Pre-existing health conditions don’t mean you need to go without life insurance.
If you’re looking to purchase life insurance and you have a medical condition that significantly impacts how you live, there’s a good chance it will be classified as a pre-existing condition. Although it may influence your premium rates, and some insurers may not be able to offer you coverage, the notion that you are uninsurable is a common misconception.
When you apply for life insurance, the underwriting process typically involved a brief medical exam. That usually means giving blood and urine samples, having your height, weight, and blood pressure recorded and answering questions about your health. If you know you have a health condition, the insurance company will want to know how you’re managing it. Be prepared to tell them what medications you’re taking, how often, and how regularly you see a doctor. The insurer will also look into your overall health, such as your weight, whether you smoke cigarettes, or have a history of alcohol abuse.
Naturally, the more serious your condition or overall health is, the more likely you’ll pay the highest rates. For example, a diabetic who’s overweight, smokes, and requires high doses of insulin will have a higher premium than a diabetic who follows a healthy diet and takes a low dose of insulin.
Remember that the type of policy you choose also affects the kinds of premiums you pay. Term life insurance often provides the cheapest option but this policy will only cover you for a certain period of time. For permanent coverage, look into whole life insurance.
If your health is keeping you from getting approved for life insurance, consider getting a no-exam policy. While you may need to answer some questions about your health, you get to skip the full medical exam. The downside to this coverage is that there is usually limited coverage and higher costs.
Don’t hesitate to ask a trusted insurance expert questions to help you understand a little bit more about what life insurance can offer you. For more information about getting the life insurance coverage you need, whatever your condition, contact the experts at Donald Weiss Insurance Services. Our dedicated team is ready to get you covered today.