Individuals with a chronic illness often assume it’s extremely hard or impossible to find life insurance, but that isn’t necessarily always the case. While an increasing number of adults are living with obesity, asthma, cancer, high blood pressure, depression, sleep apnea, diabetes, and other conditions, it isn’t impossible for individuals with a chronic illness to find life insurance.
What types of life insurance policies are available to me?
Depending on what kind of illness you’re facing, a good place to start could be with life insurance that doesn’t require a medical exam. Two basic types of no medical exam life insurance include:
- Simplified Issue Life Insurance – Simplified issue life insurance typically replaces the medical exam with a health-related questionnaire.
- Guaranteed Issue Life Insurance – Guaranteed issue whole life insurance is just as the name implies; guaranteed.
Additionally, critical illness coverage could be a consideration. Should you have or be diagnosed with any of the covered conditions, critical illness insurance can help with:
- Replacing lost income
- Keeping up with ongoing living expenses
- Paying health insurance deductibles and copays
- Hiring home health or child care
- Traveling to treatment facilities
Your life insurance and your health go hand-in-hand, which is why most traditional life insurance policies require a medical exam, but by working with SelectQuote, we can get to know your situation and needs and help you find the best available options to you. No medical exam life insurance or critical illness coverage might be a good alternative to providing you with peace of mind when it comes to protecting your loved ones.
How do life insurance companies determine rates?
There are a number of factors that are taken into consideration when it comes to the cost of life insurance. For traditional life insurance, the underwriting process will take into account the type and length of policy, amount of benefit, and your age, health and hobbies. The underwriting process evaluates how much risk you would be to insure, however, each company has their own underwriting process. If you are looking for life insurance with a chronic illness, many life insurance companies will also consider:
- Date of diagnosis
- Your treatment or maintenance program
- How you manage your health with medication, diet and lifestyle
How can I get the best life insurance rates?
Even with a chronic illness, you may be able to have some control of your risk profile. You may be able to find a standard or preferred low rate for life insurance if your illness is well managed. When time is on your side, your prospects of finding a favorable rate improve even further. If you can demonstrate that your condition has been well managed for several years, you’ll have an even greater chance of finding coverage at a more affordable price. From visiting your doctor for regular check-ups to taking your medications faithfully, your actions can make a difference in helping you find a lower life insurance premium.
Let SelectQuote Help Find the Right Life Insurance for You
Shopping for life insurance can seem overwhelming, especially so with a chronic illness, but we will work with you to find a policy that meets your needs.
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