwise healthy, they will likely have multiple options to choose from at more competitive prices. If the pre-existing condition significantly impacts their daily function, however, they may have fewer policies to choose from and the prices will likely be higher. Term life insurance policies may not be an option for those dealing with more severe conditions. The following conditions have a high impact on insurance premiums:
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Cancer
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Diabetes
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Epilepsy
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Heart disease
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HIV
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Obesity
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Smoking or tobacco use
The following pre-existing conditions have a low impact on premiums:
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Anxiety
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Asthma
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Depression
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High blood pressure
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High cholesterol
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Sleep apnea
How to Shop for Policies
There are several things people with pre-existing conditions can do to make their policy options greater. One of those is to manage their health condition. Any documentation of effective treatment could help them secure a lower premium on a life insurance policy. Additionally, working with a broker or insurance agent can be helpful, as they know the ins and outs of the industry and can work on finding a policy for the client’s unique needs. Lastly, buying life insurance sooner rather than later can be vital. As people age, and as their health worsens, premiums go up significantly, even for people without pre-existing conditions. There are many options out there, and one need only look in the right places.
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