Can You Get Life Insurance With A Pre-existing Medical Condition?

You can purchase a life insurance policy if you have a pre-existing medical condition. While you apply for a life insurance policy, you must declare a pre-existing medical condition, it may result in high premium rates and your application may not be accepted instantly but it does not mean you won’t be able to get a life cover. 

The pre-existing medical condition is considered a diagnosis of an illness, disease, symptoms, treatment for an illness or injuries prior to the application for a life insurance policy. Different life insurance providers have different definitions of pre-existing medical conditions, but most life insurance includes heart diseases, asthma, diabetes, cancer etc. as a pre-existing medical condition. Pre-existing medical conditions play a crucial role while premium calculation. 

How Will An Life Insurance Provider Know About Your Pre-existing Medical Condition?

While you apply for a life insurance policy, you tell the life insurance provider about your pre-existing medical condition by mentioning it in the application form. As a part of the application, you are required to answer questions related to your lifestyle and health, which includes your alcohol intake, tobacco consumption, weight, height, job, age and if you have a pre-existing medical condition. It is very important to answer questions related to your medical condition, carefully and truthfully. In case you do not mention your pre-existing medical condition, the insurance provider may ask for a higher premium, reject the claim or in the worst-case scenario terminate your life insurance policy. 

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Can You Get Life Insurance With A Pre-existing Medical Condition?

A pre-existing medical condition, can’t necessarily prevent you from getting life insurance. You just need to make sure of the following:

• Life Insurance Provider May Ask for More Information: Once you declare your pre-existing medical condition, the life insurance provider may require additional medical information to evaluate the risk involved which plays an important role in premium calculation. Additional medical information can be mini screening, medical examination, treating doctor’s statement etc. If the life insurance provider asks for a medical examination, the cost of the examination shall be covered by the insurance provider, place and time shall be as per the convenience of the applicant. 

• Premiums can be Expensive: Once you declare your pre-existing medical condition under our application form, underwriters shall consider how likely you are to file a claim and it’s less than the average person because you require additional coverage. In case you have a serious chronic disease, your premium shall be higher than a person who doesn't have a pre-existing medical condition. 

Unfortunately, in some cases, the application can be rejected due to medical reasons. If you have serious chronic disease prior to the purchase of a life insurance policy, the life insurance provider may not offer you the life cover. Even in such cases, you can look for other life insurance providers that can consider your application or consider purchasing a policy that does not require a medical examination.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.