Purchasing Life Insurance If You Have A Medical Condition

If you are young and healthy chances are you will get better rates when purchasing life insurance. Companies usually group buyers into one or several rate classes depending on their health status or risk they may represent.  Generally, the healthiest customers receive the best available rates while people experiencing serious health issues may qualify for the not-so-good rates or be denied coverage.

But don’t get discouraged, you can still find coverage if you look in the right places. Thanks to medical advances, which improve the outcome for patients, some insurance companies are now offering better rates to individuals suffering from a chronic condition.

Every life insurance company has its underwriting standards, which means they may look at certain conditions more favorably than others. Overall, if you have a condition such as heart disease, diabetes, depression, and high blood pressure, or any other chronic condition, you may raise red flags. Also, issues such and cancer or having several health problems may lead to high rates.

Time is also another important factor to consider. If you apply right after you have been diagnosed with a heart attack or cancer, for instance, chances are the insurance company will turn you down. You can reapply, however, particularly if the medical records prove that you are receiving treatment. If your insurer gives you a high rate, you can request a new medical exam and ask them to reduce your premium after your condition is stable.

The first step is to seek treatment and take your medications as recommended by your doctor. In other words, take care of yourself. Your lifestyle means everything during recovery, and it will also reflect on your premiums. Work with a knowledgeable broker who can give you the best life insurance advice for your condition and circumstances. A good agent can help you save a lot and avoid denied applications.

If you are not able to purchase individual life insurance or find affordable coverage, you may still be able to purchase group life insurance through your employer.  While coverage is limited, you don’t have to take a health exam, so that’s a plus. Keep in mind, you will lose coverage if you leave the job.

You may also consider life insurance policies that don’t require a medical exam. They usually cover you as long as you don’t have HIV or AIDS, are terminally ill, or live in a nursing home. Whatever you do, don’t conceal your condition from your insurer – it could jeopardize benefits for your beneficiaries.  

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Sources
  • https://www.investopedia.com/articles/investing/102914/7-factors-affect-your-life-insurance-quote.asp

  • https://www.investopedia.com/articles/personal-finance/100115/life-vs-health-insurance-choosing-what-buy.asp

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