Many people with pre-existing conditions or chronic illnesses worry that they will not be able to qualify for life insurance, or if they do, they worry that they will not be able to pay the premiums. However, if you have a medical condition or illness, there are still ways that you can obtain a life insurance policy.
When you first apply for life insurance, your application will go through underwriting so that the carrier can assess your health and how much risk comes with selling you a policy.
You will then be placed into a risk class. Even if you are placed in a higher risk class with one carrier, each carrier has a different underwriting process. Therefore, you could be placed into a lower risk class at a different carrier.
It is also important to note your specific condition when applying for life insurance. One carrier may offer the best rates for those with diabetes, for example, but another carrier could offer the best rates for those who have depression. An insurance producer should be able to help you find the best carrier for your specific condition. Below are a few examples of other common medical conditions and how insurance providers may treat them:
- High blood pressure/ High cholesterol—Both of these conditions are common in the U.S. High blood pressure and cholesterol can put you at risk for more serious conditions such as heart disease or stroke. However, if you have these conditions and are managing them appropriately with the help of a doctor, it could have a positive impact on your risk assessment.
- Anxiety—Oftentimes, we think of physical health when considering pre-existing conditions, but mental health is just as important. Since anxiety can lead to other health problems such as depression and substance abuse, it is important to see a doctor and work out a way to manage your symptoms. Similar to the above conditions, insurers will look favorably upon the fact that you are taking steps to manage your condition.
- Heart disease—Since heart disease is the leading cause of death in the U.S., if a family member has suffered from heart disease, an insurer may require that you undergo an EKG test to further monitor your heart health before assigning you a risk class.
The bottom line is, just because you have a pre-existing medical condition does not mean that you won’t be able to obtain life insurance. An advisor can help you find the best carrier for your condition and suggest steps you can take to monitor your condition and potentially lower your premiums.
