It is recommended that you get life insurance when you are younger and healthy so that it can safeguard your family’s financial situation in case something happens to you. However, if you should suffer from a critical illness, it is still possible to get a life insurance policy, although it will be more expensive compared to when you were healthier.
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What is a Critical Illness?
This is an illness that is considered life-threatening either in the short or long term. Several major diseases are considered critical which includes, but is not limited to the following;
- Heart Disease: Over 28 million Americans were diagnosed in 2016
- Breast Cancer: It is estimated that about 250,000 per year will be diagnosed
- Diabetes: Over 29 million Americans are estimated to have this disease
Any illness that is left untreated and will most likely claim your life, as a result, is considered a critical illness. Whether short term such as heart disease which may lead to a heart attack to long term, such as diabetes. It is true that some critical illnesses, such as breast cancer, have a high survival rate which is mostly attributed to early detection and vigorous treatment.
Critical Illness Life Insurance
If you have a family history or are concerned that you might contract a critical illness, you can have a critical illness rider attached to your policy. Some are quite specific such as breast cancer while not adding much to your premiums.
Of course, you must be healthy before purchasing such a policy, but it can provide advantages. This is particularly the case if it offers living benefits that can be used to help pay expenses.
Life Insurance and Critical Illness
While the purpose of life insurance is to protect your family in case the worst should happen to you, a critical illness is still no barrier. However, the type of life insurance you receive will depend on the policies of the insurance company that you choose.
Standard: In most cases, those with a critical illness will not be accepted for standard life insurance as the risks are simply too high for the insurance company. There may be exceptions, so you will need to ask your insurance agent.
Guaranteed: This is life insurance that does not require any medical exam or health questions. Even those who are critically ill can purchase this form of insurance. However, it is also the most expensive form of life insurance, and the full benefits will not kick in for the first two years with most policies.
No Medical Exam: This form of life insurance does not have a medical exam, but there will be questions about your health.
For those who are critically ill, they will have to reveal their condition when asked. Otherwise, the life insurance policy will be rejected or canceled when the information is discovered. Depending on the nature of your critical illness, you may or may not be accepted.
The bottom line is that you can purchase life insurance, even if you are critically ill. You should expect to pay a high premium for the coverage depending on the nature and status of your illness.