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Life Insurance and Health Terms: A Deal Breaker?



Three things to consider

If you are interested in buying life insurance, you should consider the following:

  1. 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.
  2. Always be honest about your medical history. Not to mention a major operation, serious diagnosis or deliberately misrepresentation of your health history can jeopardize a future claim.
  3. The best time to cover yourself is when you are young and healthy. The last and perhaps most important recommendation: do not wait, the sooner you can apply the better ̵
    1; especially if you have a health condition. Along the way, if your medical status takes a turn for the worse, it can be considerably more difficult to get coverage. GIO) rides 2 to your life policy. The GIO rider allows you to increase your life insurance coverage as you age and remain locked into the healthier class secured by your younger (and wise over your years) I.

    Your agent is here to help

    Life insurance and health permits may sound scary or confusing – but they do not have to be. The best thing you can do is talk to a professional like your local ERIE agent. They are knowledgeable and can give you guidance on which life insurance plans are meaningful to 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 Knights with guaranteed insurance ability must be approved by the insurance company. Not available on all levels. Number 0-40 years. Talk to your local agent for information on dates, availability, terms and conditions. Extra cost will be added. The original purchase of the GIO rider is subject to an issue guarantee.

    Whether you are a young adult, home parent or pensioner, you probably have a need for life insurance.

    But you are wading through several insurance options. , benefit amounts, premiums and riders can be overwhelming. Is the whole life or the term 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 concerns about health conditions 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", yet 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 wait to buy life insurance.)

    Here's the truth about life insurance and health status

    In reality, many common and manageable conditions will not disqualify you from being approved for A rule. It varies depending on the insurance company and can affect the cost of coverage, but many companies will provide coverage to people with:

    • Health conditions that a doctor helps them successfully manage : These conditions can include high cholesterol, high blood pressure, asthma , thyroid conditions, wheezing, diabetes, obesity and more.
    • More serious conditions in their past : This may include heart attack or heart surgery, cancer, stroke and other diseases. Although insurers' pre-coverage medical examinations and the individuals 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. [19659020]
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