What Are My Life Insurance Options With a Pre-existing Medical Condition?

Finding life insurance for the medical patient is not as frustrating as many individuals may think. Some insurance companies may deny a policy immediately under the right circumstances, but most companies choose to insure the client with preexisting conditions for a lower amount. Being patient is a virtue when shopping for life insurance. There are many companies in the market, so it is important to request as many quotes as possible.

One important decision will be choosing a whole life policy versus a term life policy. Many term life policies do not pay fully until after two years, but many also do not require medical information. Mant insurance companies will still perform a medical information investigation before making a decision on policy approval. It is a good idea to have recent medical information at hand, including a recent assessment letter from your doctors. Even heart and cancer patients can be approved for life insurance if treatment has been effective in stabilizing the problem.For many insurance customers with prior conditions, finding a company that does not request medical information may be the best option. It is much easier to receive a quote initially, but they rarely come with premium guarantees. Premiums rates will almost assuredly be higher than whole life or screened term life insurance.

Some insurance companies may request more recent medical information in the event the potential client has not been to the doctor recently. However, most individuals with serious conditions see a doctor regularly because medications are often lifetime therapies and are necessary for patient maintenance. Assembling all medical records is always a good preparatory step before requesting premium quotes, including condition stability analysis from all medical professionals who have requested testing. When a pre-existing condition is properly treated many insurance carriers are willing to downgrade the risk associated with insuring those individuals. For example, there are a lot of life insurance options for diabetics who properly manage their condition.

The primary option may well be to contact a licensed insurance broker who is associated with a large number of companies who can provide multiple quotes and explain exactly what the coverage provides. Consulting with a professional life insurance agent can help with having necessary medical information at hand when the agent processes the premium and parameter inquiry. In addition, agents who cannot locate an affordable policy that provides a sufficient level of coverage may be able to refer the customer to another agency which specializes in life insurance coverage for clients with preexisting medical conditions.