It is often easier and cheaper to buy life insurance when you are young and healthy.
This is because your life may change and you may develop health conditions as you age.
But life does not always go as planned, and you may have received a medical diagnosis before taking out life insurance.
Can you get life insurance with existing conditions?
Yes, but it may take more time and effort to find the right insurer and insurance . If you do not know what to look for, you can see higher prices or the insurer may reject your application.
How to buy life insurance with existing conditions.
What is an existing condition?
9659010] An already existing condition is a medical problem that you were diagnosed with or a condition that existed before you applied for life insurance.
According to the Centers for Medicare and Medicaid Services up to 50% of Americans have an existing condition that may affect their eligibility and the final cost of life insurance.
What disqualifies you from life insurance?
You may be aware of some of the most common examples of pre-existing life insurance terms:
- Acid reflux
- High blood pressure  High cholesterol
When applying for life insurance with existing medical conditions, each insurer may approach insurance in a different way.
Some are more risk-averse and unwilling to accept applications from people with significant existing circumstances.
They can insure applicants with medical permits but can charge a higher tax rate.
Can you get life insurance with existing conditions?
Life insurance uses a complex system of classification levels and requirements that determine your insurance ability and premium.
Usually the following factors are taken into account:
- Tobacco or nicotine use
- Health status and medical history
- Driving record
- Lifestyle and hobbies
Even if you have an existing condition, let it not stop you from getting the life insurance coverage you need.
An existing condition does not mean an automatic deterioration of the coverage.
When you fill out an application, you will probably answer several health questions. Insurers call this a "fully guaranteed" application.
Keep in mind that you must be honest and open when filling out your application.
Life insurance companies can deny payment of the death benefit to your beneficiary if you do not include details about your health or lifestyle.
The cost of life insurance with existing terms
When the insurer reviews your application, your data is compared with the policy requirements.
Companies generally use four classifications to determine the cost of life insurance:
- Preferred Plus: Excellent health, ideal height / weight radio
- Preferred: Very good health, less medical condition  Standard Plus: Good health, not ideal height / weight ratio
- Standard: Not ideal height / weight ratio, complicated family history
There is also a broader category called Understandard or  Table rating.
You may fall into this classification if your family health care is complicated or if you have recently experienced a serious health problem.
Someone in the Preferred Plus category can pay $ 25 per month when you purchase a $ 500,000 20-year insurance policy in
For each step in the classification, you can expect to pay approximately 25% more.
Best life insurance for people with existing conditions
Many life insurance companies will cover applicants with existing conditions. But it can be time consuming to search through the fine print to find out which insurance company is best for you.
How to know which insurance covers existing conditions.
Best Tailored Life Insurance
Some insurance companies cater to applicants with specific health conditions:
- AIG : If you have high blood pressure or diabetes.
- Prudential : If you use recreational marijuana, have diabetes or DUI.
- Fidelity : If you have cancer.
- Guardian Life : If You Have HIV.
Guaranteed Life Insurance Question
If you want to skip the test, You can consider Guaranteed Life Insurance from:
Many guaranteed companies offer insurance up to $ 1 million.
But there is a catch:
Even for healthy applicants, you can pay 30% to 50% more than a policy that requires a medical examination.  Group life insurance
If your employer, an affiliated association or work organization offers group life insurance, register. It is an excellent alternative to life insurance with existing conditions.
The main disadvantage of group life insurance plans is that they usually expire when you leave that employer, group or organization.
You are then stuck in having to find a new life insurance at an older age, possibly with health conditions that you did not have before. consider a policy of accidental death and degradation (AD&D).
It is a limited form of insurance that pays benefits to your beneficiaries if the cause of death is an accident, such as a traffic accident, fall or drowning.
It can also cover a partial payment if you lose a physical attachment or vision due to an accident.
Tips for Buying Life Insurance with Existing Conditions
If you have an existing permit, works with an agent who has access to various companies and policies.
Some insurance companies may be more willing to overlook specific pre-existing conditions than others. An experienced agent will know which life insurance company is more likely to approve your application.
What to do if you are denied life insurance
The time is everything when you apply for life insurance. The earlier you apply, the better.
But what happens if you are denied?
If you have recently been diagnosed with a serious illness, it may be better to wait a while before applying. Your chances of getting insured will be better if you can take your condition under control with treatment or medication.
You can also focus on taking steps to improve your lifestyle.
But do not give up. Apply with another insurance company, see if you are eligible for group insurance through your employer or an organization, and consider guaranteed life insurance.
Life insurance with medical condition is possible
If you work with a reputable agent, there is no reason to fear a life insurance application. Your agent will do his best to find the right life insurance with existing terms.
Even if an insurer ultimately denies you, you can try another company.
But do not go crazy. Applying for too many life insurance policies is like applying for too many credit cards – it raises red flags.
If you cannot get insurance, consider opening an investment account and contributing the premiums you would otherwise have to pay for life insurance. You can at least save enough to cover funeral expenses and final expenses.
And at best, you can build a nest egg that covers your mortgage and can provide an income for your loved ones after you are gone.
* While we do our utmost to keep our site up to date, please be aware that "current" information on this site, such as quotation estimates or relevant business information, may only be accurate from the last day of editing. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Contact your own legal or tax advisor.