Life Insurance with Pre-Existing Conditions

Shawn Plummer

CEO, The Annuity Expert

If you have a pre-existing medical condition, you may think getting life insurance is out of reach. Fortunately, this isn’t always the case! Many life insurance companies will work with you, even if you have health problems. This guide will discuss getting life insurance for a pre-existing medical condition. We will also provide tips on finding the best policy for your needs.

How medical conditions increase the cost of life insurance

Health and age are two of the most important things life insurance companies look at to see if someone is eligible for life insurance and how much it will cost. A younger, more physically fit person is less likely to die in a given time than an older, less healthy person. That’s because it’s common sense, and actuarial science has proven it.

Like your lifestyle and gender, other things also affect how much you pay for life insurance. For example, life insurance will be more expensive if you smoke or do dangerous hobbies, like scuba diving. But women usually live longer than men, so they have to pay less for life insurance.

Different life insurance companies have different rules, but it is essential to remember that no company expects all its customers to be in excellent health. People with health conditions get life insurance policies all the time. Some common examples include:

  • Obesity
  • High cholesterol
  • High blood pressure
  • Anxiety
  • Heart disease
  • HIV

Many medical conditions can affect your ability to get life insurance. If you have any questions, talk with a life insurance expert. You may be surprised that your condition won’t prevent you from getting life insurance. However, rates for people with pre-existing conditions usually increase by 8-10 percent yearly.

Best Life Insurance With Pre Existing Conditions

What you can anticipate while going through the application process

When you want to buy a term or permanent insurance policy with a high death benefit, the insurer will ask for your information. They will look at your age, health, and other risk factors to see your eligibility for coverage and how much it will cost.

1. Get a life insurance quote

Several online quoting tools can give you a quick estimate of how much it will cost you to have insurance. These calculators can be helpful for people who only need term coverage and don’t have any complicated needs. However, if you have a medical condition, the initial quotes may not be accurate. If this is the case, speaking with a broker or agent about your situation might be good. In addition, the Annuity Expert can put you in touch with one of our life insurance agents (see below), who can help you get an accurate quote and guide you to the best possible solution for your needs.

2. Collect documents

To apply for life insurance, you must provide basic information about yourself. Make sure you have the following items ready:

  • A driver’s license, passport, birth certificate, or other means of identification are required.
  • Pay stubs, employment letters, tax returns, or other proof of income
  • Signed lease, property tax statement, utility bill, or other proof of residency

3. Complete the application form

The insurance company will send you a form to fill out that asks for more detailed information than the form you filled out when you got your quote. They will also ask about your hobbies and other activities to see if they could risk your health. The insurance company will also need permission to access your medical and financial records. These requirements are so they can verify the information you have given them.

The insurance company may call you after you fill out the form. They will want to check that your information is correct. They may also have more questions for you.

4. Get a medical exam

You will need to set an appointment with a nurse or paramedical examiner. The physicians can come to your home or office. The exam should only take 30 minutes. They will check your height, weight, and blood pressure. Depending on your pre-existing condition, they may also ask for a urine sample and do other tests.

Now the insurance company will evaluate all your risk factors. Then, finally, they will give you a rate classification and calculate your premiums.

5. Sign your policy and start paying premiums

The insurance company will send you the finalized policy. The policy is a paper contract that states all the details of your policy, including how much coverage you have, the premiums you will pay, how you will pay them, any riders (extra features or benefits) that are included, and any exclusions (things that are not covered).

Please read it carefully and make sure you understand it. Sign two copies and mail one back to the insurer if you do. Keep your copy safe, and let your beneficiaries know where it is.

Factors that improve insurability for applicants with pre-existing conditions

Even if you have a pre-existing medical condition, that doesn’t mean you can’t get life insurance. You can do a few things to increase your chances of getting life insurance – and even lower your rate.

1. Follow a treatment plan

If you want to keep your insurance costs down, taking care of your health is essential. Control your medical condition as best you can by going to the right doctor or specialist and following their treatment plan. This management will help you stay healthy and have a better chance of keeping your insurance and improving your quality of life.

2. Exercise regularly

Exercise can help reduce the risk factors that make someone a risky insurance customer. However, speaking with your doctor before starting any exercise program is essential, especially if you have had a recent health event. Even if you can’t do strenuous exercises, simple activities like walking can provide significant benefits.

3. Lose weight

It can be hard to lose weight, but it is possible. It would be best to lose weight because it can affect your health. You should find a way to lose a little bit of weight every week without feeling deprived. Over time, you will be able to achieve your goal weight.

How to purchase life insurance if you have a pre-existing condition

The first step is to check if your employer offers life insurance. You may only be able to get a limited amount of coverage, but you will likely be able to get it automatically. If your employer does not offer life insurance, you should try to sign up for it during the next open enrollment period.

If you buy a life insurance policy by yourself, use a life insurance agent or broker. They will know the different underwriting standards for each condition and can find out if the insurance company will cover it.

Make sure to talk to your agent about your medical condition. They need to know about it so they can help you. You should also tell the insurance company about your steps to manage your condition.

Be careful not to lie to your agent or the insurance company about medical conditions. If caught, your policy might be canceled, and you could be charged with insurance fraud.

Best Life Insurance For Pre Existing Conditions

Most Common Questions Asked About Buying Life Insurance With A Medical Condition

Can you get life insurance if you have health issues?

Some people can get life insurance through their work. But if you can’t, you might be able to get an individual policy. Term life policies are cheaper than permanent life insurance policies. You might want to consider a guaranteed-issue policy if you can’t find a good term or permanent policy. This policy is easy to get, but the death benefit is limited. People usually use this type of policy to pay for final expenses.

What medical conditions will prevent you from getting life insurance?

Several medical conditions can make it more difficult and expensive to get life insurance. These conditions include, but are not limited to:

  • Anxiety and depression
  • Asthma
  • Diabetes
  • Heart disease
  • High blood pressure
  • High cholesterol
  • HIV
  • Obesity
  • Cancer
  • Sleep apnea
  • Smoking

How do insurance companies detect if you have a pre-existing condition?

When you apply for life insurance, the company will ask about your health. They will also want to see your medical records. They might ask you to permit them to look at your records to do this. You will also have a medical exam as part of the application process. The company will look at your blood work and other tests to see if you have any underlying medical conditions, even if you don’t know about them.

What If I’m Declined?

Even if an insurer declined your life insurance application, you could still purchase a guaranteed issue policy.

What Is A Guaranteed Issue Policy?

A guaranteed issue policy is life insurance that does not depend on your health. This type of insurance means you can get life insurance even if you have had a stroke and have been declined. However, there are a few drawbacks that you should consider before getting this type of policy.

Many insurers that offer guaranteed issue life insurance policies have a limit on the death benefit. This amount is usually between $25,000 and $30,000, depending on your age.

If you die from natural causes, your family must wait for two or three years before the company will pay the full death benefit. Most companies, however, will deliver a benefit equal to the total premiums paid plus 5 to 10 percent.

Since the insurer is unsure how healthy you are, they will charge you more for your life insurance policy than someone healthier.

Although there are some disadvantages to guaranteed issue life insurance, it is still a better option than asking your loved ones to pay your final expenses.

Need Help Getting Life Insurance Coverage?

If you have a pre-existing medical condition and want to buy life insurance, you will need help from an expert. This person can help ensure you get coverage so you don’t get declined.

Warning: Applying for life insurance without a medical exam can be risky. If you get declined coverage, it could be at least two years before you can get any life insurance.

Life Insurance With Pre-Existing Conditions
Impaired Risk Life Insurance
Have You Been Declined Life Insurance Coverage Before?

Frequently Asked Questions

Which company offers the best life insurance for pre-existing conditions?

Because of their higher maximum coverage levels, affordable rates, and solid financial rating, A.M. Best, Banner Life, AIG, and Pacific Life offers the best life insurance for applicants with pre-existing medical conditions.

Related Reading

  • How to purchase life insurance

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

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

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