It’s often easier and less expensive to buy life insurance when you are young and healthy.
That’s because your life can change, and you may develop health conditions as you age.
But life doesn’t always go as planned, and you may have gotten a medical diagnosis before securing a life insurance policy.
So, can you get life insurance with pre existing conditions?
Yes, but it may require more time and effort to find the right insurer and policy. If you don’t know what to look for, you may see higher rates or the insurer may deny your application.
Here’s how to buy life insurance with pre existing conditions.
What is a pre-existing condition?
A pre existing condition is a medical issue you were diagnosed with or a condition that existed before applying for life insurance.
According to the Centers for Medicare and Medicaid Services, up to 50% of Americans have a pre-existing condition that could affect their eligibility and the final cost of life insurance.
What will disqualify you from life insurance?
You might be familiar with some of the most common examples of pre existing conditions for life insurance:
- Acid reflux
- High blood pressure
- High cholesterol
When you’re applying for life insurance with pre existing medical conditions, every insurer can approach underwriting differently.
Some are more risk-averse and not willing to accept applications from people with significant pre existing conditions.
They might insure applicants with medical conditions but can charge a higher rate.
Can you get life insurance with pre existing conditions?
Life insurance uses a complex system of rating tiers and requirements that determine your insurability and premium.
Typically, the following factors are considered: