How to Buy Life Insurance With a Pre-Existing Condition

SmartAsset: Buying Life Insurance With a Pre-Existing Condition

SmartAsset: Buying Life Insurance With a Pre-Existing Condition

You want to make sure your family is safe and secure. That’s why you’re researching life insurance. But how do you buy life insurance with pre-existing conditions? What are the best types of life insurance to buy if you have pre-existing conditions? How does your health factor into the cost? And are there any extra steps you need to take when applying? This article will help you answer these questions.

A financial advisor can help you compare different life insurance options.

What Is a Pre-Existing Condition?

A pre-existing condition is any medical condition you had before you signed up for insurance coverage. While it’s illegal for medical insurance companies to deny coverage based on a pre-existing conditionsit’s not for life insurance companies.

Buying life insurance with a pre-existing condition can be complex. It helps to know what conditions may affect your life insurance application. Here are five additional examples of major factors that could get you denied:

  • HIV

  • Cancer

  • Heart Disease

  • Diabetes

  • Smoking

Cost of Life Insurance and Pre-Existing Conditions

Many life insurance providers will sell you life insurance even if you have pre-existing conditions. With pre-existing conditions, you can expect higher life insurance premiums. Whether you’re applying for term life or permanent life insurance, insurance providers will factor your health into the cost. That’s especially true if you have a large death benefit.

Life insurance providers use risk calculations to determine how soon your death may be, and thus, how high of a premium to charge you. Because pre-existing conditions increase your risk of death, you can expect to face higher premiums. How much extra you will pay depends on the condition and its severity.

So how much will life insurance with pre-existing conditions cost you? You can expect to

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