Three things to consider
If you are interested in buying life insurance, you should consider the following:
- Never assume that a health condition automatically disqualifies you from obtaining life insurance. Sure, your health may be less than perfect, but you may be eligible for coverage, so always check with a licensed insurance agent to be sure.
- Always be honest about your medical history. Not to mention a major operation, serious diagnosis or deliberately misrepresentation of your health history may jeopardize a future claim.
- The best time to get covered is when you are young and healthy. The last and possibly most important recommendation: do not wait, the sooner you can apply the better ̵
Plus, if you are under 40, you probably qualify for (and should strongly consider) adding a Guaranteed Insurance (GIO) Rider 2 to your life policy. With the GIO rider, you can increase your life insurance coverage as you age and remain locked into the healthier interest rate that is secured by your younger (and wise beyond your years) self.
Your agent is here to help
Life insurance and health conditions may sound scary or confusing – but they do not have to be. Your best bet is to talk to a professional like your local ERIE agent. They are knowledgeable and can give you guidance on which life insurance plans make sense for you and your family – and will not break the bank.
Hollie Britten and Amanda Austin contributed to this story.  1 Life Happens® & LIMRA. (2021). Insurance Barometer Study . Wood, S., Leyes, M. & Scanlon, J.
2 Guaranteed insurance alternative riders are subject to underwriting approval. Not available on all levels. Edition ages 0-40. Talk to your local agent for driver dates, specifications, conditions and availability. Additional cost will be added. The original purchase of GIO riders is signed.
Whether you are a young adult, home parent or retiree, you probably have a need for life insurance.
But wading through several insurance options, benefit amounts, premiums and riders can be overwhelming. Does the whole life or term make life more meaningful at this point in my life? Do I need $ 50,000 in coverage, $ 500,000 or even more? (Hint: visiting ERIE's life insurance calculator can help.)
Combine that with the health concerns you may have and that's enough to discourage many from even exploring their options.
A study from 2021 1 from Life Happens found that 7 out of 10 Americans say they "personally need life insurance", but only 52% of American adults actually have some type of life insurance. One of the reasons that is often mentioned for not having it is that people mistakenly assume that they will not qualify. (Check out ERIE's list of five more reasons why people stop buying life insurance.)
Here's the truth about life insurance and health conditions
In reality, many common and manageable conditions disqualify you from being approved for A Rule. It varies depending on the insurer and may affect the cost of coverage, but many companies will provide coverage to people with:
- Health conditions that a doctor helps them manage successfully : These conditions can include high cholesterol, high blood pressure, asthma , thyroid, heartbeat, diabetes, obesity and more.
- More serious conditions in the past : This may include heart attack or heart surgery, cancer, stroke and other diseases. Although insurers' pre-insurance surveys and the people they choose to insure may differ, most will consider the type and severity of the disease, the time that has elapsed since diagnosis and the stability of their health and treatment regimen, before making a decision.