Getting Life Insurance When You Have a Pre-existing Condition

Obtaining life insurane with a pre-exisitng condition requires honesty, hard work and patience.

Whether you will be able to purchase a life insurance policy after being diagnosed with a condition that threatens either the quality or length of your life, or both, depends on several factors. An insurance carrier considers your specific ailment and the length of time since your most recent treatment, for instance, when deciding whether the company will enter into a contract with you. Because each carrier determines its own underwriting criteria for people with pre-existing conditions, you will need to put forth effort to find a company willing to insure you despite your medical condition.

Instructions

1. Purchase life insurance offered by your employer. Depending on the amount of insurance you buy through the carrier participating in your employer’s benefits package, the carrier may not require you to submit to a physical examination or answer questions related to your health before agreeing to insure your life. Securing life insurance through your employer is important because the carrier may allow you to convert your policy to a permanent contract when you leave your employer without proof of your health status.

2. Find a licensed insurance agent with experience working with people who have pre-existing conditions when seeking life insurance outside of your workplace. Ensure the agent you choose to represent you works with multiple life insurance companies and is familiar with the underwriting practices of each so he will know which company is most likely to insure you at an affordable rate.

3. Be honest about your pre-existing condition when you apply for life insurance in or outside of your workplace. If you die and a beneficiary attempts to make a claim against your life insurance policy, a carrier retains the right to deny the beneficiary’s claim if the company discovers you lied on your application by failing to disclose your pre-existing condition or the details relating to your ailment. Federal law determines how far back into your history a carrier can look for evidence of an omission or mistruth when identifying the validity of a beneficiary’s claim based on whether you purchased the policy through your employer or outside of your workplace.

4. Be patient. A carrier may require a certain amount of time to pass after you receive your last treatment for your medical condition before the company will agree to insure your life. Depending on the type of breast cancer a person receives treatment for, for example, Hartford Life may issue a life insurance policy immediately after the person’s last treatment or within a few years of the final treatment.

5. Prepare to pay a higher premium for a life insurance policy than you would without your pre-existing condition. Contact your insurance carrier after maintaining your policy for several years about lowering your premium if you remain in good health.

References

• AARP; Getting Life Insurance After Cancer; Kimberly Lankford; December 2009
• Quote Rack: Pre-Existing Condition Life Insurance
• Indiana University; Supplemental Group Life Insurance; January 2009
• South Carolina Department of Insurance: FAQs: Life Insurance and Annuities
• Newsvn.com: How Pre-Existing Conditions Affect Your Possibility of Getting Life Insurance