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Life Insurance With Pre-existing Medical Conditions
PRE EXISTING LIFE INSURANCE…WHAT YOU NEED TO KNOW!
Can you get life insurance with pre-existing conditions… Let’s Talk…
Better questions are How to get life insurance with a pre-existing condition (s)?! Depending on your condition or health issues, finding a carrier that will cover you may prove to be difficult.
Also, if you are able to buy life insurance with health issues, it will most likely be a high-risk policy, which is significantly more expensive than standard policies.
However, knowing which carriers specialize in specific health impairments, life insurance applicants will get affordable coverage regardless of any pre-existing health condition.
Honestly, it is easier than you think to obtain life insurance for people with medical conditions
Despite this, it is still possible to achieve the best life insurance for pre-existing medical conditions and get a decent policy.
The Good News is, there are several companies that actually specialize in insuring high-risk individuals that cover pre-existing conditions.
So determining who has the best life insurance policy for pre-existing conditions will depend on the carrier.
They all have their own niches that they specialize in. One thing is for certain, expect to pay a higher premium.
Life insurance bad health history
What do I do if I seek life insurance with health problems?
This question is very relevant since life insurance companies will rate conditions differ in terms of risk and coverage for pre-existing conditions.
In fact, coverage for someone with poor health will vary from carrier to carrier. For example, those with serious kinds of cancer, such as lung cancer, may have trouble getting traditional level term coverage at all.
Furthermore, finding proper protection with health problems may be frustrating and you might be limited on the death benefit.
Do Not Fret… communicate with your independent life agent and they will provide a great option when determining the best insurance policy for pre-existing conditions.
He/she is experienced with all types of life insurance and the top carriers and underwriting teams. They will know which carriers are best at the most affordable rates for you.
If you are getting treatment for a major health impairment then a guaranteed acceptance may be the only option. This policy is considered a permanent life insurance policy.
They will need to assess how life-threatening your condition is. Luckily, advancements in medicine have to lead to people living longer and providing better treatment for all sorts of medical issues.
Insurance companies are beginning to adjust to this fact, and, therefore, more and more life insurance companies are beginning to offer lower rates for those with pre-existing conditions.
Unfortunately, purchasing a life policy will not get the same treatment a health insurance company will give as coverage is not guaranteed under the affordable care act.
All in all, when you have a pre-existing condition, it is important to get coverage to relieve all financial burden for your family.
Quick Article Navigation
- What medical conditions that might affect life insurance premiums
- WHAT WILL BE MY RATING for life insurance for people with existing medical conditions
- HOW DO I FIND THE LOWEST RATES WITH PRE-EXISTING CONDITIONS
- HOW MUCH LIFE INSURANCE SHOULD I GET
- Best Option For Pre-Existing Conditions? Finding An Independent Agent
- Trip cancellation with Pre-Existing Condition
What medical conditions that might affect life insurance premiums
What common health impairments will affect my life insurance premiums? We will discuss many below in detail. Here are some that you may have had, may have or could possibly have if family history is a factor.
Examples of pre-existing conditions for life insurance are:
- CHF or Heart disease
- High blood pressure
- Sleep apnea
- Gastrointestinal disease
- Crohn’s Disease
- Prostate Cancer
- Irritable Bowel Syndrome (IBS)
- Celiac Disease
- Ulcerative Colitis
- Gastroesophageal Reflux Disease (GERD)
- Post-traumatic stress disorder (PTSD)
- Anxiety and Depression
- Eating disorders
- Obsessive Compulsive Disorders
- Mental Disorders
Life insurance regardless of health conditions we will speak of is achievable. Every insurance carrier has their own Niches and criteria.
You will hear us speak often that every carrier looks at every person differently. There are many factors to this besides health. Age is also a factor. Lifestyle too.
Many clients have asked, Can someone with cirrhosis get life insurance? Depending on the severity, they may qualify for a guaranteed acceptance policy.
This is something that would need to be discussed with your agent so they could better guide you.
Pre-existing Conditions Life Insurance
There are so many conditions. Although we may not have it listed, we specialize in all of them. If there is a condition that you have or have a question about, Please reach out to us. Ask questions!
Some clients feel they may not be able to get life insurance with a specific condition. This is not always the case. Call us at (855) 380-3300 ext. 2.
NO MEDICAL EXAM LIFE INSURANCE WITH PRE EXISTING CONDITIONS
YOU HAVE OPTIONS!!!
A no medical exam policy may be your best option if you’re having trouble getting accepted by a life insurance company.
Since these plans do not require a medical exam, it is easier for a high-risk applicant to get coverage. However, these policies are more expensive.
You always want to make sure that you are working with top-rated life insurance companies. Many of them are very financially stable, so they’ll be more comfortable in taking on riskier applicants.
The underwriting for a no exam is very similar to the underwriting for health insurance.
There are some conditions that may limit you and you may have to go with a Guaranteed Issue life policy. You may be concerned if you can afford life insurance under this type of policy.
Ask your independent agent to help you break it down. Also, be aware if you want to pay your policy by credit card, most carriers will allow it if you plan to pay annually, or semi-annually. If unsure, ask your agent.
WHAT WILL BE MY RATING for life insurance for people with existing medical conditions
So the big question… Can you purchase life insurance with Pre-existing conditions?
If you are able to obtain and qualify term life coverage, having a pre-existing condition will raise your rates.
However, going for a term policy has a significantly higher death benefit. This would benefit you compared to products with limited underwriting.
The following will give a range of ratings for different health impairments. It will also break down different stages of health impairment into different rating classes base on the severity of the pre-existing condition.
Multiple Sclerosis (MS) and Life Insurance
Suspected MS, but not confirmed:
- < 2 years of the event – Table 4,
- 3-4 years of the event – Table 3,
- 4+ years – standard (preferred possible)
- < 2 years of the event – Table 6
- 3-5 years – Table 4
- 6-10 years – Table 3
- After 10 years – Table 2
- Severe Abnormalities, immobility – Decline
Multiple Sclerosis (MS) and Life Insurance
income protection insurance pre-existing conditions
Is it a good idea to obtain income protection for pre-existing medical conditions? YES! Income protection insurance is an important insurance benefit.
Also known as disability insurance. The terms and conditions vary from one carrier to another.
You have a wide range of choices when it comes to income protection insurance. Depending on your illness or injury, there is short term or long term disability insurance.
Many clients have income protection or disability insurance through their employer. That is fantastic, however, if you quit or lose your job tomorrow, Now What? Ask us about disability insurance Today!
Life Insurance With Pre-existing Cancer
- Standard if Older ages at diagnosis, Gleason Score < 6, No Gleason 4 or 5 reported.
- PSA does not rise during active surveillance (watchful waiting) if over age 60.
- PSA is persistently < 0.2 after radiation.
- Also if PSA is persistently undetectable (<.01) after radical prostatectomy
- Standard if treatment completed over 5 years ago (excluding tamoxifen), and no evidence of recurrence.
- 3- 5 years after treatment, fee extra between 5.00-10.00 per thousand.
Life Insurance and Cancer Patients
If you are looking for coverage with pre-existing cancer and are still being treated, then the only policy available will be a guaranteed acceptance life insurance policy. These are guaranteed and you will not be denied!!
These policies generally have graded restrictions, for more information on these types of policies please reference our Guaranteed Acceptance article.
Above all getting coverage will always come down to the type of cancer and the stage of a cancer diagnosis.
For instance, if you have late-stage colon cancer and you have successful treatment, waiting periods may vary compared to other cancers.
Regardless, when the waiting period is over a term policy will give you the best opportunity for low months premiums.
Type 1 and Type 2 diabetes
Type 1 Diabetes
- Age at issue – 18-34 Table 4-6 (lower table for a shorter duration (< 7 years) since diagnosis)
- 35-49 Table 3-5 (lower table for a shorter duration (< 7 years) since diagnosis)
- 50-65 Table 3-4 (lower table for a shorter duration (< 7 years) since diagnosis)
- 66+ Table 2-4 (lower table for a shorter duration (< 7 years) since diagnosis)
- Add 1 table per 1% of A1c over 7%
Type 2 Diabetes
single medication or diet controlled
- Age of Onset 0-17 – Decline
- 18-34 – Table 3-5
- 35-49 – Table 2-4
- 50-65 – Table 1-3
- Age of Onset 66+ – Standard Plus – Table 2
- Add 1 table per 1% of A1C over 7%
- If 2 medications, add 1 table
Life Insurance and type 2 diabetes
Furthermore, in most cases when a consumer is managing their diabetes, it’s very common to be on maintenance of high blood pressure medications in addition to cholesterol medication.
In fact, these medications in combination with metformin is a very common treatment regimen.
When it comes to underwriting, taking these medications really won’t have an adverse effect on your rate as it’s not being treated for an underlying condition.
Is epilepsy a critical illness? Yes, it is! It is very common to ask does insurance cover epilepsy surgery or can you get life insurance with epilepsy.
It will come down to the type, how long since last seizure and what kind of medications you are taking.
- Any surgical corrections – postpone 12 months
- Complex partial, Tonic-clonic, infantile spasms;(within 6 months -postpone, within 2 years of last seizure-table 3, 3-5 years – table 2, after 5 years Std)
- Simple partial, Nocturnal, generalized absence;(Within 2 years of last seizure – table 3, after 2 years, standard)
- Metabolic brain disease, status epilepticus;(within 5 years, decline
Life Insurance With Pre-existing Conditions such as Epilepsy/Seizure Disorders
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Can you get life insurance if you have sleep apnea? When you are diagnosed with sleep apnea and your physician prescribes you a CPAP machine but you do not use it, your premiums will reflect this.
A couple of insurance carriers that are great with sleep apnea:
- Mutual of Omaha
What can happen if sleep apnea is not treated? If you have symptoms and it is not treated, you are at risk for high blood pressure, heart failure, and even strokes.
Can you die from sleep apnea? You actually stop breathing for a period of time throughout your sleep. So there is a huge risk of cardiac death. Always consult with your physician!
- Mild – Standard Plus possible
- Moderate – Standard
- Moderate untreated – Table 2
- Moderately Severe – CPAP nightly – Standard – Table 2
- Severe, non-compliant – Decline
Life Insurance WIth Pre-existing Condition Sleep Apnea
Finding the best life insurance companies for AFIB can be discouraging. However, more and more life insurance carriers have gotten lenient with the atrial fibrillation underwriting guidelines.
Here are some of the ways carriers may look at underwriting classes when determining coverage.
Assuming no other impairments present:
- No cardiac evaluation – Table 7 to decline
- No structural heart disease – Table 3
- Current heart failure – Decline
- Paroxysmal/Intermittent/Recurrent – Standard possible
- A single episode, resolved – No rating, Preferred possible
Life Insurance With Pre-Existing Condition AFIB
It can be demoralizing when suffering a heart attack. Life can change on a drop of a dime. If in recovery you probably think about the best life insurance after a heart attack and how to achieve it.
Below are the ways that underwriters will categorize your rating class after a heart attack.
- < 40 – Decline
- 40-50, after 12 months – Table 8
- Age 50+, 3+ years – Table 4
- Age 50+, 5+ years – Table 3
Life Insurance After A Heart Attack
When you have been diagnosed with bipolar disorder it can be scary. Once you are diagnosed with this condition it may be challenging to find life insurance.
In reality, insurance carriers just are not up with the times. Your bipolar life insurance rating will depend on treatment and if you have a stable treatment program.
Here are some of the ratings underwriters will look at when determining the rate class.
- Mild – Stable, maybe taking psychiatric med but no antipsychotic or MAO inhibitor. No suicide attempts or thoughts of suicide in the past 3 years. – Standard
- Moderate – Psychiatric medication dosages increased in the past 12 months, no suicide ideation in the past 6 months. Table 2
- Severe – Use of MAO inhibitor, changes to medication dosages. – Table 4
Life insurance Rates With Bipolar Disorder
HOW DO I FIND THE LOWEST RATES WITH PRE-EXISTING CONDITIONS
There are several things you can do to lower your life insurance rates. Maybe the most important thing is to compare multiple quotes before deciding on which insurance company you want to go with.
Each life insurance company has different medical underwritings. This means that their assessment of people’s risk levels will vary.
For example, those with controlled type 2 diabetes may be able to find some really affordable rates with some companies, while other companies will label them high risk simply because of their diabetes diagnosis.
Therefore, comparing rates can save you a considerable amount of money on life insurance. You can hire an independent insurance agent to help you with this process. In fact, hiring an agent is usually a great investment — they’ll know right off the bat which companies to connect you with, and which companies to avoid.
Since they’ll have a lot of experience in the life insurance industry, an agent can be your best shot at finding affordable coverage.
There are other ways to get cheap and affordable protection, aside from simply comparing companies. Your general health level will have a major impact on your quote.
Anything you can do to make a better impression with the life insurance company before you apply is highly recommended.
Below, we’ll list a few things you can do before applying that will help get you a more affordable policy:
- Quit smoking — quitting smoking a year before applying for life insurance can cut your rates in half
- Exercise frequently
- Lose excess weight
- Lower your blood pressure and high cholesterol
- Eat healthier
HOW MUCH LIFE INSURANCE SHOULD I GET
Choosing the amount of coverage to buy is a huge decision. You want to make sure that you get a large enough life insurance policy to support your family after you pass.
Below, we’ll list some things you may want to consider covering:
- Any debts you may have
- Children’s college tuition
- Final expenses (funeral services usually cost around $10,000)
- Replacement of salary or retirement income
Once you figure out everything you’d like covered, then it’s time to calculate the total cost. From there, you’ll have a better understanding of how much life insurance you’ll need. Death benefits will be paid in a lump sum.
TOP TIPS WHEN SHOPPING FOR LIFE INSURANCE WITH PRE-EXISTING CONDITIONS
Even though you may have a pre-existing medical illness, such as heart disease, higher blood pressure, diabetes, obesity, cancer, and liver or kidney disorder. Above all, this does not mean you’ll be declined coverage.
However, it may increase the rate and cause the life insurance process to lengthen.
Here are some tips to help simplify the procedure despite any healthcare problems in your history.
Finding the right agent will enable you to continue to keep the process going and secure the very best prices available. With an independent life agent, you are able to maximize a carrier that can best fit your needs and which kind of policies to take into account.
Whether you choose a 20-year term or a permanent policy. Your agent will help you choose the best option.
But in case you’ve got a pre-existing illness, it is essential to be patient, as getting high-risk life insurance policy will probably need more work upfront to both you and your representative.
Ensure that you investigate your options and know exactly what you have to do and what questions you’re going to be asked about your wellbeing.
Needed documents frequently include prescription info, cover letters describing your health difficulties or more comprehensive information if your broker wishes to have a quote by a provider.
However, before you even speak with an agent, collect as much info about your condition as possible.
You might require dates and documentation of healthcare diagnoses or treatments in addition to the title, frequency, and doses of any medicines you require.
With this information handy can cut the guesswork out of your broker so they are able to pair you with a suitable carrier.
Best Option For Pre-Existing Conditions? Finding An Independent Agent
A PinnacleQuote independent agent can shop current rates from more than 1 carrier, usually dozens.
Working with an independent agency not only lets you observe every one the policies available for you, but in addition, it simplifies the hassle of shopping around and calling lots of distinct agents or brokers.
This saves you time, money and the aggravation of having to talk to multiple agents just trying to sell you high commission products. Independent agents can isolate the one carrier that will give you the best rate.
On the reverse side, a captive agent functions with one insurance company. They are very limited in what they can offer, as far as products and price.
Finding an agent that puts your interest ahead of their own can be challenging. Many consumers begin with obtaining a referral or looking on the internet for a neighborhood agent. It’s important to realize that these are most cases a captive agent.
A captive agent is very limited on the products they offer. But in case you’ve got a health condition, make sure you search for somebody with experience in that specific circumstance or an agent that specializes in high-risk coverages.
Here at PinnacleQuote, we specialize in ALL health impairments.
BEING HONEST AND UPFRONT ABOUT YOUR PRE-EXISTING CONDITION
Be as open as you can when talking to your broker. Especially if you are looking for life insurance for 50-year-olds and older.
Know he or she’s in your side and functioning for your benefit, however, the broker’s actions will be dependent on the information obtained from you.
Having appropriate dates of doctors visits, tests and treatments can help a good deal. Knowing drugs, doses, and data from previous laboratory results can also be very helpful.
You need to bring to the table whatever you can that would be concerning your problem. THE MORE THE AGENT KNOWS, THE MORE HE CAN DO FOR YOU!!
CHECK OUT THE RATES TO MULTIPLE CARRIERS
Above all, use your independent agent’s experience and know how to shop around to find the best coverage is your best commodity.
The secret is that your independent agent will understand and know the carriers that will be most lenient to your condition. This will result in the best product for you. This is particularly essential for high-risk scenarios since health impairments might be assessed differently from 1 carrier to another.
You and your agent need to pick a company you are familiar with and comfortable with.
Your agent also needs to have the ability to answer any questions or worries you have with each individual provider. Most importantly, to assist you in comparing them for your condition rather than your cost.
PRE-EXISTING CONDITIONS, CHOOSING THE BEST PRODUCT FOR YOU
Depending on the health impairment, you could be limited to the types of coverage you are able to apply for or is available to you.
For example, fully underwritten policies require an exam. In most cases, the exam is very similar to a yearly physical exam. There will also be a prescription check based off your SS#.
In addition, attending physicians statement, (APS), which is a doctor’s statement. But with a few pre-existing conditions, you might not have the ability to meet the requirements for a completely underwritten coverage, therefore a conventional term life insurance policy alternative (covering you for a particular quantity of time) will be off the table.
Additionally, some riders or benefits, such as, for instance, a waiver of the premium rider which protects you in the event of disability, might not be accessible to people with specific diminished risks.
A guaranteed acceptance life insurance plan guarantees you cannot be declined and does not have any medical questions or examinations. While it sounds amazing, you’re going to be considerably restricted by how much coverage you are able to purchase, you will pay more in insurance premiums.
They also come with a grading period, which might not offer you complete benefits for 2-3 years. These policies must be your very last resort due to the high premiums and limited coverage.
TAKING A MEDICAL EXAM COULD SAVE YOU MONEY
When your doctor and agent are on the same page, it can make the entire process easier. In some cases, the is very beneficial when you’re seeing multiple doctors or specialists.
This makes it easier to request information from some other medical professionals you have seen regarding your problem.
Communicating with your physician to guarantee accuracy and efficacy is also key. More than half the time medical records are either not up to date or have verbiage that is not right.
Not only would you like to make sure that your file is up-to-date and appropriate. But you also wish to alert the physician’s office beforehand so that it may send the paperwork to the appropriate location immediately. In fact, doing this can speed up the process form weeks to days.
Having any kind of health impairment in your medical history may result in much more scrutiny when you look for life insurance coverage.
However, an investment of time upfront can help save you money and time down the road. It can also allow your agent to do what he does best, getting you the best option at the best price!
Trip cancellation with Pre-Existing Condition
Many will ask, Does any travel insurance cover Pre-Existing Conditions? We know that a pre-existing condition is already a condition that you have, diagnosed by a doctor or not.
Check with your travel insurance company and their policies on pre-existing conditions. Sometimes there are exclusions.
PRE-EXISTING MEDICAL CONDITIONS AND LIFE INSURANCE
Call Us Today To Go Over Your Options 855-380-3300
Best Price, Best Carrier, GUARANTEED
PinnacleQuote Life Insurance Specialists
My name is Danny Ray. Not only am I the Agent here at PinnacleQuote, but I am also the Founder and Owner.
With over 25 years of experience, my goal is to make sure you have the most affordable options available to you and to help you make the best choice. There is no “one size fits all” in life insurance.
I will tailor make you a policy that fits YOUR family’s needs. I also have a family, so not only do I understand how important your family is to you, I would offer you the same products that I have for my own family.
Not only am I a National Independent Agent in 49 states with clients in every state except Hawaii, but I am also one of the Premier Life Insurance Agents to my friends and loved ones here in Jacksonville, FL.
Allow me the opportunity to show you my passion and dedication in the art of life insurance.
Call me with any questions you may have. PinnacleQuote (855) 380-3300. You have medical coverage.. why not life insurance ???
Life Insurance ~ The Last Way to say “I LOVE YOU”
Danny Ray ~Founder/Owner of PinnacleQuote
We want to keep your life insurance premiums down. Whether you are looking for a 20-year term or no matter your age, 20’s, 30’s or between the age of 50 to 59, or in your late 70’s. We Got You!