Can I get life insurance if I have pre-existing conditions?


  • Depending on the type of pre-existing health condition you have, you may be able to purchase traditional life insurance.
  • However, you will need to find an independent broker and may have higher premiums.
  • An alternative is life insurance without medical examination, such as guaranteed issue or simplified issue.
  • Check out the insider’s guide to the best life insurance companies.

Having pre-existing conditions doesn’t necessarily mean you can’t buy traditional life insurance. It depends a lot on your specific pre-existing condition. Having a pre-existing health condition can also mean your insurance premium is higher.

However, if you cannot get life insurance because of your pre-existing condition, you may be eligible for life insurance without a medical exam. The downside is that your death benefit will be limited and you will pay more.

Can I get life insurance if I have pre-existing conditions?

Pre-existing conditions are health issues that exist before you apply for coverage. Common pre-existing conditions include asthma,

, and cancer, according to

Each life insurance company assesses pre-existing conditions based on risk. Thus, asthma will have a different risk assessment than cancer. If you have cancer, most life insurers have a waiting period – usually five years – before you qualify for traditional life insurance.

Mark Williams, CEO of Brokers International, told Insider that people with pre-existing health conditions should use independent agents when purchasing life insurance because companies underwrite differently and agents will know which ones. are the most flexible and liberal.

He suggested looking at Brighthouse, Principal, and Guardian. You can always pay more and you will need to send your medical file with your request.

Life insurance premiums are based on your health risk

The underwriting process is how the insurance company determines your insurability – what risk you are and how much to lend. During the underwriting process, the insurance company collects information about your health (medical history), job, income, finances, and other personal information.

Traditional life insurance policies require a medical examination, which includes a blood test and urine sample, as part of the underwriting process. If a disease is discovered during the examination process, it may be more difficult to obtain coverage. This is why geneticists suggest purchasing private life insurance before genetic testing, as the results may disqualify you for life insurance in the future.

Based on your medical examination, you are assigned a risk assessment category. Once your risk is assessed, your premiums are calculated based on your risk and a policy is issued to you.

Here is an overview of the different risk classifications used by insurance companies:

Data from NAIC and Quota

No medical life insurance is an option

If your pre-existing medical condition makes you ineligible for traditional life insurance, no medical life insurance is an option.

Not knowing your medical history means the insurance company is making a bet on your health. The advantage of life insurance without a medical exam is that acceptance is usually guaranteed. The downsides are limited coverage amounts – typically up to $ 100,000 – and there may be a waiting period for payment of death benefits.

There are two types of life insurance without medical examination: guaranteed issue and simplified issue.

Guaranteed Issue Life Insurance

Guaranteed Issue Life Insurance does not involve any medical exams or questions. It is sometimes referred to as “end-expense” insurance because the coverage amounts are so low that they basically only cover burial and burial costs.

Some guaranteed issue life insurance policies have a two-year waiting period, which means that if the policyholder dies within the first two years of coverage, the policy will not be refunded. In addition, you must be 50 years of age and over to be eligible.

For guaranteed life insurance, your premium depends on your age, gender, place of residence and amount of coverage. Understand that there are limits on the amounts of coverage and this varies by insurance provider.

Simplified Issue Life Insurance

Simplified issue life insurance has no age limit or medical examination, but there is usually a health questionnaire. It will not be as extensive as traditional life insurance. In addition, the death benefit amounts are higher than with guaranteed issue life insurance.

If you fail to disclose a condition and die, the insurance company may withhold death benefits from your beneficiaries. According to ColonialPenn, some simplified life insurance policies without a medical exam have a two-year waiting period, which means that if the policyholder dies within the first two years of coverage, the policy will not be reimbursed.

Although most simplified issue policies are limited to $ 100,000, Haven Life Insurance Agency offers higher amounts of coverage for people 40 and under in excellent health. This may be unique to Haven Life, as we have not been able to find other providers offering coverage amounts greater than $ 100,000 for a simplified issue policy.

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