Pre-existing conditions are considered conditions that you had before you applied for medical or life insurance. These medical conditions can commonly make it difficult for an individual to obtain life insurance, but there are still options for those with pre-existing conditions.
Some life insurers will offer you coverage, but the cost and coverage amounts can be affected. The individual details of your medical conditions will be a major deciding factor when searching for the right life insurance.
If you have a pre-existing condition and want to get life insurance, here are a few tips to take into consideration:
Who Should Invest in Life Insurance and Why?
In the US, 54% of people have a life insurance policy set up. Most people invest in life insurance for the peace of mind it provides for their loved ones. If something happens to them, their loved ones will be taken care of financially. Anyone who has people that they care about or who are dependent on them should find out how to get life insurance and invest in it.
Another reason to invest in this type of insurance is if you have outstanding debt that would need to be paid off if you were to die. This includes things like credit card debt, a mortgage, or a car loan. If you have people depending on you financially, life insurance can help make sure that they are taken care of if you are no longer around.
How Do Your Medical Conditions Affect Life Insurance Cost?
With pre-existing medical conditions, you can generally expect to pay more for life insurance. This is because the life insurer views you as a higher risk, since there is a greater chance that you will need to make a claim on your policy.
The cost of life insurance can also be affected by the type and severity of your conditions. If you have a condition that is not well-controlled or that is considered to be serious, the coverage will likely be more expensive.
Some life insurers may even refuse to provide coverage if they feel that your pre-existing condition is too risky. If this happens, there are still options available to protect you and your loved ones.
How to Improve Your Chances of Qualifying
There are a few steps you can take to improve your chances of qualifying for coverage if you have pre-existing conditions.
- Shop around and compare quotes from different insurers. This will help you find an insurer that is willing to offer you coverage, even if your conditions make you a higher risk. You’ll also have an idea of how much it will cost you to purchase the life insurance policy.
- Be truthful when applying for life insurance. This means disclosing all of your medical conditions, even if you think they may not be relevant. If the insurer finds out that you withheld information, it could result in your policy being denied. They will verify your medical information before finalizing the plan.
- Make sure to keep up with your treatments and medications. If you can show that your condition is under control, your chances of getting life insurance will improve. The insurer may even offer you a lower rate if you can provide proof that your condition is being managed effectively.
- Try to stay in good health overall. This includes maintaining a healthy weight, not smoking, and exercising regularly. These lifestyle choices can show the insurer that you are taking steps to proactively improve your health, even if you have pre-existing conditions.
How to Buy Life Insurance with a Pre-Existing Condition
If you have a pre-existing condition and are looking for life insurance, Bethany Insurance can help. We work with a wide range of top insurers, so we can find the best policy for your needs. We’ll take into consideration your budget and evaluate the severity of your condition to make sure you get the best coverage possible.
We understand that it can be difficult to find coverage if you have pre-existing conditions. Contact our office today to protect your loved ones in the future!
