Understanding the Impact of Pre-Existing Conditions on Your Life Insurance Coverage

In the modern economy, buying life insurance is a fast and easy process. Also, thanks to healthy competition, you can find affordable rates. 

For individuals who are generally healthy and don’t smoke, you can usually find a $1 million policy (or higher) with an affordable monthly premium. However, if you are trying to purchase life insurance and deal with pre-existing conditions, you will probably experience some pushback when trying to find lower rates. 

Keep reading to learn more about purchasing life insurance with pre-existing conditions and how you can overcome challenges that are caused by current medical conditions or medical issues you have dealt with in the past. 

Pre-Existing Condition Defined 

To make things simple, a pre-existing condition is any medical condition you currently have or that you had in the past. While some are considered more severe than others, each one can impact what you ultimately pay for life insurance coverage. 

According to the CDC, the top five medical conditions impacting people throughout the U.S. include the following:

  • Heart disease
  • Cancer
  • Lower respiratory disease
  • Stroke
  • Alzheimer’s Disease

If you are dealing with one or several of these conditions, you may find that purchasing life insurance is more expensive than you expected. 

The Impact of Pre-Existing Medical Conditions on Life Insurance Costs 

When you apply for life insurance, the underwriters will collect various medical information about you and about your family. Some of the things they will want to know include:

  • Current health 
  • Past health concerns
  • Past health issues for immediate family members
  • Lifestyle factors

Based on the life insurance company, it may be possible to find this information from you (the person applying for coverage), from a MIB report, prescription drug report, and medical exam. 

Not all medical conditions will impact your ability to purchase life insurance. However, in most cases, serious health conditions will impact what you must pay for coverage. When applying for life insurance coverage, you will receive a rate that is based on a scale that goes from the lowest rates called Preferred Plus to the highest rates, called Substandard. 

It is important to note that each life insurance company has a unique underwriting process. This is one of the reasons that the rates you are given may vary so greatly. This is also why it is a good idea to shop your rate around and work with a professional to help ensure you get the best price possible for the coverage you need. 

Getting Quality Life Insurance for a Fair Price

If you have pre-existing conditions, you may find that you must pay more for coverage. While this is true, many insurance companies still provide fair rates for the coverage you need. Take some time to shop your rate around and work with a life insurance professional to get the best coverage for the best price. By doing this, you can feel confident that you are covered if the unthinkable happens.