Term Life Insurance Articles
How To Qualify For Life Insurance Despite Existing Medical Conditions
2010-11-13
Anyone who has ever applied for life insurance knows that the process is a lengthy one that requires them to answer a barrage of questions that revolve around their family's medical history as well as their own current and past health status. The applicant must truthfully answer questions about any medications they have taken, illnesses, injuries and doctor and hospital visits. During this questionnaire, it may be revealed that the applicant has pre-existing medical conditions.
The presence of pre-existing medical conditions can drastically affect the outcome of a life insurance application. Small or less severe medical conditions may have no impact on a life insurance policy at all. However, some health issues can result in the insurance company declining the application. If a person has diabetes, cancer, high blood pressure, or heart disease, then they may have difficulty obtaining a life insurance policy.
Not all insurance companies use the same rating and screening process and if one company rejects your application, another may not. This is why you should always obtain more than one life insurance quote before you purchase a policy. If you are not declined, then the insurance company may impose certain limitations or restrictions on your policy. For example, your medical condition may be excluded from coverage, meaning that if you have diabetes but you die in a car accident, the insurance policy would pay a death benefit. If diabetes caused your death, then it would not pay out.
Other insurance companies may apply a waiting period to the benefits. This means that they may require your medical condition to be stable for a set period of time. If they set a waiting period at 6 months and you pass away before that time is up, then no benefits will be paid. As well, other companies may simply impose a higher premium for a person who has a pre-existing medical condition. This is referred to as "being rated". Insurance companies may offer a rated policy to an applicant who smokes, who holds a job position that is considered to be a dangerous occupation, or to a person with a high risk medical issue.
No matter what type of pre-existing condition you may have, there are two things that you must do in order to secure the best coverage for you. Always be honest and reveal all health issues and conditions to your life insurance agent. Any omission can result in higher rates or having your application denied. You should also shop around and compare a variety of quotes to make sure that you are getting the best price. There are certainly ways to obtain life insurance even if you have an existing medical condition.
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Anyone who has ever applied for life insurance knows that the process is a lengthy one that requires them to answer a barrage of questions that revolve around their family's medical history as well as their own current and past health status. The applicant must truthfully answer questions about any medications they have taken, illnesses, injuries and doctor and hospital visits. During this questionnaire, it may be revealed that the applicant has pre-existing medical conditions.
The presence of pre-existing medical conditions can drastically affect the outcome of a life insurance application. Small or less severe medical conditions may have no impact on a life insurance policy at all. However, some health issues can result in the insurance company declining the application. If a person has diabetes, cancer, high blood pressure, or heart disease, then they may have difficulty obtaining a life insurance policy.
Not all insurance companies use the same rating and screening process and if one company rejects your application, another may not. This is why you should always obtain more than one life insurance quote before you purchase a policy. If you are not declined, then the insurance company may impose certain limitations or restrictions on your policy. For example, your medical condition may be excluded from coverage, meaning that if you have diabetes but you die in a car accident, the insurance policy would pay a death benefit. If diabetes caused your death, then it would not pay out.
Other insurance companies may apply a waiting period to the benefits. This means that they may require your medical condition to be stable for a set period of time. If they set a waiting period at 6 months and you pass away before that time is up, then no benefits will be paid. As well, other companies may simply impose a higher premium for a person who has a pre-existing medical condition. This is referred to as "being rated". Insurance companies may offer a rated policy to an applicant who smokes, who holds a job position that is considered to be a dangerous occupation, or to a person with a high risk medical issue.
No matter what type of pre-existing condition you may have, there are two things that you must do in order to secure the best coverage for you. Always be honest and reveal all health issues and conditions to your life insurance agent. Any omission can result in higher rates or having your application denied. You should also shop around and compare a variety of quotes to make sure that you are getting the best price. There are certainly ways to obtain life insurance even if you have an existing medical condition.
