Tips to Get Life Insurance Policy with a Pre-Existing Condition

Oct 07

Taking out life insurance is a decision that all of us should make sometime in life, but living with a pre-existing condition makes it difficult to get this type of insurance, but not impossible. There are however two points of consideration that you need to have in mind, knowing in advance that your pre-existing condition could get your application declined if you go for it in the wrong direction.

Firstly, you need to know that many insurers could approve your application for life insurance as long as you apply for a policy with a fixed or variable annual premium that is high if compared with the cost of regular life insurance. Second, fortunately there are insurance companies that will let you take out life insurance with a pre-existing condition at a competitive pricing, but as long as your condition is covered by the terms of the policy.

Insurers that accept applications from people with pre-existing conditions may still reserve the right to approve, decline or postpone your application. Reasons they have to decline an application include high mortality risk or a medical condition that is not contemplated in their illness catalogs. Postponed applications are a second hope to get your application approved, because when an insurance company puts on hold the application of an individual with a pre-existing condition, it means that such application will be evaluated again after the applicant provides further information on his or her condition.

Therefore, if you want to get your life insurance application approved, here are a few tips:

Honesty beforehand – Some insurers will take your word for it and will not ask for a medical checkup when you apply for life insurance. However, do not try to fool the insurance company denying your pre-existing condition because if such condition would be the cause of your death, your policy will be automatically canceled and might bring trouble to your loved ones.

Analyze your chances – Yes, you can get life insurance even having a pre-existing condition, but some medical conditions are usually not covered. Hepatitis and illness derived from alcohol ingestion are usually declined and not contemplated in life insurance policies, same as terminal cancer, HIV, and AIDS, among others.

Approach an insurance agent – Finding the insurer that covers your pre-existing condition could be a laborious task, but if you take out life insurance through an agent, he or she has the knowledge to provide you with one or more insurance companies that accept applications of people with impaired risks.

Get ready to apply – Because it is hard to get a life insurance application approved when a pre-condition exists, you must consider gathering a list of prospective insurers that can accept your application and then get prepared. Insurance companies may request records and further information about your pre-existing condition and your overall actual health. Put together documents and highlight the positive aspects of your medical treatment. If yours is a life-long condition diagnosed many, many years ago, gather information for at least the past five years.

Taking out life insurance is a good decision, so do not let that your pre-existing condition stop you in the quest to get this coverage.

Author Bio: This article was written by John Peters of a company that helps people find affordable life insurance.