Can I Get Life Insurance With a Pre-Existing Condition?
When a person develops a major health issue or chronic disease, it can be a very stressful time. First, they become ill. Then, because they have a pre-existing condition, they may find it hard to obtain affordable life insurance.
Life insurance & pre-existing conditions
There are companies offering insurance products to people already sick. For example, some provide coverage for critical illnesses such as heart attack and stroke, cancer and Alzheimer’s disease. However, individuals with pre-existing conditions often discover coverage is limited in scope. And what is available can be very expensive.
For these reasons, potential buyers should review insurance premium costs and benefits carefully. It’s important to weigh the impact health-related expenses may have on their immediate financial resources and their overall financial security.
Many variables to consider
Most carriers have dedicated underwriting departments that assess the health of prospective clients. They’re looking for pre-existing conditions that may increase the likelihood of a person’s premature death, according to Greg Roberts, a former agent who oversees AmeriLife insurance offices in Clearwater, St. Petersburg, Bradenton, and Venice.
“Certain carriers have more liberal underwriting criteria than others,” Greg says.
Because people recover from some serious conditions and illnesses, select insurers offer coverage to survivors. With cancer, for example, these companies typically base coverage eligibility on how many years the person has been disease-free. It can be two or three years or up to 10 years.
Agents understand
Shopping for life insurance can be very confusing, especially when you are already ill and anxious to make the right decisions for you and your loved ones.
“Based on your health history, a licensed agent will know where to go for coverage,” Greg says. “They’ll help you gather the information you need to make an informed decision.”
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