The Centers for Disease Control (CDC) reports that six out of ten U.S. adults suffer from a chronic illness, and nearly half of all Americans have two or more chronic diseases. If you are suffering from a chronic illness, life insurance is a good option. You can rest assured that your loved ones will be taken good care of in the event of your death. Your family might be able to arrange funeral services, pay outstanding debts, and pay day-to-day expenses with the payout from life insurance.
While it may be more difficult to get life insurance, you can still find a policy. You can still purchase life insurance even if you are suffering from a chronic illness. However, you need to be familiar with what to expect.
What is a chronic condition? How does it impact life insurance?
Chronic conditions are those that last more than a year, impact on your daily life or limit your ability to do so. They also require ongoing medical care. These conditions can be very serious. The most common chronic diseases in America include heart disease, stroke and cancer. High blood pressure, obesity and high cholesterol are all chronic conditions.
Anthony Martin, of Choice Mutual said that many chronic diseases are insurable. It all depends on the severity of your condition. Chronic conditions such as arthritis, diabetes, high cholesterol and osteoporosis are some of the most insurable. These conditions will not preclude applicants from qualifying depending on their severity. If a person is well controlled with diabetes, they may be able to obtain multiple life insurance products.
Life insurance considers many factors in determining eligibility for a policy. These include your age, where you live, and your chronic illness. Insurance companies may consider your age, severity, control of your disease, and overall health.
Jen Astacio, Vantis Life Insurance Company, stated that “Unfortunately, once someone has been diagnosed with chronic or terminal illness it will be very difficult for them to find life insurance coverage.”
For those who have chronic conditions, life insurance is available
Every person is unique and each condition has its own life insurance. Certain chronic diseases are more severe than others. This can impact the policies that you may be eligible for.
There are generally four types of life insurance which may be an option for people with chronic diseases:
- Traditional life insurance: A traditional life insurance policy may be possible if your disease is well-managed, under control and non-life-threatening. A medical examination may be required, which could affect your premium.
- A simplified issue policy for life insurance: This is a great option if you have a minor medical condition but otherwise are healthy. A medical exam is not usually required. These policies instead use your medical history and a questionnaire to determine pricing.
- Guaranteed issue life insurance does not usually require a medical exam. Most people can apply for these policies. It is a good choice if you have a condition that would prevent you from getting coverage. However, guaranteed-issue life insurance tends be more expensive than other types.
- Final expense life insurance is for policyholders over 50. It does not require a medical exam. This policy will cover your final expenses. It covers all medical and end-of life costs. Final expense policies generally have a lower death benefit than other policies. It typically does not exceed $25,000.
There are many insurance options that you might be eligible for if you have a chronic condition. However, eligibility will depend on the type of illness.
People with high blood pressure and hypertension can get life insurance
About half the adult population in the United States suffers from high blood pressure. When you apply for life insurance, insurance companies will assess the severity of your situation. Companies might also want to know if your lifestyle has changed or if medication is being used to lower your blood pressure. It is possible that companies will ask you to reveal the date and age at which you were diagnosed.
Diabetes patients can get life insurance
Diabetes, another common problem among Americans, affects more than 10% U.S. citizens in 2018. Your insurance company may take into account whether you have Type 1 or Type 2. For those with more severe cases, there may be restrictions on the type of policy that you can purchase. Insurers might ask you about your age at the time you were diagnosed, your current A1C reading and which medications you are currently taking.
High cholesterol individuals can get life insurance
High cholesterol is a risk factor for heart disease and stroke in more than 102 million Americans. When reviewing your cholesterol, there are many factors life insurance companies might consider. Your overall cholesterol level, LDL, HDL, and triglyceride levels may all be considered by life insurance companies. Before deciding on the rates of life insurance with high cholesterol, many insurance companies will consider your gender and age.
People with cancer need life insurance
Researchers expect that doctors will diagnose 1.9 million cases of cancer will be diagnosed in 2021. Even though cancer can be fatal, you still have the option to obtain life insurance coverage. You may be eligible for affordable rates if you have had cancer and are currently in remission. If you are in remission, and have not been treated for more than two to five years, traditional life insurance may be available. Life insurance companies will review your type of cancer, severity, and control of the disease.
Life insurance for patients with terminally ill breast cancer
Finding life insurance coverage for a terminally ill patient with cancer can be difficult. Patients with cancer often qualify only for guaranteed-issue policies. You may not have the same coverage options as other policies, and rates may be higher. There could be restrictions on your payouts in the first few months, or even years of your policy. It is important to talk with an agent licensed in life insurance.
Life insurance riders available for policyholders who are chronically ill
Life insurance riders allow you to tailor your policy to your specific needs. A rider is an addition to your policy that provides additional protections when you require them.
The living benefit riders are a good option for policyholders who are chronically ill. These riders may allow you to receive benefits from your life insurance policy even if you’re still alive.
Colton Castleman is a retired counselor at Assurance & Guarantee. This rider allows you to access a portion of your death benefit without penalty if it is included on your policy. Although it reduces your death benefit, it can also be used to pay for medical expenses or other expenses.
Many types of riders are available for chronically ill people.
- Waiver of premium riders: This rider can be added to your life insurance policy prior to being diagnosed with a qualifying chronic disease. It may allow you to waive your premiums for life while you are still ill.
- A chronic illness rider: When a chronic illness becomes more severe, it can affect your ability to perform daily activities. You may be able to get additional support from your policy’s death benefit by becoming a chronic illness rider. This will allow you to access some of your policy’s death benefits to help you with everyday activities such as dressing and walking.
- Long-term Care (LTC) Rider: A long term care rider could allow you to use your death benefits to pay for a nursing facility or any other type of extended medical care.
The riders vary from one company to the next. Comparing quotes from different insurance companies may help you find the best one for your needs.
Questions frequently asked
Which is the best life-insurance company?
Each individual’s situation will determine which company is the best for them. Your age, medical history and health can all impact the choice of life insurance provider. Your eligibility and premium will also be affected by how much you purchase. You might find the right policy for you by getting quotes from many carriers.
What do I do if my application for life insurance is denied by an insurance company?
If you apply for life insurance and have a chronic condition, it’s possible to be denied. You may find coverage with another provider even if you are denied by one carrier. A simplified or guaranteed-issue life insurance policy may be an option.
What are my options for revealing my chronic illness to an insurer?
When applying for life insurance, you should give your complete and honest medical information to the insurance company. This includes any chronic conditions that you might have. You could be accused of fraud if you don’t disclose all your medical history. This could impact your ability to get coverage.
