So many Americans are worried they will not qualify for life insurance because they have what is called a pre-existing condition, a health issue they had before applying for life insurance coverage. Some examples of those are heart disease, cancer, high cholesterol, diabetes, sleep apnea, high blood pressure, and obesity. Don’t let fear stop you, because applying for life insurance is an important step for you and your family. Reportedly, 1 in 2 Americans have a pre-existing condition. Having a pre-existing condition will affect you getting a life insurance policy, but it doesn’t mean that you cannot get one. You may get to have a policy, but the terms can be personalized and the rates will be higher than you would like. Also, the process of getting a policy can take a longer period of time until approved, and there may be few steps necessary on your end, such as a visit to the doctor’s office. It is important to be honest and upfront about your health when you are shopping around online or when speaking with an agent.
Don’t waste anyone’s time by not providing accurate information about your health, lifestyle, and past conditions. You can also look for an agent or an agency that focuses on helping people find the right life insurance, and have experience assisting people with a pre-existing condition. Some conditions can be trickier than others, for example, cancer. Some insurance companies need proof of cancer to be in remission and they look back about 10 years if you are looking for a traditional term life insurance policy. There are people who can get an instant approval for life insurance, but those have usually no pre-existing conditions. In these cases, when feeling out the paperwork, there is no need to go to a medical exam. The consumers provide all the detailed information about their health and habits, and the computer uses an algorithm based on that data. That is how the decision is processed and the rates are calculated. This is a quick process, and the people who get approved right away are usually very healthy. When a person who had a pre-existing condition in the last five years fills out this paperwork, the insurance company needs to review the application manually to make a decision. There are cases in which the company would ask to see your medical records and to undergo a medical exam. Remember that honesty is the best policy!
