In honor of Valentine’s Day, February should be the month everyone goes out to buy life insurance. Although it may seem a little awkward, life insurance is an extremely loving gift. It assures your family that they will have some financial breathing room if they lose you.
One of the biggest objections we hear to buying life insurance is the assumption that someone doesn’t qualify for a policy due to a pre-existing condition. Since February is also heart health month, this is a great time to dispel that myth! It’s not necessarily true that your heart condition, diabetes, high blood pressure, or even cancer will prevent you from obtaining life insurance.
Improve Your Health, Improve Your Life Insurance Options
In the past, certain health conditions would render life insurance permanently unavailable to an individual. Fortunately, that’s no longer the case. Unfortunately, far too many people are unaware that insurance companies have updated their requirements. If you know someone, or you are someone, who believes that life insurance is out of the question, please contact us to find out if that is true.
Insurance companies have become more flexible about underwriting life insurance policies, even for individuals with pre-existing diseases or conditions. One marvel of modern medicine is that the most common conditions and diseases can be treated and brought under control. Individuals are living long, fulfilling lives with health conditions that may have severely limited their life expectancy just a few decades ago.
As a result, if you can show that your condition is regulated, under control, or even eliminated, you will most likely qualify for life insurance. Insurance companies absolutely still have standards for considering something to be under control, but this is very positive news for people who thought they would never qualify.
Some conditions that once disqualified life insurance include Diabetes, high blood pressure, Hepatitis C, cancer, and HIV. Today, individuals who are able to sustain “normal” bloodwork ranges with medication and lifestyle can be deemed “under control” by their physicians. This opens them up to qualify for life insurance. People who are considered “cancer free,” which means no signs of disease for 5 years following the last treatment, will meet the waiting period typically applied for life insurance.
There was a time that many individuals with these health concerns could not get coverage other than a workplace policy. It’s a great relief to now be able to offer the assurance of a self-owned policy.
What is the Cost of a Life Insurance Policy for Someone with Conditions?
While the availability of life insurance for people with pre-existing conditions is a huge improvement, the cost may still be a hindrance to obtaining coverage. The existence of a condition increases risk by default, and premiums reflect that higher risk. A higher premium might be the best bet for coverage to start out. If this is what you choose to do, keep up with your treatment and regular lab work. As you maintain good health, revisit your policy with your agent to see if more affordable premiums are possible.
Guaranteed Issue or Simplified Issue life insurance policies can be written regardless of pre-existing conditions. Since they are issued without any health requirements, no one can be disqualified. The downside is that they are pretty expensive for limited coverage. This might be the only choice for someone who is older and not likely to get their condition under control. Or, it might be a way to get some coverage in place while taking steps to get the condition under control.
The high cost of life insurance for pre-existing conditions is challenging, but these policies provide essential resources to your loved ones. If you have a family history of certain conditions, but no signs of disease at this time, take advantage of your good health and purchase a policy now. Your future self will thank you, even if you continue to maintain great health your whole life.
Life Insurance is the Loving Thing to Do
Have you been living in the belief that life insurance is impossible for you? Please give us a call! We discuss your health during the application process. We’ll get some basic information, like your medications and medical history, that will help us identify an appropriate policy. We will be completely transparent if our insurance carriers require a longer waiting period to issue a policy, and we’ll let you know what steps to take before re-applying.
During this month of love, we encourage you to show yours with the practical security of life insurance. Policies are available for minors and adults, which makes them a great gift for anyone you love. Minor child policies can be transferred at a certain age, ensuring your child has an affordable policy that can’t be messed up by future health conditions. If you’re curious about life insurance, or any other type of personal insurance, contact us. We educate, nurture, and empower individuals and families through insurance to help them protect everyone they love most. We serve clients with life, homeowners, renters, auto, and other types of insurance in Hatfield, Lansdale, Souderton, Harleysville, and throughout the region in Montgomery County and Bucks County, Pennsylvania.
