If you live with a chronic illness and are considering purchasing life insurance, you may be wondering if your condition will get in the way of your eligibility. However, many people with chronic health conditions can still qualify for average life insurance rates. Of course, each person’s situation is different, and your rates will also reflect the specific type of chronic illness and the treatments needed to manage your symptoms.
Some chronic diseases that often affect life insurance eligibility and rates include cancer, diabetes, high blood pressure, HIV, asthma, arthritis, and high cholesterol. Continue reading to learn more about chronic illness and life insurance eligibility.
Qualify for life insurance when you live with a chronic illness
There are a few different types of life insurance available ̵1; term life insurance, permanent life insurance and final expense life insurance. The type of chronic illness you have determines which one is best for you.
- Life insurance: The most popular option is term life insurance. Many choose this because it is affordable and does not have many restrictions or tax restrictions. If you have a chronic illness that is relatively well managed, you may be eligible for life insurance.
- Permanent life insurance: Generally, permanent life insurance is most suitable for those with higher net worth. Given its cash value savings component, it is more expensive than life insurance. Even if a chronic illness does not prevent you from applying for this type of insurance, it will affect your premium, which may make it impractical.
- Final cost life insurance: For older adults who want to help their loved ones cover funeral expenses or terminal medical expenses, terminal expense life insurance can be a good option. It is also good for those who have chronic conditions that may make other types of life insurance impossible to obtain.
Life insurance riders are another option for you to consider. They can supplement your life insurance and cover you if you are diagnosed with a terminal illness or need emergency care. For example, a chronic illness rider may provide benefits for those who are unable to perform certain daily activities, such as bathing, eating, dressing, using the bathroom, or safely moving around their home.
Contact our team to talk about getting life insurance today!
With life insurance in place, you can feel confident that your beneficiaries will have what they need in the aftermath of your death. Even with a chronic illness, you may qualify for life insurance. However, your rates will depend on the condition you have, so it’s important to work with an experienced insurance agent who takes the time to understand your needs, condition, and the options best suited for you and your loved ones. Let our team help you find the best coverage.
Contact our team today to learn more about life insurance and discuss the options available to you.