Ogden Life Insurance

Life Insurance With a Preexisting Condition

Purchasing life insurance is usually a quick and easy procedure, but this is not always the case for some people. If you are at risk for serious health problems, an insurance company could pass on your application. Anyone with a preexisting condition understands how stressful and frustrating it can be to have a medical condition and hope an insurance provider will take a risk and cover you. Use this guide to help you understand preexisting conditions and what you can do to show a life insurance provider you are worthy of coverage.

Preexisting Conditions

A preexisting condition occurs when you have a medical condition that you currently have or have dealt with in the past. Some preexisting conditions can impact how much you will pay for life insurance. The top 5 medical conditions that can increase insurance rates include;

  • Heart Disease

  • Cancer

  • Stroke

  • Alzheimer’s Disease

  • Respiratory Illness

When you apply for life insurance, the underwriting team needs to review your medical history to check for risk factors. They will require a physical examination and information about your lifestyle to identify a risk pool. Individuals who are thrill-seekers can find higher rates based on their favorite activities like skydiving, scuba diving, rock climbing, and more.

As insurance companies dig into your health history, specific ailments can flag you as risky. For example, if you have been diagnosed with high cholesterol and your test scores are not decreasing over the years, it poses a threat to your health. Insurance providers could write you off as too risky based on this health concern alone. Other insurance providers may take you on as a risk and place you into a higher rate class, causing you to pay more each month for coverage. If you have a condition, be prepared to provide additional information to the insurance company, including;

  • The severity of the condition. The insurance company needs to know the severity and life expectancy of your medical condition. Usually, they will ask for information directly from your medical provider to determine treatments and how they can positively impact your life expectancy.

  • Current or previous condition. Insurance providers need to know if the medical condition is current or if it predates the application. If recovery was achieved, they will ask for corresponding documentation.

  • Time since diagnosis. Another thing underwriters review is the time when you were diagnoses. Did you have complications? When an illness is ongoing, it can lead to additional health problems, which may be too risky to insure.

  • Lifestyle. If you are prone to taking risks or tend to smoke and consume alcohol frequently, it puts you at risk. Life insurance providers will review your lifestyle influences to decide if they are too risky to take on.

Finding The Right Life Insurance

Insurance companies have different tiers they use to rate individuals with health problems. Each insurance company has a place for pre-existing conditions. The type of policy you purchase can help you mitigate risk for pre-existing conditions and find a policy that doesn’t cost a fortune. Insurance providers often use a flat extra premium to cover pre-existing conditions. The flat extra rate can change if the individual reduces their risk to the insurance company. Still, it can increase if they find out you are participating in dangerous activities or lifestyle habits like smoking.

Tips to Obtain Life Insurance

If you want to obtain life insurance, you must take the time to review the application and be up-front about your condition. When you have a pre-existing condition and do not disclose the information, it can cause the application to be rejected. There are people with terminal illnesses, often leading to a denied application. Working with an independent agent like Just Protect Insurance can help you compare rates and find coverage. There are some guaranteed issue policies available that can help people dealing with preexisting conditions. If you have been rejected, we recommend calling the insurance provider after receiving treatment to show your medical condition’s active management. As the insurance company sees this information, many of them will resubmit your application to the underwriting team. Compare your rates today with our easy-to-use insurance tool.