Pre-Existing Health Conditions and Life Insurance
Having a pre-existing health condition or illness makes it a little more challenging when applying for life insurance. There are some things you should know about how insurance companies determine what a pre-existing health condition consists of and how it will affect the cost of your plan. Some insurance companies will outright not approve some, but for those that will here are some of the factors that go into applying for life insurance with a pre-existing condition.
Types of Coverage
Having a pre-existing condition is a higher risk for most life insurance companies, so they are treated differently in that they are set for specific durations of time. In some cases the newly insured must be alive for a specific amount of time for the beneficiary to receive the full benefit.
Some guaranteed life insurance providers offer whole life, but this comes with restrictions and a pre-existing condition would make this an option, but with much higher premiums. Still, there is hope for getting life insurance coverage, even with a pre-existing condition or other factor which would prevent you from getting coverage from an average private life insurance plan.
Take a look online and do your research with multiple providers before picking a policy, each provider is different and this will ensure you get the policy you need.