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Those with pre-existing conditions may not be completely barred from life insurance options, but those options may be limited and come with high costs.

If you haven’t purchased life insurance yet, you might think about doing so after getting a diagnosis of heart disease, diabetes, asthma, or another chronic condition. Fortunately, you can find life insurance even with these pre-existing conditions.

What Is a Pre-Existing Condition? 

First, let's discuss what constitutes a pre-existing condition. It's any health problem that you had prior to the date that your new health coverage starts. You may find life insurance policies to cover you, but one could expect higher premiums. Pre-existing conditions include high blood pressure, diabetes, cancer, and more. If you've had previous injuries, those could be considered pre-existing depending on the severity and lasting associated effects. 

If you've smoked or chewed tobacco, it could make getting approved for a life insurance policy more difficult or more expensive. Quitting these habits could lower your premium, depending on the amount of time that has passed since you stopped. 

Your Health & Age Matter Most

When life insurance carriers evaluate a potential policyholder, many factors go into their risk assessment. The two most important of these factors, however, are an applicant’s health and age.

Age is a factor because people often become naturally unwell as they get older. Even if someone is eating well and exercising regularly, their age can cause certain conditions to arise.

Health is arguably a more important factor, however, because it’s determined by all sorts of things from a person’s age to their lifestyle and genetics. “Lifestyle” can constitute anything from a person’s eating habits to risky behaviors such as smoking and how dangerous their job might be.

Common Pre-Existing Conditions

Although it’s not inevitable, you can be denied life insurance if you have one or more pre-existing conditions.

In the U.S., the following are considered to be fairly common pre-existing conditions:

  • Anxiety
  • Asthma
  • Cancer
  • Depression
  • Diabetes
  • Heart Disease
  • High Blood Pressure
  • High Cholesterol
  • Obesity
  • Sleep Apnea

Expect Higher Premiums

If you have pre-existing health conditions such as diabetes, obesity, heart disease, or high blood pressure, you should expect to pay a higher premium for life insurance. This increased rate can soar 10% or greater compared to someone with a similar profile without a pre-existing condition.

It might seem unfair to have to pay more for life insurance when your loved ones might need it most, but for many, the increased premiums are preferable compared to being denied life insurance coverage altogether.

How Does a Life Insurance Company Know I Have Pre-Existing Conditions?

When you apply for life insurance, the carrier will ask questions about your health. Inevitably, these questions will ask about pre-existing conditions. You may be tempted to feign ignorance or even lie about having a pre-existing condition, but you should never do this.

At best, you’ll be denied insurance – at worst, you could be investigated for insurance fraud. Always be truthful when answering any medical questionnaire a potential life insurance carrier provides.

Are You Thinking About Life Insurance? We Can Help.

If you’re thinking about getting life insurance and have a pre-existing condition, Insurance Specialists, Inc. can help. Our highly trained experts can help you find the policy that matches your needs and budget, even if you think you can’t afford life insurance with a pre-existing condition. 

Please remember that if you develop a serious condition after you have a life insurance policy, it will not affect your rates. Learn more about life insurance & pre-existing conditions. We look forward to helping you. 

Learn more about Insurance Specialists, Inc. and getting life insurance when you contact us today!