Buying Life Insurance for People with Chronic Illness 2024 - PinnacleQuote

Buying Life Insurance for People with Chronic Illness 2024

If you are thinking of buying life insurance for people with Chronic Illness, this article is for you.

It can be hard to know how much life insurance is enough when you have a chronic illness. For people with chronic illnesses, getting multiple opinions on life insurance needs is crucial as it depends on age and health. Luckily, there are many online resources to help determine these needs.

Life Insurance For Chronic Illness

People with chronic illness need reliable life insurance, but face challenges in qualifying for sufficient coverage at an affordable cost.

Senior vice president of underwriting at financial services organization Genworth Ray Dinstel says that high insurance costs are some of the biggest fears of people with preexisting conditions. These cover Alzheimer’s to asthma, cancer, and even Chronic Obstructive Pulmonary Disease among many others.

This is a startling concern given that Yahoo Finance reports that up to 60% of adults have at least one chronic illness. It’s anticipated that the healthcare industry will grow to a staggering $42 trillion by 2030.

Chronic Illness Life Insurance Coverage

Required discernment

Living with a chronic illness shouldn’t faze you and your loved ones. However, as James Gonzales’s article on the underlying facets of chronic illness suggested, you still have to be wary of the costs that come with them: in this case, your life insurance coverage.

First off, it’s important to discern the type of life insurance you should apply for, which is usually one of two choices. Term Life Insurance is preferred by most people –especially those with a chronic illness – as it’s a policy that lasts for a set number of years in which premiums are paid to maintain its active status.

On the other hand, Whole Life Insurance is more permanent; it is a combination of life insurance together with an investment. Premiums are paid for one’s entire life until death, and the fees are typically six to ten times higher than those of Term Life insurance.

Chronic Illness Rider On Life Insurance

Rest assured

You can customize insurance policies by adding riders and endorsements, allowing you to enjoy the benefits while you are still alive. Living benefits life insurance, chronic illness, and terminal illness riders allow for some access to your policy’s death benefits while it’s still active, which is great news for those with underlying health conditions.

For those with chronic illnesses, the accelerated death benefit rider can be accessed if you are unable to perform two out of six Activities of Daily Living. Depending on your medical history, you may have a more difficult time seeking a regular term life insurance policy.

Although seeking professional advice is recommended, be assured that there are other options available to you. Simplified Issue Life insurance requires a few answered medical questions with no medical exam, and Guaranteed Issue Life insurance requires the opposite.

Although these have higher premiums and low benefits, they still offer some protection.

Life Insurance Policy For Someone With Chronic Illness

Health is wealth

Ultimately, buying the right life insurance policy when you suffer from a chronic illness is no easy feat but it doesn’t mean that it’s impossible. Lay your cards out, be transparent about your history, and talk to a licensed agent because as they say, health is wealth.


Can People with Chronic Illness Get Life Insurance?

Yes, individuals with chronic illnesses can still obtain life insurance, but the type of illness, its severity, and how well it’s managed can significantly impact eligibility and rates.

How Do Chronic Illnesses Affect Life Insurance Premiums?

Chronic illnesses typically lead to higher premiums because they can shorten life expectancy and increase health risks. Insurers assess each condition on a case-by-case basis.

What Types of Life Insurance are Best for Those with Chronic Illnesses?

Term life insurance is often a cost-effective option. However, depending on the illness, whole life or universal life might also be viable, particularly if you’re looking for lifelong coverage or a policy with a cash value component.

What Information About My Chronic Illness Do I Need to Provide?

Insurers will need detailed information about your diagnosis, treatment plan, medications, any hospitalizations or surgeries, and how the illness impacts your daily life.

Can Managing My Chronic Illness Help Lower Insurance Rates?

Effective management of your condition, demonstrating control and stability, can help in securing more favorable insurance rates.

Is a Medical Exam Always Required for Chronic Illness Sufferers?

Most traditional life insurance policies require a medical exam, but there are no-exam policies available, which might be an option depending on the severity and nature of the illness.

What Happens if My Chronic Illness Worsens After Getting a Policy?

If your health declines after your policy is in force, your coverage and rates generally won’t change. However, it might affect your ability to purchase additional insurance or change policies.

Can I Get Life Insurance If My Chronic Illness Is Recently Diagnosed?

It’s possible, but recent diagnoses may lead to higher rates or limited options. Insurers often look for a history of stability and effective management in chronic conditions.

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The most difficult part of buying life insurance is figuring out if you qualify for coverage. It’s common to think that your pre-existing condition will make it impossible, but we can help! We have a team of experts who are ready and waiting to find the right plan for anyone with chronic illness. All you need to do is give us some basic information about yourself so our specialists can start searching for the best possible rates. Do any of these sounds like they might apply? If not, there could be other options available! Give us a call today and let’s get started finding an affordable solution together.

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