For those who need life insurance with pre exiting conditions, finding a policy that can fit your budget can be a very frustrating experience. This is because for companies that issue life policies, they are looking for people who have the lowest amount of risk so that they can cover the unexpected.
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An existing medical condition adds an element of risk to the policy coverage and therefore can be more expensive depending on the type of condition that exists. Sometime this is a bit difficult job to find a policy within such condition, but you should not lose hope.
In fact, finding life insurance for people with preexisting medical conditions can be very difficult and often results in rejection after a health exam. Plus, most of the policies that do exist are in the high risk category and they are much more expensive. However, there are still options out there for people who are seeking affordable life coverage to meet their needs and protect their family in case the worst should occur.
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What is a Pre-Existing Condition for Life Insurance?
Basically, it is a medical condition that affects either the life span or quality of life for the individual. A temporary condition such as a non-life threatening injury or illness generally does not qualify. However, illnesses such as cancer, heart disease and the like are considered pre-existing conditions.
It’s important for those who are facing pre existing conditions to be honest with themselves and up front with life insurance companies about their medical situation. Holding back any relevant information can result in the policy being terminated on the spot. Therefore, it is far better to let them know everything first and risk rejection rather than having paid all that money only to see the policy cancelled.
Can You Get Life Insurance With Pre-Existing Conditions?
Although life policies will vary between providers, the biggest difference is the type of pre existing condition that a person has which can affect the prices of the policy itself. So, the first step for people seeking life coverage with preceding medical conditions is a fair assessment of the type of ailment that they have.
Does the medical condition shorten the life expectancy of the person or does it affect the quality of life? These are two different considerations because there are certain medical conditions that only affect how a person lives, but not necessarily how long they will live given that it is properly treated.
A person with cancer for example, especially if it’s located in the pancreas or other organ of the body stands very little chance of even getting life coverage in the first place. However, diabetes for example when under proper treatment is more of a life altering condition, not one that necessarily shortens the life of the person.
A former medical conditions that generally shorten the life of a person, even cancer that is in remission, will tend to be very high in terms of cost assuming it is available at all. For those who have been given only a fixed amount of time to live, even if the condition in turn goes into remission must be willing to spend an inordinate amount of money for their life policy assuming it is even available.
There are existing medical conditions that do not necessary shorten the lifespan, such as Crohn’s Disease for example, are much easier to obtain policies. In fact, there are certain prior medical conditions that may not affect the life insurance at all if they play no role in determining the lifespan of the person. Once you have made the determination about your own state of health, then you can start your search for a life coverage plan.
Of course, not everything is cut and dried in terms of life insurance. For the most part, the number of people who want life insurance having existing medical conditions who either get completely refused or it has no effect at all on the policy are generally few and far between. For the most part, life policies that incorporate pre existing medical conditions have a number of caveats or requirements that must be met in order for the policy to be properly maintained.
In fact, with changes to the medical system, advanced treatments and other aspect that can affect the life insurance policy itself may alter the future structure of payments required in order to maintain the policy. Everything from doctor visits to changes in the condition itself that may alter life expectancy will be included in the policy.
This means that for those who qualify for life plans with pre existing conditions, they may see the following conditions added to their policy;
- Recommended Visits
- Changing Medical Facilities
- New Treatments
- Remission or Advancement of their Condition and More
One interesting solution is getting a guaranteed policy that holds up even after changes are made. These types of policies are generally more expensive, but they generally do not require a medical check. It is however very important that all pre existing conditions are revealed, otherwise the policy may be cancelled on those grounds.
Be advised that for the overall cost of life insurance to be changed in a positive direction, such as new treatments, the remission of the condition or other positive changes that they need to inform the company and follow the guidelines as well.
Life insurance policies that have such prior medical conditions may have caveats that allows for premiums to be reduced if the conditions improve over time. However, this will require being active in terms of informing the company and ensuring that the guidelines are followed.
How to Get An Affordable Life Insurance?
In doing your research on life insurers, getting free and upfront quotes is the best way to know which ones are available and are best for your specific needs. Upfront quotes can be used to weed out the companies that either refuses to grant a policy or charge unacceptable rates for coverage.
For example, many new or young insurance companies are often willing to take a chance of those with certain pre existing conditions which means that under certain conditions they will offer policies that others will not. By basing the research on finding the right quote, these companies will reveal themselves and their conditions for approval.