What Medical Conditions Affect Life Insurance?
When it comes to getting life insurance, age and health are the two most important factors that insurance companies consider. Younger, healthier individuals are less likely to die compared to older, less healthy individuals, which makes them more insurable at a lower cost. However, other factors such as lifestyle, gender, risky habits, and dangerous hobbies can also affect the insurance rates. Women tend to live longer, which gives them generally lower rates.
Various types of policies are issued every day for people with health conditions. It is important to talk with a financial professional if you have questions about your health. You may be surprised to know that your specific condition isn’t much of a barrier at all. On average, life insurance rates (premiums) for people with pre-existing conditions increase by 8-10 percent per year. There are a few things you can do to potentially increase your chances of qualifying with a pre-existing medical condition and even lower your rate.
| Medical Conditions |
|---|
| Heart disease |
| High blood pressure |
| Obesity |
| Cancer |
| Diabetes |
| HIV |
The insurance company will evaluate all your risk factors, assign a rate classification, and calculate your final premiums based on the application and underwriting process. There are a number of online quoting tools that can give you a quick cost assessment, but if you have a medical condition, the initial quotes may not reflect your actual cost. It may be a good idea to speak with a broker or agent about your situation.
If you’re buying as an individual, use an agent or broker who is familiar with underwriting standards for each condition. Give them insight into your medical condition so that they can advocate on your behalf. Be sure to talk about the steps you are taking to effectively manage your condition, so that the insurance company can take this into account. Do not try to hide a current medical condition from your agent or the insurance company. If discovered, it could result in cancellation of the policy, as well as any death benefit that might have gone to your family. It might even be prosecuted as insurance fraud.
Remember, just because you have a pre-existing condition doesn’t mean you can’t get life insurance. The better controlled your medical condition, the less risk to a potential insurer. So whatever your issue, go to the right doctor or specialist, get a treatment plan, and follow it as best you can. That will maximize your chances of maintaining and improving your health, insurability, and even quality of life.
