Life Insurance if You Already Have an Existing Health Condition
Some people might be apprehensive about applying for life insurance coverage if they already have existing health condition. Many feel that their condition will make rates too expensive or that they are uninsurable altogether. The good news is that in many cases affordable life insurance rates are attainable even if you have a pre-existing health condition. Life insurance companies have come a long way in underwriting applicants with chronic illnesses, but it is important to know how you will be evaluated. Here is what you need to know about life insurance if you already have an existing health condition.
Is Your Health Condition Insurable
Although life insurance companies have come a long way in underwriting certain health conditions, there are cases where applicants will be uninsurable. Applicants with health issues such as Alzheimer’s disease, cirrhosis of the liver, HIV (although this could change as people with HIV are living longer) and serious cancers will most likely be declined coverage. You will be declined or your application could be postponed if you’ve just had treatment for or have been diagnosed with a serious health condition. For instance, if you’ve just experienced a heart attack, cancer diagnosis, heart bypass surgery or stroke, to name a few, your application will be postponed for a certain period of time. The insurance company will want to make sure that you are following the required course of treatment before considering your application. Many other moderate to serious conditions are insurable.
Is Your Health Issue Under Control?
If your health issue is well controlled, you will obviously have a better chance of getting covered at an affordable rate. Something could come up during your paramedical exam or in the review of your medical records that might indicate that you have a health issue that is not being treated. Whether it is high cholesterol or a high A1c level, anything that is going untreated could be an issue in underwriting. The most important thing is to start a treatment plan and get your issue under control. Some untreated issues might simply push you into a lower health class rating while others might make you uninsurable.
Are You Taking Your Condition Seriously?
One of the more important factors to a life insurance company is whether or not you are taking your health condition seriously. If you are diagnosed with a health issue, it is important that you are following the suggested treatment by your doctor. Regular checkups or screenings as well as taking the prescribed medication for your particular condition are very important. For instance, if you suffer from depression or anxiety, life insurance companies will look favorably on your condition if you are receiving therapy regularly and progress has been documented by your doctor.
Are You Living a Healthy Lifestyle?
It is also important that you adopt healthy lifestyle habits that will help you better cope with your health issue. For instance, it is important for diabetics to have an overall healthy lifestyle that consists of exercise, stable weight maintenance and a healthy diet to better keep their health issue in check. Diabetics who are not living a healthy lifestyle could increase their risk for other serious health issues which could seriously hurt their health class rating during underwriting. Life insurance companies will look favorably on a healthy lifestyle, especially if it can be documented. You might not know this but there are many life insurance companies out there that give lifestyle credits to applicants. Your agent should also write a cover letter on your behalf that outlines your positive lifestyle habits such as regular exercise and other healthy activities. Other factors such as quitting tobacco or losing weight can also play an important role in getting affordable coverage.
Talk to an Independent Life Insurance Agent
If you have a health issue and need life insurance, it makes sense to work with an independent life insurance agent who can shop your particular health issue to multiple companies. Independent agents have the ability to field offers from many different companies allowing you to choose the insurance company that will be the best fit for you. Depending on the severity of your particular condition, your agent could even field some informal offers so you exactly what you’re up against before filling out an application.
Let Us Help You Get Coverage
We shop over 40 of the top life insurance companies to help you find the best policy to fit your needs. We know which companies most favorably rate health conditions such as diabetes, depression and anxiety and sleep apnea. We would be more than happy to give you a consultation on your case so that you can get an idea of cost of coverage for your particular health issue. Feel free to give us a call at 888-687-9444 if you have any questions about life insurance if you already have an existing health issue.
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com.
