When it comes to life insurance, it’s no secret that younger and healthier individuals are given lower rate quotes. Your health is a major contributing factor to what you’ll pay for a policy. When applying for life insurance, you’ll have to fill out a medical questionnaire and take a medical exam. People oftentimes think that they have to be in perfect health in order to get life insurance. They think that having a health issue will disqualify them. While your health does play a major role in your life insurance, having a health condition doesn’t mean you can’t get coverage. Here’s how health issues can affect your life insurance needs.
Your Current Health
When you apply for life insurance, you’ll be asked a series of questions about your health. You’ll also need to take a medical exam. Your current health plays a role in how risky you are to insure. There are a number of different health issues that can affect your rate, including heart disease, high blood pressure, asthma, weight-related conditions such as diabetes, cancer, and mental health conditions. Even though these conditions will affect your rate, it’s essential that you don’t try to hide them. Doing so can result in a denial of coverage.
Your Family History Plays a Role
Even if you’re perfectly healthy now, your family health history also plays a role in your life insurance premiums. In addition to what issues your family members were diagnosed with, insurance companies will also take into consideration how many family members were affected and at what age they were diagnosed. Typically, if only one family member was affected or if the conditions were diagnosed later in life, they will have little to no impact. If several family members were affected, though, or they were diagnosed at younger ages, you become more of a risk. As a result, the rates you get quoted will be higher.
What if I Have a Preexisting Condition?
Just because you have a pre-existing condition, it doesn’t mean that you can’t get life insurance. Depending upon the type of condition, you may only need to disclose it. For other conditions, it may be necessary to undergo additional screenings such as an EKG or cancer testing. It may also be necessary to do a review of your prescription drug records.
How Can I Get Life Insurance with a Health Issue?
Preexisting conditions may affect your life insurance rates (and your ability to get coverage depending upon the severity of the condition), but it’s not impossible. There are a few things you can do to make the process easier. First, communicate with your physician. Make sure that you have all of your medical records, including treatment plans that you’re following, in order. Even though you have your own doctor, take the medical exam that life insurance requests. This will help you to get a policy with sufficient death benefits at a more affordable rate. In the event that the exam doesn’t go as planned, you can opt for a policy that doesn’t require one. Choose the right type of policy.
Certain medical conditions may limit the type of policy you can get. You might not be able to get a traditional term policy, but you may be able to apply for a graded benefit or guaranteed acceptance policy. You may want to look into a funeral expense insurance policy as they are more cost effective. Finally, make sure that you shop around.
Different companies will offer different rates, even though you provide them with all of the same information. Taking the time to shop around will allow you to choose the best policy to meet your needs at the most affordable price.
Having a health issue can affect your life insurance, particularly how much you’ll pay, but it doesn’t mean that you won’t be able to get it. When shopping for life insurance, it’s imperative that you’re honest about your condition. Take the time to do your research and shop around. Even though you’ll pay more, you’ll still be able to find the best deal for your needs.