There is no denying that obtaining life insurance is an easier process without a pre-existing condition. However, finding yourself in this situation is not the end of the road for you. One of the most important things to keep in mind is that you are not going to be turned away from every company you approach. It may take time, patience and a strategy, but you will be able to find coverage to fit your needs
Start by understanding that not all insurance companies have the same policies for pre-existing conditions. Some will have more lenient standards for medical conditions that can be controlled with medication or are in remission. Conditions that may be flagged as “manageable” include diabetes, high blood pressure or cholesterol, heart disease, obesity and depression. The higher the risk of the medical condition, the more likely you are to be denied or have higher rates.
After you understand how insurance companies treat pre-existing conditions, it is time to see a doctor. Don’t assume that your medical condition is considered controllable, make sure that it is. Ask your doctor all of the questions that an insurance company is going to ask you before considering a policy. Be prepared to provide all of the specific details about your condition, including:
- Date of diagnosis
- Type of diagnosis
- Stage of diagnosis
- Treatment plans and medications
With medical advancements constantly improving, insurance companies can offer better rates. Time can also work in your favor. Applying for a policy right after a diagnosis will more than likely be denied. If you give your treatments or medication time to become effective then your chances of obtaining standard or preferred rates increases. Make sure to ask your doctor before applying for a policy to be certain that your condition is under control. Once you are given the green light, getting a free quote is a good place to start.
When choosing your broker, they may be able to inquire about companies that offer policies that do not require a health exam. These type of policies may have a higher premium than others but will offer coverage.
Once you have started to inquire about your life insurance options, make sure that you are taking all precautions seriously, as well as taking care of yourself. Stay up to date on all medications that are prescribed, exercise and eat responsibly. Being transparent about all aspects of your health is vital. If your health changes after you have already obtained a policy, then your coverage is safe as long as all premiums are paid and all records are up to date and truthful. The worst thing that you can do is conceal details about pre-existing conditions.
Life expectancy with a pre-existing medical condition is not as grim as it used to be. Taking care of yourself, seeing a doctor regularly, maintaining your condition and remaining truthful with all changes is a smart strategy in obtaining a life insurance policy. Take control of your medical conditions while ensuring your financial future.