What is a Pre-Existing Health Condition?
A pre-existing health condition is a medical issue you get diagnosed with or start treatment for before applying for life insurance. Examples of some pre-existing health conditions include diabetes, cancer, asthma, epilepsy, gastroesophageal reflux disease, heart disease, and HIV/AIDS. Additional examples involve obesity, high cholesterol, high blood pressure, depression, and anxiety.
Other factors, such as your gender or lifestyle, can affect your premium rates, such as being a woman (as women tend to live longer) or having a daily smoking habit. However, certain pre-existing health conditions can be improved. For instance, there are ways to effectively manage gastroesophageal reflux disease by taking over-the-counter medication or managing your high cholesterol levels by watching what you eat and drink to decrease your risk of getting heart disease.
The Application Process
When you are applying for life insurance, an insurer will gather your background and necessary information such as your age, health diagnosis from a medical exam, and calculate any risk factors. Altogether, this will determine what will be covered under insurance. Some steps you can take to get the best deals include:
- Getting a quote: Most insurance companies have online quote tools that can provide a quick price assessment, especially if you are looking for a more straightforward type of coverage. However, if you have underlying health issues that you need to specify and address, it is essential to work directly with an insurance broker or agent to detail your situation. A financial representative can also help you figure out how to get the best coverage you need in a feasible way.
- Gathering documents: To prove your identity and health status, make sure you have proof of identity, such as a driver’s license, birth certificate, or passport. To show proof of your income, be sure to have a tax return, pay stub, or employment letter handy. To provide proof of residence, you can show a property tax statement, signed lease, or utility bill. You may also be asked to allow permission for the insurance company to access your financial and medical records to verify submitted information.
- Getting a medical exam: A nurse or examiner can come to your work or home and do a routine physical examination of you. This can include recording your height and weight, taking your blood pressure, drawing blood, or even getting a urine sample. Depending on your situation, you may have additional tests done based on your pre-existing medical conditions.
After all of this is completed, an underwriter will evaluate all of your information and risk factors, and determine your policy with coverage details, premiums, riders, exclusions, and methods of payment. A final copy will be presented for you to review and sign, which you should review carefully and keep a copy of in a safe place for your beneficiaries to get when needed.
Tips on Improving Insurability
No matter your pre-existing medical conditions, you can still qualify for life insurance and attain lower rates. Some tips are as follows:
- Time your application process: Prepare for your medical examination by exercising regularly and eating a healthy diet. Remind insurers when treatments have proven to be effective and what you have done to reach your health goals. Keep in mind that insurers can turn you down if you submit an application shortly after a heart attack or cancer diagnosis, though you can still reapply.
- Adhere to your treatment plan: Follow through on treatment plans given by your doctor or specialist. Prove that you are at less risk by focusing on what is in your control, such as how much you work on maintaining your weight, what you consume, etc. You can make significant changes based on your lifestyle and ask for a new medical exam when you get your condition under more control and notice improvements taking place.
It is vital to find the right insurance company who will willingly listen to your needs and see a reasonable rate for your pre-existing medical conditions. They can also help you retake medical exams and reapply for life insurance when needed.
How to Purchase Life Insurance
A couple of ways to purchase life insurance include the following:
- At work: Check with your Human Resources and employer to see if any group life insurance benefits are available for you. The coverage may be limited but getting accepted might be easily done automatically. This could be the most affordable option and something to look for as a new hire or at your next enrollment period.
- Individually: Work with a trusted insurance broker or agent who can explain all of the steps you need to take to apply for life insurance, get the best coverage, and a reasonable premium. Find a reputable insurance company who are professionals in their fields and advocates who are looking after your best interests as they guide you to understanding the process from start to finish.
Overall, be sure not to try and hide any pre-existing medical conditions in order to receive more favourable rates. If such a deception is exposed, your policy can automatically get canceled, and death benefits can be revoked from going to your family members. You could also be prosecuted for insurance fraud.
Final Thoughts
Having pre-existing medical conditions does not mean you cannot get adequate coverage and appropriate premiums. There are many factors to take into consideration and ways to lower your costs and still receive the unique treatments and care you need.
Our goal at Hometown Life is to provide the right coverage for each one of our valued clients. If you have pre-existing medical conditions, chances are, we have already helped a client with that same condition find an insurance policy to suit their needs. Let us leverage our relationships with the insurance companies to help you find insurance so you don’t have to do it alone. Simply reach out to one of our Hometown Life team members to get started – we can’t wait to help you protect yourself and your family.
