Can You Get Critical Illness Coverage After A Diagnosis?

Shawn Plummer

CEO, The Annuity Expert

Can I Get Critical Illness Coverage After Diagnosis?


It’s generally not possible to obtain critical illness coverage after a diagnosis of a serious health condition. Critical illness insurance is similar to life insurance in that it requires underwriting, a process where the insurance company assesses your health and other risk factors to determine eligibility and premium rates. Once a significant health issue is diagnosed, insurers view it as a high risk, making it unlikely to offer coverage.

Here’s a breakdown to understand why:

Understanding Underwriting in Critical Illness Insurance

1. What is Underwriting?

  • Process of assessing risk
  • Determines eligibility and premiums

2. Role in Critical Illness Insurance

  • Evaluates health history
  • Considers current health conditions

3. Impact of Diagnosis on Underwriting

  • Diagnosis increases risk
  • High-risk individuals often ineligible

Alternatives and Considerations

1. Group Insurance Plans:

  • Sometimes offered by employers
  • May not require individual underwriting

2. Government or Charity Programs:

  • Assistance for those with specific illnesses
  • May offer financial support

3. Financial Planning:

  • Adjusting budget for medical expenses
  • Exploring other insurance options

Conclusion

Obtaining critical illness insurance post-diagnosis is challenging due to the underwriting process. Exploring alternatives and adjusting financial planning can be essential steps for those already diagnosed. Contact us today for a free quote.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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