Buying Life Insurance with Pre-Existing Conditions


While you can’t be denied health insurance or get charged more for a pre-existing condition, life insurance is a completely different story. Why? Consider this: life insurance companies keep business booming by hedging its profitability against your mortality, so it is common for them to charge a higher amount to those high-risk individuals with pre-existing conditions. Ultimately, their goal is to collect more than they pay out in claims, and for this reason, your pre-existing condition will be factored into your policy.

So, what are your options when it comes to obtaining life insurance? Due to your pre-existing condition, you will likely be in the market for high risk life insurance. According to BestLifeRates, this type of insurance is for those who “exceed a certain level of mortality risk where the issuing carrier might expect a better than average chance to pay a claim before your life expectancy.” Even the smallest health concern could turn into an issue later on down the road, so insurance carriers take everything into consideration.

The most important step is to research your options and gather any and all information that is pertinent to your condition such as documentation of diagnoses, treatments, surgeries, etc. It is best to work with an independent agent, as they can help you shop around and find the best rates that also meet your needs and requirements.

They will also be able to walk you through the various policy types you can qualify for. For example, a fully underwritten policy requires a medical questionnaire, so your pre-existing condition could put you out of the running. On the other hand, a graded benefit life insurance policy asks very few health-related questions. The key is to make sure you are familiar with and understand every single option so you can make the best choice for you.

Get quotes from more than one company – life insurance is important, so you should never settle. Your pre-existing condition may create a slight obstacle, but with the right information and support network, you can get the policy that is right for you.