We’ve written a number of articles here at MCMHA.org dealing with the prospect of getting life insurance when you have certain specific health related conditions. If you’ve read some of the articles, you’re aware that there are certain consistencies in how life insurance companies deal with pre-existing conditions.
So here is a summary of how you can assess your insurability, and what you can do to improve it. The take away, we hope, is that you will realize that just because you have a pre-existing condition doesn’t mean that you can’t get life insurance.
Consider the following:
The Severity of Your Condition, as Well as the Timeline, are Major Factors
Many people assume that because they had a bout with cancer, heart disease, or other health conditions, they will be unable to get life insurance. Or they think that if they do, the premiums will be unaffordable. This is an unfortunate conclusion because the truth of the matter is that coverage is typically available, and often at more affordable premiums than you might imagine.
So much has to do with the severity of your health condition. For example, if you had a heart attack ten years ago, that will be less of a factor than it would be for someone who had the same experience six months ago. The passage of time does improve an insurance company’s view of your health condition.
There are also many people who have had only relatively minor experiences with a certain disease. For example, if you overcame stage one cancer a decade or more ago, and have been cancer free since, many life insurance companies will be willing to write policies on your life. Some may charge you only a slightly higher premium.
How Well You Are Managing Your Condition Matters
With improving medical technology and increasing general health awareness, many people are now living for decades beyond the onset of a major illness. Where once a certain health condition was considered to be terminal, many people are now living full lives. The key is how well their health condition is being managed.
By doing what’s needed to treat your condition – which includes dietary changes, exercise routines, consistent use of medications, and ongoing monitoring by the healthcare system – you will assure a life insurance company that your illness is under control.
If you’ve been successfully managing your health condition for several years, your chances of approval at an affordable premium rate will be much higher. It’s also important to understand that the view of certain health conditions is improving within the industry. Life insurance companies are fully aware that people are successfully living very long lives with some pretty serious conditions. It is in their financial best interests to reach out to that market, and that’s why you will find companies willing to issue you a policy with your condition.
Your Overall Health Can Be Decisive
Whenever you apply for an insurance policy, whatever type it may be, the insurance company is looking closely at the layers of risk involved in your application. Where life insurance is concerned, they’re also looking beyond any specific health condition you may have. It’s not just about the health condition in question, but the status of your health overall. It’s the Big Picture view of your life that typically counts most.
For example, if you have experienced a bout with cancer, but your overall health is excellent – and you’ve been cancer free for a number of years – an insurance company may rate your health at some level very close to normal. If your weight is normal for your height, you get regular exercise, your blood pressure and blood quality are normal, and you have no history of other health issues, life insurance companies may consider you to be favorable risk.
Get Help From The Right Life Insurance Agent!
The ultimate reality in the life insurance universe is that each life insurance company has its own way of assessing the various pre-existing conditions that applicants may have. While it’s true that some companies may refuse to write policies on people with certain health conditions, many others may be willing to do just that, and a few provide coverage at only slightly higher premiums.
The trick is to know which companies take the most favorable view of your particular health condition. This is harder than it seems at first glance. There is no one company out there that takes a favorable view of all health conditions. Each company takes a favorable view of several conditions, but are negative on others. Unless you know which companies have the most optimistic view of your particular health situation, you could waste a lot of time and money applying to companies that never had any intention of approving you for a policy.
Moral of the story: if you need life insurance, and you have a pre-existing condition, you must work with a good life insurance agent. He will know which companies are most likely to approve your application, and to do so at the lowest possible premium rate.
It won’t cost you anything more to use a good life insurance agent. And you can save an incredible amount of money doing so. Take advantage of that expertise, to get yourself the best life insurance policy you can afford.
