A way to ensure that your loved ones are provided for when you die. You pay a monthly payment (called a premium), and the insurance provider agrees to pay you A payment when you die (called a death benefit). They can use this payout for whatever they want, from covering funeral expenses to paying for their education.
For many people. But getting it is no slam dunk. Life insurance providers decide whether you Based on a variety of factors, including your age, gender and whether you participate in any dangerous hobbies. These factors give providers an idea of how risky you would be to insure. One of the factors they consider is your health, including any pre-existing conditions.
Pre-existing conditions can make getting life insurance difficult, but not impossible. In this article, we’ll explore ways life insurance can protect people with pre-existing medical conditions.
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Can you get life insurance with a pre-existing condition?
Pre-existing conditions are health conditions that can affect your life expectancy. These include cancer, high blood pressure, asthma and diabetes. Many life insurance policies, which includes checking your vital signs and going over your medical history. If the test determines that you have a pre-existing condition, it may raise your premium (if you are approved for a policy) or prevent you from getting a policy altogether.
That said, just because one provider denies you coverage doesn’t mean every provider will. If you have a pre-existing condition, you still have options.
How to get life insurance with a pre-existing condition
Don’t give up on life insurance if you have pre-existing conditions. Here are four ways you can still get a policy.
1. Get life insurance without testing
AA medical exam is not required, so you will not be denied because of a pre-existing condition.
No-test policy premiums may be higher, death benefits may be limited and some have age limits. They’re worth considering if you can’t get a policy otherwise. Before signing on the dotted line, compare a policy’s coverage terms with your needs.
2. See term life insurance
The two main types of life insurance are term and whole life. with, you pay a small premium but are covered only for a certain period of time. with Your premium is higher, but you are covered for your entire life.
Term life insurance is generally less expensive than whole life insurance. If you’re eligible for both types of coverage but can’t afford the full amount, term may be your best bet. You can always considerWhen it expires. This process does not require a new medical exam, so you may be able to get a whole life insurance policy even if your condition worsens.
3. Accept a higher premium
Life insurance providers are wary of applicants with pre-existing conditions because insuring them is risky. As a result, they often charge higher premiums to people with pre-existing conditions. While paying higher premiums isn’t ideal, if it’s the only way you can get life insurance, it can be worth the peace of mind you and your loved ones have.
Comparison shopping is the best way to find the right coverage for you. Get started by getting a free estimate or using the table below.
4. Consider group life insurance
If your employer offers a life insurance plan, you may qualify without a medical exam. Group policies are less expensive than individual policies, but they only provide basic coverage. Depending on your needs, you may want to addGet the coverage amount of your choice. Supplemental policies often don’t require a medical exam, and you can get them through your employer—potentially. .
A pre-existing condition does not prevent you from getting life insurance. You just need to consider other options than a traditional policy. As with any type of life insurance, the sooner you apply, the better. If you lock in a policy before your pre-existing condition improves, it can save you on premiums. Whatever you do, don’t hide your condition. Lying on a life insurance application can cause a provider to deny death benefits to your beneficiaries.