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How Preexisting Conditions Affect Your Possibility Of Getting Life Insurance
It seems, at times, that insurance companies just don't care about people
. After all, they have a lot of money and should be able to insure anyone at great rates. For some people (particularly the self employed), these statements are simply non-sense. Believe it or not, some people do feel that they are entitled to the lowest rates, even if they have or have had a preexisting medical condition (some may even use colorful language to convey their disagreement with insurance companies making a profit).There is one fact that you should never forget, insurance companies are in the business of making a profit. After all, if they were to go bankrupt because of careless business practices, then everyone would loose (yes, even if the government bells them out!). Offering life Insurance to people is just one way they try to make that profit. So, another fact is, if you have a health condition because you were accidentally exposed to some toxins or because you lived a careless life, insurance companies are not going to treat you any better that you may have treated your own body (which is the only thing they are insuring). In light of that, although, you may not get preferred rates, having a preexisting condition, still does not have to mean paying outrageous prices or being declined for life insurance.
Now, different preexisting conditions affect your chances of good rate and approval differently. Here are some of the most common examples and some tips for each
* Diabetes - Diabetes can be considered as very mild, mild or advanced. In mild cases a preferred approval may even be possible. If all you do to control your diabetes is take a pill or avoid certain foods, then your outlook is very good. If you take insulin shots, getting a good rate or even getting approved may be more difficult. Another major issue with diabetes is if you have had other medical issues such as a heart attack. Multiple medical issues with diabetes can often lead to a decline or just a very limited type of available plans. One more important thing, if your diabetes has been newly diagnosed or it has not been controlled for more than a year, a decline is also very possible.
* Heart conditions - most heart related conditions are improvable as long as you are still active and not confined to a nursing home or other rehab center. This preexisting condition, will affect your ability to get life insurance depending mostly on the date of your last heart medical issue and the extent of the heart issue. Another factor that may affect your ability to get life insurance and get good rates is the type of treatment that you needed in order to bring you back to health. Some insurance companies may also consider the type of medicine and how many types of medicines you take.
* Cancer - This medical condition is a more complicated as there are so many types and sub-types of cancers. Simply, two main factors will affect your ability to life insurance. The fist one is, the date that the cancer was last treated (not just diagnosed) and the second is the type of cancer you had. if the type of cancer you had was easily treated with a simple surgery, then it is possible that you will qualify for life insurance as soon as six months after treatment. If the cancer you were diagnosed with, required more extensive treatment such as chemo, then the minimum wait is usually five years to ten years, before an insurance company would even consider offering you any life insurance. As we said, cancer is a very complicated disease and thus every case is regarded more specifically than other diseases.
Many other preexisting health conditions will affect your ability to get life insurance, but we thought we would cover the main ones. In all situations, if you have a preexisting condition, control and personal interest in your health is of top importance. Although, they may have same name (cancer is cancer!) every preexisting condition needs to be considered on its own. And, just because one company declined you does not mean that they will all decline you. Also, some companies have a better understanding of certain medical conditions and their effects on your longevity. Make sure to shop around and get multiple quotes from advisors who have a good knowledge of the impaired health market. Choosing the right broker could save you hundreds if not thousands of dollars. One other condition we would like to briefly mention is AIDS. We do not fully understand why, but AIDS, HIV or any related diseases are not, as of this writing, insurable with any companies that ask medical questions. If you have this preexisting health issue, the only plans that seem available are no health questions life insurance plans and accident only life insurance.
We hope this brief article will help you make wiser decisions when it comes to life insurance. As we we mentioned above, select your advisor wisely and as we say in all of our articles, ask, ask and ask more questions before making a final decision and after you have received your approved policy. Feel free to ask us too. Be well.
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