According to the CMS, or Centers for Medicare and Medicaid Services, half of adults below 65 have some pre-existing medical condition. These chronic health conditions range from diabetes to asthma to heart disease. However, can you buy life insurance after a medical diagnosis? Fortunately, purchasing life insurance with a pre-existing medical condition may be possible. But details matter and will depend on your unique health situation.
How Health Conditions Impact Life Insurance Costs
Life insurance companies use age and health to determine whether a person is insurable and at what cost. A younger, fit person is less likely to die than an older, less healthy individual. Of course, other factors like gender and lifestyle can also impact your rates. For instance, risky habits and dangerous hobbies can significantly make life insurance more expensive.
In addition, different policy types are given daily for people with health conditions. Some include obesity, anxiety, high cholesterol, heart disease, HIV, and high blood pressure. So, talk with a financial professional when purchasing life insurance with a pre-existing medical condition.
What to Know During the Application Process
When you apply for a life insurance plan, there will be an application and an underwriting process. The insurer will gather your information, evaluate your age, health, risk factors, etc. These are the steps:
Receive a Quote
Speaking with an insurance broker or agent about purchasing life insurance with a pre-existing medical condition may be ideal. This is because quick online quoting tools may not always reflect your actual costs if you have a health condition. The MWE Partnership can connect you with a financial professional who can help you receive a quote.
Like any other application process, you must provide specific facts about yourself. So, make sure you have the following items handy:
- Driver’s license, birth certificate, or other identity proof
- Pay stubs, tax returns, employment letters, or further income proof
- Property tax statement, signed lease, utility bill, or further explanation of residency
Complete the Application Form
There will be a physical or online form that asks for detailed information when you first receive your quote. Also, there might be questions about hobbies and other activities that could risk your health. After completing the form, you might receive a follow-up phone call from the insurance company to confirm your details are correct and get answers to any subsequent questions.
Perform a Medical Exam
A medical examination appointment will be set up and take about 30 minutes. Depending on your pre-existing condition, the examiner may ask you to undergo additional testing during this visit.
Sign Your Insurance Policy and Start Paying Premiums
Lastly, the insurance company will send the finalized policy to you. It’s a paper contract that highlights all the terms and conditions of your policy, including premiums, payment method, coverage amount, and so on. After reading it carefully and being satisfied, sign two copies and mail one back to the life insurance company. Remember to notify your beneficiaries to know where your copy is.
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