Important Facts

Finding Life Insurance with a Pre-existing Condition

This article discusses things you should know if you have a pre-existing condition and want to purchase life insurance. Like, not every condition is considered pre-existing and you can get coverage.

Considerations for Finding Affordable Life Insurance With a Pre-Existing Condition

If you’ve been diagnosed with a medical condition, chances are you’re contemplating buying a new life insurance policy or increasing your current coverage. However, because life insurance companies factor into their underwriting decisions and pricing any pre-existing conditions that you may have, you may run into some challenges in finding affordable life insurance coverage.

Depending on the type and severity of your diagnosis, an insurance company may offer you a policy but at a higher premium than someone without a pre-existing condition. And in some cases, they may even deny you coverage altogether.

But there is hope. According to Marvin Feldman, CEO and president of the Life and Health Insurance Foundation for Education, the insurance landscape has shifted dramatically. “The rules vary greatly depending on the insurer," he says. “But it is now a lot easier for people with pre-existing conditions to get life insurance policies.”

The following are a few tips and considerations when shopping for affordable life insurance coverage with a pre-existing condition.

Understand that every insurer is different.

It’s important to note that every life insurance company has its own set of qualifying criteria. So if one company turns you away, don’t let that prevent you from shopping for coverage elsewhere. Try finding an insurance carrier that will treat you the most liberally or leniently when it comes to your particular condition. Start by getting a number of quotes from reputable insurers.

Know that not everything is considered pre-existing.

While certain conditions such as type II diabetes, high blood pressure, high cholesterol, and sleep apnea can drive down your overall health rating, it doesn’t necessarily mean that your life expectancy will be shortened – especially if you’re under a doctor’s care. In many cases you may be able to find the coverage you need, especially if you are actively managing your condition.

Stable conditions can bring better rates.

Today, many ailments are being diagnosed and treated more effectively than in the past, and more life insurers are taking those factors into consideration. For example, if you’ve been successfully treated for breast cancer and your condition has since stabilized, you may still be able to find coverage. In fact, dramatic improvements in treatment outcomes may mean that people with a history of serious illness may qualify for standard life insurance rates (the same rates paid by people without pre-existing conditions) once their disease is under control.

Get quotes from an experienced life insurance agent or reputable insurance company.

If you are shopping for life insurance and have or have had a serious illness, Feldman suggests working with a life insurer who has experience working with applicants with pre-existing health conditions. "Costs vary drastically from company to company," he notes.

Being able to find affordable life insurance after you’ve been diagnosed with a serious condition isn’t as impossible as it has been in the past. And while there is no guarantee, more life insurers are willing to consider applicants with a history of illness on a case to case basis.

For more information on finding affordable insurance rates, visit the Protective Learning Center.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Affordable Life Insurance

If you’re looking for affordable life insurance rates and have a pre-existing health condition, don’t give up! This article can provide you with considerations and tips when looking for affordable life insurance with a pre-existing health condition. For more information, visit our learning center.

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