Tips for Shopping for Life Insurance with a pre existing Condition

Look Around. Not every insurance provider is a good fit for people with pre existing conditions. It’s worth your while to look specifically for a provider who works in conjunction with an impaired risk specialist. These specialists are insurance brokers who are familiar with providers who provide the best rates for people with your pre existing condition. Teaming up with the right provider and professional from the beginning can save you a lot of searching. 

Need help finding the right providers? Just fill out this form and we’ll get back to you with a list of your best options for your condition.

Mind Your Timing. Insurers are more likely to turn you down if you apply for coverage directly after diagnosis of a serious condition, like heart disease and cancer. We understand this is a cruel irony because right after a life-changing diagnosis is exactly when you most want the peace of mind afforded by life insurance. However, if you are turned down you can always reapply, ideally when you have medical records that demonstrate your treatment is working and your health is improving—or at least not getting any worse.

Take Control of Your Health. Some medical conditions are obviously outside the realm of your control, but if you have a condition you can help alleviate with positive lifestyle changes (like high blood pressure), then it’s worth your while to take steps to make those changes. Your health and wallet will thank you.

Re-Examine Your Existing Coverage. If your health has improved since you were approved, you may be eligible for lower rates. Ask for a new medical exam and get your agent to reevaluate your policy.

How Your Medical Conditions Affect Life Insurance

You already know what sorts of pre existing medical conditions affect life insurance, but it’s also important to know how they might affect your life insurance. A potential insurance provider will ask you questions about your family’s health history, your medical history, and your current health—but it doesn’t end there.

Here are some other considerations that insurance companies will factor into making decisions and setting rates for your policy:

Age and Lifestyle. The younger and healthier you are, the more likely you are to get a lower premium. Smoking and drinking may increase your rates and decrease your eligibility. 

Length of Time Since Diagnosis. If your diagnosis was some time ago and your health is improving, this bodes well for your eligibility and your premium. However, if your diagnosis was some time ago and you’re health is not improving, it may be difficult to get approved. 

Type of Condition. There are many chronic illnesses that pose little life-threatening risk, such as arthritis. Heart disease, on the other hand, makes you a much higher risk to insure and as such, you are more likely to be denied or have to pay higher premiums.

This perceived risk is why it is so important to make sure you connect with the right provider from the get-go: to save yourself the time and stress spent sifting through companies who will ultimately deny you.

Regardless, most life insurance for people with pre existing conditions will also require a medical exam. The exam is free to you and checks your weight, height, blood pressure, and basic tests. Think of it as your insurance company doing their due diligence.