Life Insurance For Pre-Existing Conditions
A pre-existing health condition creates a frustrating situation when it comes to getting certain types of insurance. Term life insurance is among the most challenging problems because individuals who have pre-existing conditions are often denied automatically after a health check or can only qualify for high risk policies, which are much more expensive. While it is challenging to find life insurance with a pre-existing health condition, it is not impossible to find something appropriate for individual requirements.
Consider the Condition
Life insurance policies vary between insurers, so it is important to consider the particular health condition and whether the company considers it a high risk or if it is among the allowed rated risks. Different health conditions are often considered more or less risky depending on whether the individual is likely to die from the condition early or if it is about quality of life rather than a threat to life.
Pre-existing conditions can range from life-threatening heart disease or cancer to lifestyle changing conditions like diabetes or Crohn's Disease. Depending on the condition and the risk to life, insurance companies will vary in what is acceptable and what is not.
Conditions like cancer or similar diseases are hard to find coverage because the life expectancy is very low. Even cancer or another disease in remission is considered a high risk because it might attack again and still has a shorter life expectancy than someone in the same age group without the disease.
Looking over the condition and determining the risk to life is the key to determining if it is possible to obtain a rated insurance option or not. Non-life threatening conditions might be allowed by some companies while other insurance companies will not consider any pre-existing condition as insurable.
While many conditions make finding insurance difficult, changing medical care and improvements to life expectancy with certain conditions have resulted in changes to the insurance system. The original system that did not accept any pre-existing conditions now has some considerations to changes in the medical system.
The result of changes is that insurance providers are now considering factors like regular doctor visits, the time since the first diagnosis and current care of the condition in the process of determining if an individual is qualified for insurance coverage.
The system now allows certain conditions that are living longer with regular medical care as long as the individual is seeing a doctor often and has seen improvements to health since the original diagnosis.
Cases of remission will also help qualify individuals for term life insurance. Remission occurs when symptoms and the aggressiveness of the disease diminish. Some cases of remission will result in never seeing the disease symptoms again with proper care.
Guaranteed policies are available to help individuals who are struggling with a health condition and have been denied previously. The guaranteed policies do not usually require a medical check before issuing insurance, which can help those who are concerned about medical checks. Despite this fact, it is still important to mention health conditions to ensure it is not canceled if a death occurs early.
A pre-existing condition is not automatically denied in many of the young and aggressive term life companies. The companies are seeking ways to bring in customers for their policies and are willing to take on certain conditions, particularly conditions that do not significantly reduce life expectancy.
The young companies are willing to work around medical conditions, though individuals should not expect the best rates. Factors like doctor visits, medications and treatments available are considered in determining the best rate to apply to the individual.
Rating systems within a young company are still developing, so pre-existing conditions do not impact the qualification standards as much as long-standing companies. This is due to the flexibility of the company and the changes to medical science that result in longer life expectancy with many diseases.
Cost of Insurance
The cost of term life insurance when facing a pre-existing condition is much higher than the best rates of a healthy individual. It is not possible to get the best rates due to the condition and the higher risk of death during the term.
While the original cost is usually very high, individuals can get better rates later. If the condition is well-managed and a few years pass since the original rate was applied, then customers might qualify for a lower premium. Asking the company for a better rate after living for several years with the insurance will sometimes result in a lower cost. This depends on the particular disease and usually does not apply to conditions like diabetes, which affect various areas of the body.
A pre-existing medical condition does not necessarily disqualify individual from term life insurance. It is possible to find insurance policies that allow pre-existing conditions, though it will require some comparison to find the best insurance for individual situations and needs. If you are being treated pre-existing condition and are over age 55 you may also want to shop the market to reduce your medicare costs. Saving money anywhere you can free up some funds to pay for your life premiums.