Life Insurance and Pre-Existing Medical Conditions

Many people think they’re not eligible to apply for or be issued a life insurance policy because they take medication or have a pre-existing medical condition, which is a medical condition you already have when you apply for life insurance.

You’re not alone if you’ve been denied coverage when you applied for a life insurance policy because of a pre-existing condition. According to a study from the Centers for Medicare and Medicaid Services, one in two Americans has a pre-existing condition that could affect their eligibility or cost for insurance.

The Most Common Pre-Existing Conditions

Unfortunately, the list of pre-existing conditions that life insurance companies will decline you for having is too numerous for this blog post. Here is a list of those for which older adults are frequently:

• Heart attack
• Stroke
• Cancer
• High blood pressure
• Diabetes
• Obesity
• Respiratory illnesses, such as COPD or emphysema
• Mental disorders

Many life insurance companies will also decline to cover you because of your age, occupation (like certain types of construction work), hobbies (like flying or scuba diving), driving record, and financial reasons.

Why Life Insurance is Important to People With Pre-Existing Conditions

Someone that has a serious health issue or has had a health scare will tell you that they thought about life insurance when they faced the possibility that they’d be leaving loved ones behind who needed money for necessary final expenses, such as:

• Medical bills
• Funeral expenses
• Burial costs
• Outstanding loans
• Credit card bills
• And many other types of final expenses

They’ll tell you that at that moment when they faced their illness straight on, the cost of the life insurance didn’t matter; it was the amount of life insurance and that they had it that mattered.

The Perfect Solution For People With Pre-Existing Conditions

Simplified issue is a no medical exam insurance policy with less underwriting requirements. With fewer health questions in the application, simplified issue policies have maximum death benefits up to $500,000 for term and $40,000 for whole life. These policies come with no waiting period.

Additionally, if you’re frustrated because you’ve been declined for life insurance coverage, or you’ve not applied because you suspected you’d be declined, there is a solution that makes it impossible for you to be denied coverage if you’re between the ages of 45 and 85 – “Guaranteed Issue Life Insurance.”

With guaranteed issue life insurance, there are no health questions on the application, just the basic information such as your name, address, and phone number. Everyone between 45 and 85 is guaranteed coverage regardless of their medical history and current health condition.