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Life Insurance for People with Ongoing or Pre-Existing Medical Conditions

When applying for life insurance, there are several key factors that the underwriters will review in order to determine whether or not an individual will qualify for the coverage. This is because the insurance company will not want to take on too much of a risk in terms of having to potentially pay out a large claim.

One of the biggest risk factors when evaluating an applicant for coverage is the person’s health and medical conditions. This is due in large part to the fact that this can have a direct link to a person’s life expectancy. Depending on an applicant’s overall health, as well as any medications taken, an underwriter can get a much clearer picture of how much of a risk that person may be. A decision can then be made as to whether or not to accept the person for a policy, and if so, how much to charge for the premium.

What many people do not realize is that when applying for life insurance coverage, not all carriers will have identical criteria for approving their potential insureds. This means that if you apply with one particular carrier, you could be approved as a Standard policyholder, based on your health, age, and other factors. However, if you apply with another insurer – given the very same criteria – you could be deemed as a substandard policyholder, and charged a higher amount of premium.

With this in mind, it is important to compare different carriers and premium rates before making a final determination on life insurance coverage. In doing so, it is typically easier to work with an independent agency or company that has access to multiple insurance carriers. This can make the process much easier and convenient for you.

Life insurance with pre-existing medical conditions

How Ongoing Medical Conditions Can Affect Your Life Insurance Coverage Application

Certainly, having an ongoing medical condition can have some effect on your life insurance application for coverage. However, the truth is that you just might be able to obtain life insurance more easily than you may originally have thought. This is because today, due in large part to advances in medical technology, as well as because of increased life expectancy, life insurance in many ways has become easier to qualify for – and the premiums have come down in many instances.

While it is still much easier for those who are young and healthy to qualify more quickly, those who have ongoing medical conditions now have many more options – even if you have been diagnosed with more chronic issues – and even if you have been turned down for life insurance coverage in the past.

Some health conditions that tend to have an effect on life insurance applications include:

  • Cancer
  • Heart Conditions
  • Stroke
  • Cardiovascular Disease
  • COPD (Chronic Obstructive Pulmonary Disease)
  • Diabetes
  • High Blood Pressure
  • High Cholesterol
  • HIV and AIDS
  • Multiple Sclerosis

What the Life Insurance Company Will Want to Know About You

If you have certain medical conditions, the life insurance underwriters will typically want to have more in-depth information about your health prior to moving forward on accepting your application for coverage. In order to obtaining more detailed information from you, additional questions that you may be asked could include some or all of the following:

  • When were you initially diagnosed with your medical condition(s)?
  • What type of, if any, symptom(s) have you experienced since your initial diagnoses of your medical condition(s)?
  • What, if any, prescription medication(s) have you been taking for your medical condition(s)?
  • If you are taking any prescription medication(s), what is the amount of the dosage?
  • How else are you managing and / or controlling your medical condition(s), such as through diet and / or exercise?
  • How often do you visit your primary care physician and / or a specialist regarding your medical condition(s)?
  • Have you had any type of relevant testing performed over the past six months regarding your medical condition(s)?
  • Have you been hospitalized at any time over the past 12 months for your medical condition(s)?

It is likely that in addition to completing the application for coverage and the additional medical questions that the life insurance underwriters will also require you to undergo a medical exam as a part of the insurance underwriting process. As a part of this exam, you will meet with a paramedical professional who will take a blood pressure and a heart rate reading from you. They will also obtain a blood and a urine sample, which will be tested for additional risk factors by the life insurance company.

Due to your medical condition(s), the insurance company may also wish to review your medical records from your primary care medical provider and / or from any medical specialist that you see.

After the insurer has received all of your health related information, the underwriters will be able to more thoroughly review everything and then obtain a clearer picture regarding your overall health condition. At that point, they will then be able to ultimately make a decision regarding your life insurance coverage, as well as to determine a premium rate for the policy, if accepted.

One of the biggest factors in being able to obtain the coverage that you need will be the insurance company that you apply through. As all insurers may rate their applicants for coverage differently, it may be possible that you get different results from different insurers. Therefore, if you are turned down by one company, don’t throw in the towel and feel that you will never be able to obtain coverage. This is because a different carrier may opt to accept you as a policyholder with their company.

How Much Will Your Life Insurance Cost

The cost of your life insurance policy will be dependent on a number of different factors. These can include the type of coverage that you purchase, as well as the amount. It will also include your age and your gender.

In addition, any health condition that you have can also play a role in the cost of the life insurance premium. Likewise, even the actual insurance company that you apply through will be a key in the ultimate premium price of the policy.

If you are deemed to be a Standard risk, which means that you are considered to be of “average” health in comparison to other policyholders of your same age and gender. Therefore, the premium rate on your policy will be in line with that of other Standard policyholders.

If, however, your health is deemed to be below average – but not poor enough to be declined for coverage altogether, then it is likely that your policy will be placed into the substandard class. This means that the premium rate will be higher than that of an average, or standard, policyholder. The actual amount will be determined based on the severity of your health condition.

If your health is such that you are declined for traditionally, or medically, underwritten life insurance coverage, then you will still have other options. For example, you could apply for a burial insurance policy. With this type of life insurance, there is no medical exam that is required for underwriting purposes. Therefore, many people who have ongoing medical conditions are still able to qualify for life insurance coverage by going this route.

Although the amount of the premium rate will be higher with a burial life insurance policy, this type of coverage could provide you with the insurance protection that you and your loved ones require.

How to Get the Best Life Insurance Quotes for People with Ongoing Medical Conditions

If you’re looking for high risk life insurance and you have an ongoing medical condition, your best course of action is to work with an agency that has access to more than just one life insurance carrier. That way, you will have many more options. You will also be directed towards the carriers that are more apt to take on an applicant that has your type of health issues. This alone can save you a substantial amount of time – and frustration – during the application process.

When you are ready to move forward with obtaining life insurance coverage, we can help. We work with many of the top life insurers in the industry, and we can assist you with all of the important information that you require. Get started by filling out the form on this page and receiving your first set of quotes.

Should you have any additional questions regarding how to obtain life insurance for people with ongoing medical conditions – or even if, you just have a question about life insurance in general – please give us a call. We can be reached by phone, toll-free, by dialing 877-235-9299.

We understand that having a medical condition can often make it difficult to qualify for the life insurance coverage that you require. But today, there are many more options open to you. We can help you to find the protection that you need for those whom you care about. So, contact us today – we’re here to help.