Everything You Need To Know About Getting Life Insurance With A Pre-Existing Medical Condition
You may opt for a life insurance plan with a pre-existing medical condition but the process can get a bit tedious. Here are a few things you need to know.If you are diagnosed with a medical condition like heart disease, cancer, or diabetes, it can get difficult to get yourself an affordable life insurance plan, especially if you had no life insurance before. However, there are options available. Let’s take a look at some of them.
Guaranteed Life Insurance
Regardless of your medical history, you qualify for Guaranteed Life Insurance. These policies are the costliest of all life insurance plans and pay a small death benefit in comparison to others.
Term Life Insurance
As the name suggests, Term Life Insurance covers you for a specific term (usually, 10, 15, 20, or 30 years). This type of insurance can be attainable if your condition isn’t likely to affect your health substantially within the term. Even if you manage to qualify for Term Life Insurance, your premium is going to be affected because of your pre-existing health condition.
Permanent Life Insurance
As long as you continue paying your premiums, this form of life insurance covers you for life.Permanent Life Insurance is typically limited to people having mild pre-existing conditions, such as well-managed high cholesterol. If you are approved, you will still have to pay high premiums because of the condition.
Non-Medical Or Simplified Issue Life Insurance
This coverage is based on a medical questionnaire and not on a physical examination.In comparison to guaranteed life insurance, Non-medical Insurance has lower premiums and higher coverage. It is also easier for people with pre-existing medical conditions to opt for this coverage, although you may still have to pay higher premiums.
But, do not feel discouraged. There are many other conditions that can ask for more premiums from a policy holder, including something as simple as being a smoker.Your likelihood of being approved for any kind of life insurance other than guaranteed life insurance depends on your specific condition. Here are some examples of pre-existing conditions that your life insurance company may use to adjust your premiums, or as justification to deny you coverage.
Life insurance companies will consider a number of factors for people with diabetes. Diabetic people have the best chance of being eligible for life insurance when they are at a healthy weight, are not dependent on insulin, and have no kidney damage. Your age may also be a factor.
- High Blood Pressure
Because high blood pressure has been linked to more serious issues, like a heart attack and stroke, it’s on the list. If you have high blood pressure, the best thing you can do to improve your chances of getting life insurance is to control your weight and try to keep your blood pressure low. Different insurance companies also have different acceptable standards for blood pressure, so it is advisable to consult an experienced financial advisor who can guide you through the process.
Although great strides have been made in cancer treatment, life insurance companies are not comfortable at offering life insurance to survivors. You will probably be able to get coverage if you have a highly treatable form of the disease.
If you are a stroke survivor, insurance companies will like to know about any damage that has taken a permanent toll on your health, the medications you are taking and the last time you had the stroke. If it has been more than two years and you have recovered well, you may be able to purchase life insurance.
Only a handful number of insurance companies sell simplified issue life insurance to people living with HIV/AIDS. Life insurance companies will look for people who have lived at least 3 to 5 years after getting diagnosed with HIV/AIDS, are able to lead normal lives, and continue to effectively control the virus with medication.
Get in touch with us for the best life insurance plan in Toronto and Mississauga, Canada for individuals with pre-existing health conditions
Trust Life & Investments is all about providing affordable insurance options for our customers in Canada. We have over 30 years of experience providing expert insurance and investment advice for both businesses and individuals. Get in touch with our expert financial advisors to know more about affordable life insurance plans in Mississauga, Toronto, Brampton, Hamilton, Vaughan, and Vancouver, even if you have a pre-existing health condition. No fees, no obligation!