How Can I Get Life Insurance With A Pre-Existing Condition?

If you have a pre-existing condition, you may be concerned about how it will affect your ability to get life insurance. Many insurers have their own underwriting process and look kindly on certain conditions. Here are some tips on how to get life insurance with a pre-existing condition:

Understand Your Health Risk

Insurers group applicants into rate classes based on their health, such as standard, preferred, or super preferred. While many people qualify for super preferred life insurance rates, those with serious health conditions may only qualify for standard rates or be denied coverage altogether.

Consider Alternative Policies

If your pre-existing condition stops you from securing competitively priced term or permanent life insurance policy, consider alternative policies such as guaranteed issue life insurance. However, this often means paying more for less coverage.

Find the Right Agent

It’s important to look for an independent agent who works with an impaired risk specialist, who will know which insurance companies are more likely to provide a good rate for your particular condition. This could save you a lot of denied applications.

Be Mindful of When You Apply

An insurer will likely turn you down if you apply shortly after a cancer diagnosis or a heart attack, but you can always reapply, especially if your medical records demonstrate that your treatment has been effective.

Improve Your Health

If you are accepted but are being charged a high rate, you can ask for a life insurance re-rating once your condition is under control.

Consider Waiting

If you’ve been declined for life insurance or can’t find affordable premiums for the coverage you want, consider waiting and reapplying for life insurance once your condition has improved.

Don’t Conceal Your Condition

Concealing your condition from your insurer is the worst strategy. Misrepresenting your health on your application could cause the insurer to reject a life insurance claim, jeopardizing the benefit for your beneficiaries.

Companies Offering Coverage for People with Specific Medical Conditions

CompanyPolicy Details
Guardian LifeOffers a whole life insurance product for people with HIV. Applicants 70 and younger may qualify for standard rates with certain pre-existing conditions, such as anxiety, depression, Type 2 diabetes, cancer, coronary artery disease, hypertension, and obesity.
John HancockAspire™ with Vitality policy is specifically designed for people living with Type 1 or Type 2 diabetes.
PrudentialOffers coverage to HIV-positive applicants on a case-by-case basis.

Don’t assume you’ll be turned down for life insurance just because of a chronic health condition. Take advantage of improvements in your health and find the right agent to help you find the right policy for your needs.

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