Finding the right insurance or any insurance at all can be a daunting task when there are pre-existing medical conditions present. It is oftentimes frustrating to find term life insurance as companies tend to flat out deny those with pre-existing conditions or is there is not denial they are placed in a high-risk policy which is oftentimes more costly. Despite these challenges and frustrations, finding an insurance with pre-existing conditions is not impossible.
What is Your Pre-existing Condition?
The type of pre-existing condition is perhaps the biggest consideration when shopping for new life insurance. From one insurer to the next, the types of policies for people with certain conditions will vary. Life insurance companies rate conditions differently based on the level of risk they believe are associated with it.
When considering conditions such as cancer, many insurance companies may not accept that level of risk since there is a not a long life expectancy associated with these types of conditions. Although this is the case, other considerations are factored in such as whether or not it is in remission.
The main thing that insurance underwriters are considering is how threatening the condition is to the life of the policy holder so obviously there are usually multiple variables at play. The good news is that insurance companies are adapting and changing with medical advancements. When it may have been impossible in the past to receive insurance with pre-existing conditions, insurance companies recognize that certain conditions can be treated or slowed due to new research and technology.
Avoid The Fuss With No Medical Exam Life Insurance
Another great option is a no medical exam life insurance policy. If you have not been previously diagnosed with a condition, this may be a great option. Although these types of policies usually run at a higher premium, the coverage is usually guaranteed and the policy coverage varies slightly from a standard term life policy. Despite the guaranteed coverage it is a good idea to disclose any medical conditions you may have.
In today’s market there is far more competition in terms of life insurance companies. Because of this they are oftentimes aggressive in the risks that they take. For this reason it is a good idea to shop around or even work with a professional who can point you in the right direction.
These policies of course usually come at a higher rate but it is a good option still for those who may have been denied by a more traditional life insurance provider.
It’s Best to Compare Between Different Insurance Companies
Perhaps the biggest factor related to a pre-existing condition that there is no way around is the higher cost. Insurance companies need a way to compensate for the additional risk. However, many companies will treat certain conditions differently than other.
The best course of action is to be proactive with your condition and try to manage it the best way that you can. Insurance companies have been known to consider these types of things and reduce your premium over time as it is demonstrated that you are getting your condition under control.
Thankfully for advances in the medical community it is no longer the case that pre-existing means denial. It is still a good idea to shop around and find the best fit for your particular condition.
Spending the extra time up front can save you a lot of money in the long run and the peace of mind that comes with knowing you are insured is invaluable.
This post is featured in the Cavalcade of Risk hosted by Insurance Coverage Massachusetts.