Do you have a pre-existing condition? Buying life insurance might still be possible

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Could life insurance provide significant protection even with pre-existing medical conditions?


Key points

  • Life insurers typically assess medical condition before approving coverage.
  • Many people assume they won’t be able to get protection with pre-existing conditions.
  • This is not necessarily the case, and coverage is generally available in most cases.

Life insurance is not a type of coverage that most people should do without. After all, no one wants to leave their dependents to face a lifetime of severe financial hardship in the event of an untimely death – and that’s exactly what can happen if the right insurance protection isn’t in place.

Unfortunately, some people wait to buy life insurance and end up getting sick before buying a policy. And that can cause problems, because most life insurers consider health status and medical history when deciding whether to offer coverage and when setting premiums.

Since it is well known that life insurance is medically underwritten in most cases, many people assume that they will not be able to purchase coverage at all if they have a pre-existing medical condition. But that’s not necessarily correct. Here is the reality.

Some standard life insurers offer policies even with pre-existing medical conditions

While it’s easier — and cheaper — to get life insurance when you’re young and healthy, getting covered after you develop a medical condition isn’t necessarily impossible. In fact, many standard insurance providers that consider medical condition will still offer coverage even to people who have a pre-existing condition.

Key factors that determine whether someone with a medical condition can still get standard coverage include:

  • The severity of the condition
  • If your condition is well controlled
  • If your condition is likely to result in your death during the term of coverage

Policies may also vary from insurer to insurer. For example, some companies will allow you to be covered with controlled diabetes or with HIV that is managed by medication, but others will not. That’s why it’s crucial for anyone with a pre-existing medical condition to shop carefully for insurance and explore all coverage options from different providers.

Guaranteed issue life insurance should also be available

In some cases, a pre-existing condition will be severe enough to make it impossible to obtain standard life insurance coverage. But all hope of providing protection to family members is not lost. Indeed, warranty coverage for problems offers another solution.

Guaranteed issue life insurance works differently than standard policies. It is accessible to everyone, regardless of their medical history. This means that even sick people can still take out this type of life insurance.

Guaranteed trouble coverage has some drawbacks. It tends to be more expensive than medically underwritten insurance. There are usually much lower limits on the death benefit available and other restrictions on when the death benefit is paid. For example, the full death benefit may not be paid until the policy has been in force for several years.

Although most consumers prefer to buy standard coverage rather than guaranteed issue plans, this ensures that at least funeral expenses can be covered and surviving family members can get some help after a death. . It’s worth considering if no other coverage is an option.

Ultimately, no one should give up buying life insurance without at least exploring these different options. Those with dependent relatives should ensure that they do all they can to ensure that financial assistance is available after an untimely death.

Life insurance protection for you and your family

While many varieties of insurance coverage are designed to help protect a person’s family and assets, life insurance is an essential type of protection. The right life insurance can help protect the people who depend on you most if you die. Choosing the right life insurance policy is essential to ensure the right protection for your loved ones. We’ve sorted through the different options to bring you our picks for the best life insurance policies available today.

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