Life insurance is a smart method to safeguard your family’s financial health and build wealth. However, many people have pre-existing conditions that might make finding a life insurance policy difficult. With that in mind, the team at Medical Profiles Inc. is here to discuss the ins and outs of life insurance policies for pre-existing conditions.
Can I Get Life Insurance with a Previously Existing Condition?
First, let’s clear up a very common misconception—Yes, you can still get life insurance with pre-existing conditions. A pre-existing condition does not necessarily disqualify you from getting a term or whole life insurance policy. When applying for insurance, you will have to take a medical exam to determine your current health. If you have a pre-existing condition, you can still get approved for a policy, but your monthly premiums may be higher and your death benefit might be lower.
What Counts as a Pre-Existing Condition?
According to insurance, a pre-existing condition is any medical condition that you were diagnosed with when you applied for insurance. Some of the most common types of pre-existing conditions that insurance companies look for include:
- Heart disease
- Cancer
- Asthma
- Diabetes
- Obesity
- Epilepsy
- Depression
Each insurance provider has a list of specific pre-existing conditions they look for, so contact your provider if you have any specific questions. Insurance providers will look at your current health condition, age, lifestyle & habits, and the length of time since your diagnosis when determining whether you are eligible for a policy.
What If I Can’t Get Traditional Life Insurance?
In some cases, a pre-existing condition can bar you from traditional life insurance. Don’t panic, though, as there are options for life insurance policies for pre-existing conditions. The two most common types of coverage for pre-existing health conditions are simplified and guaranteed life insurance.
Simplified Insurance
Simplified life insurance is a type of policy that does not require you to take a medical exam. With simplified insurance, you only need to fill out a medical health history questionnaire. You can also find both term and permanent versions of simplified life insurance, so you have some flexibility with life insurance options with medical history.
The main downside is that premiums are higher and death benefits are lower than traditional policies. The insurance company takes on a greater risk by providing policies for individuals with pre-existing conditions and insuring pre-existing health conditions, so your payments will be higher.
Pros
- No medical exam required
- Whole and permanent policies available
- Fast approval times
Cons
- Higher monthly premiums
- Lower death benefits
Guaranteed Insurance
Guaranteed insurance is another one of the most common life insurance policies for pre-existing conditions and requires neither a medical exam nor a health questionnaire. All you have to do is apply, and, true to the name, you will get guaranteed coverage.
Like simplified coverage, guaranteed life insurance has low death benefits and high monthly premiums. Most guaranteed policies have a death benefit of between $10,000 and $25,000—much less than the typical term or whole policy. Also, most guaranteed policies have a waiting period of about one to two years, and the policy will not pay out benefits if you die.
Pros
- No health exam or medical questionnaire
- Guaranteed death benefit payout
- Fast approval
Cons
- Low death benefits
- One to two-year waiting period before benefits become active
Paramedical Exams for Life Insurance
Life insurance policies for pre-existing conditions can provide options when traditional life insurance for health challenges is not on the table. Contact Medical Profiles Inc. online or call today at (832) 251-3926 to schedule a paramedical exam for life insurance today!
