How to Qualify for Life Insurance with Pre-Existing Conditions

So, you’ve been thinking about taking out life insurance? It is definitely a good idea, since it can serve to help you protect your family and your loved ones in case of your death. The financial help that they will get from the insurance will surely be rather helpful, as it will allow them to cover some unexpected costs, as well as continue paying the mortgage with no problem, or even live their day-to-day lives.

• If you’re suffering from the health issue that is pre-existing or a pre-existing medical condition, you’ll be aware that getting insurance isn’t as easy. Although it’s feasible to be insured however, it may take more steps and careful planning.
• This guide will show you the process of obtaining life insurance if you have a pre-existing medical condition and what you can be expecting from insurers and ways to improve the chances of getting approved with moderate cost.

What Exactly Counts as a Pre Existing Condition?

Before we start talking about how you can qualify, we first have to check what it is that exactly counts as a pre-existing condition. Basically, it is any kind of a diagnosed health problem that you have had before actually applying for the insurance. Some of those conditions are mild, while some are more severe, and the severity and the manner of managing the condition are all sure to affect the premium. The more serious the issue, the higher the premium will be, and, in some cases, you may even have trouble qualifying for the insurance in the first place. Click this to get a better idea about how you can get the insurance with a condition.

Common Pre Existing Conditions Include

• Chronic diseases: Diabetes, asthma COPD, asthma, elevated blood pressure cholesterol levels
• Cardiovascular disorders: Heart attacks, irregular heartbeats, congestive cardiac insufficiency
• Mental health disorders: Depression, anxiety and bipolar disorder.
• Autoimmune diseases: Lupus, multiple sclerosis, rheumatoid arthritis
• cancer: Present or previous diagnoses, even if they are you are in the process of remission
• Obesity In particular, with a higher BMI, which is linked to various health problems
• History of substance abuse
• Neurological disorders: Epilepsy, stroke, Parkinson’s disease

Important Note

Although a problem may appear moderate or under control insurance companies still consider it as a risk element. As an example, a well-managed hypertension can still affect your insurance premiums, even in the absence of any impact on the way you live your activities.

How to Qualify?

It is evident that things will be slightly different when you make an application for life insurance if you already have a medical issue. It is obvious already. What you need to learn is how you can be eligible for insurance and obtain a decent coverage as well as a fair plan. Let’s discuss that issue in more detail.

Know How Insurers Assess Risk

The very first thing to understand is how insurance companies evaluate risk. Since life insurance is founded solely on risk. Therefore, if the probability of you end up dying during the period of the policy is more and the cost of insurance is higher, your premiums are likely to rise which could result in that you are unable to qualify for the best life insurance plan. What exactly is it which the insurance companies take into consideration when assessing the risk?

For one thing, they consider your age, your lifestyle, your habits, and your general health. Then, they also look at the pre-existing condition, its nature and its severity.When you explore options with InsuranceHero.org.uk, and take a look at the useful info provided by Steve Case, Insurance Hero expert, or other professionals, you will realize that there are options for people with pre-existing conditions, and that they all differ based on different factors, as well as that you can more easily find the right coverage if you have some kind of help. Let us not get ahead of ourselves, though.

• Apart from the previously mentioned the insurers also need to know when you’ve had your diagnosis, and also take an examination of your treatment plans and prescriptions.
• They will as well determine if your health is stable, or whether your condition is getting worse that will influence the deal you be offered.
• Understanding all this information will ensure that you have an advantage in your search, as you’ll, for instance you will know how you can demonstrate that your situation is well managed that will allow you to be eligible to get a premium that is higher.

What do underwriters consider when they make their decisions:

1. Your Current Health

The doctor will determine if your situation is stable, getting worse or improving. In the case of a person who has a well-controlled Type 2 diabetes may get more favorable rates than someone who is newly diagnosed.

2. When You Were Diagnosed

An illness that was diagnosed some time ago and managed properly, can work to your advantage. In the case of example, if were diagnosed with cancer 5 years ago but were in remission for the past five years some time, insurance companies might take you into consideration.

3. Your Medications & Treatment

Be proactive about the health issues you face. Do you follow the treatment regimen? Do you take your medications at the right time? Getting regular checkups? This shows insurance companies that you’re dedicated to taking care of your health.

4. Your Lifestyle

Are you smokers? Are you physically active? Did you lose weight or altered your eating habits? This can improve chances to be eligible. For those with heart disease can qualify for an affordable insurance policy when they’ve had significant changes in their lifestyle.

5. Family History

If you or your siblings were killed early from cancer or heart disease it could influence the way insurance companies view your future risks.

Choose the Right Policy Type

Moving on, you will also have to take some time to choose the right policy type for yourself, as that can make a big difference, especially if you have a pre-existing condition. Term life insurance is different than whole life insurance. And then, there are guaranteed acceptance plans to look into, as well as specialist or impaired life insurance. Your task is to have a look at all of those and figure out what could work for you best.

• In the future, you’ll be required to take the time to determine the most suitable insurance type that is right for you since it could be a significant difference particularly if you suffer from an existing health condition.
• Term life insurance differs in comparison to total life insurance. Additionally, there are assured acceptance plans that you can consider along with special as well as impaired or specialized life insurance.
• It is your job to take an examination of all these options and decide which will work best for you.

The following are some of the options

1. Term Life Insurance

• Protects you over a specified time (10 30, 20, or 20 years)
• Most often, the cheapest option
• It is best if you have your illness well controlled
• It may be necessary to have a medical examination

A good fit is a good fit if If you have a stable health issue such as hypertension or diabetes.

2. Whole Life Insurance

• Protects you throughout your lifetime
• It also includes a cash or savings value component.
• Much more expensive than time
• Medically-insured underwriting is mandatory

A good fit Good choice if You are looking for protection that lasts forever and you can afford premiums that are higher.

3. Simplified Issue Life Insurance

• Medical exams are not required, but questions about health
• Quicker approval (often in a matter of days)
• Lower limit of coverage

A good fit is a good fit if You are suffering from a moderate to light problem or require rapid approval.

4. Guaranteed Issue Life Insurance

• No medical exam or questions–guaranteed approval
• Usually, only accessible to people older than 50
• Low coverage, high premiums
• A two-year wait period is required before receiving the full payment

It’s a good fit If: You’ve had a prior decline or are suffering from a condition which other insurance policies don’t.

Work With a Specialist Broker

Now, the best thing you can do for yourself when trying to qualify for life insurance with a pre-existing medical condition is work with a specialist broker. These professionals have spent years and years perfecting their searching and negotiating skills, and they probably have a database of potential solutions ready. They know which insurers are more lenient, and which ones may not be ready to work with you or offer you fair premiums. All of that is sure to help you find the right solution, so make sure to partner up with the right broker during this particular journey. 

What are the benefits of using the services of a broker?

• They are able to search for multiple insurances simultaneously.
• They usually possess internal connections with the underwriters
• They are aware of which insurance companies prefer to accept certain ailments (e.g. an insurance company may be strict about diabetes, while another is more accommodating with mental health)

Get All the Medical Info Ready

If you opt to partner through a broker, which is a more sensible option, or if you decide to do it on your own There is one thing that’s absolutely certain. It’s important to get all medical records in order and open regarding your health condition. it will give a more clear image of your overall health and accelerate the procedure. Naturally, if you’re willing to put in the effort you could also focus to improve your health prior to making an application for insurance.

This is what you need to know prior to submitting your application:

• Doctor’s names, contact details and doctor’s name
• A list of current medication
• When was the diagnosis made and when treatment began? the history
• Surgery or hospitalization, if any.
• Laboratory test results (like A1C or blood pressure readings)
• Medical note from your doctor (if you have one) to show your conditions are under control

Pro Tip

If you’ve had a recent improvement in your overall health–such as losing weight quit smoking or stabilizing your illnessyou should take 6-12 months to wait before making an application. You may qualify at a lower rate once you have your records updated to reflect the changes.

Real Life Example

Case Study: James, Age 45, Type 2 Diabetic James was diagnosed as having Type 2 diabetes at age 38. He initially struggled with the blood sugar levels. In the past two years, he’s been working with a dietitian, shed 30 pounds and has an A1C level of 6.5 percent. The man also quit smoking 18 months back.

With the specialist broker James was able to apply for an 20-year life insurance plan. The application included recent laboratory results along with a note from his doctor. He received a “standard” rate from a top insurer, which that he believed was impossible only a couple of years ago.

Final Thoughts

Finding life insurance coverage when you have a medical condition that is pre-existing may be daunting, but it’s not difficult. In fact, your diagnosis doesn’t define your eligibility. The most important thing is the way you handle the process, how clear you’re, and how you manage the procedure.