8 of the most common life insurance myths | finder.com
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Popular myths about life insurance and pre-existing conditions

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Don’t let common misconceptions stop you from getting the right policy.

There’s a lot of misinformation when it comes to life insurance — especially for customers with pre-existing conditions. Learn what to expect when applying for a policy so you can get the best deal.

Life insurance myths

The most common life insurance myths are that:

  • Everyone must undertake a rigorous medical exam. Not all policies require you to have a medical exam. And if you do need a medical exam, you can often have it done at home.
  • Life insurance is too expensive. You can adjust the amount of coverage you have to create a policy you can afford. So if $500,000 of coverage is out of your budget, compare quotes for policies with smaller payouts.
  • Life insurance premiums are tax deductible. Unfortunately, your premiums are not tax deductible.
  • Stay-at-home parents don’t need life insurance. If a stay-at-home parent passes away, the family won’t lose an income — but they may have to start paying for child care and help in the home. A life insurance policy can help with those costs.
  • Single people don’t need life insurance. A policy can help cover your debts and funeral expenses so that the cost isn’t passed on to your family.

Can I get life insurance if I have a pre-existing condition?

Possibly, but it depends on your condition and your insurer. Most providers have a list of pre-existing medical conditions that they will provide coverage for, and many insurers can adjust policies or premiums to provide coverage to people with pre-existing conditions.

But some insurers outright refuse to cover customers with certain pre-existing conditions, so it’s a good idea to contact the insurer you’re interested in directly to find out if they’re willing to cover your condition.

Myths about life insurance if you have a pre-existing condition

If you have a pre-existing condition, there’s a lot of additional misinformation floating around, like:

  • I won’t be able to get insurance coverage. Many people with pre-existing medical conditions are able to get coverage, though it may cost a bit more.
  • If my application was denied, I’ll never get coverage. Policy features and coverage limits differ between providers. Just because one insurance company excludes your condition doesn’t mean that all other companies will do the same.
  • I don’t need to tell my insurer about a condition that occurred a long time ago. It’s essential that you make your provider aware of any condition that may affect your application.

What happens if I don’t tell my insurer about my pre-existing medical condition?

In the event that a claim is made, insurers go to great lengths to ensure that the claim was not a result of any known conditions that should have been made clear during the application.

If it’s found that information was withheld during application, the insurer will reject the claim and there will be no payment made or refund of any premium payments.

Tips to find life insurance with a pre-existing condition

If you have a pre-existing medical condition:

  • Gather all your supporting documentation. Before starting an application, go through your records and gather any information you can pertaining to your pre-existing medical condition, including which doctors have treated you, exact dosages of medication and any treatments or surgeries you’ve undergone.
  • Create a health summary. Write a brief report summarizing your overall health. Be upfront about everything, but remember to focus on the successful treatment or control of any conditions. If you go for regular check-ups, stick to a treatment plan and always follow medical advice, include that information, along with the positive aspects of your health — for example, if you’re a nonsmoker or if you jog every day to keep fit.
  • Compare a number of policies. Take the time to compare a number of different policies and see how they measure up. Check the exclusions and limits of different policies, and make sure you know exactly what’s covered and what isn’t. Factor the premium price into your calculations to get a better idea of the true value of your insurance.
  • Use an insurance agent. If you’re having trouble finding a policy that works for you, consider using an insurance agent to help you find the right fit.

Get a quote from life insurance providers

Name Product Issue Ages Coverage Range Medical Exam Required
20 to 60 years old
$100,000 to $8,000,000
No
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
20 - 80 years old
$25,000 to $10,000,000
No
Quickly get a quote for coverage with this marketplace, which compares term & whole life insurance policies from 45+ carriers.
18 - 85 years old
$10,000 to $10,000,000+
Depends on provider and policy
Compare quotes from 16 life insurance companies side by side.
21 - 54 years old
$50,000 to $1,000,000
No
Affordable 2-, 10- and 20-year term life insurance policies. Instant quotes and no medical exams.
20 - 85 years old
$100,000 to $1,000,000
Depends on policy
Get a term or whole life insurance quote from Fidelity Life - starting as low as $15/day.
18 - 75 years old
$100,000 to $5,000,000
Depends on provider and policy
Apply for a simple instant-decision policy free of charge. Compare quotes from multiple A-rated carriers.
18 - 80 years old
$50,000 to $25,000,000
Depends on provider and policy
Get a quote within minutes from more than a dozen insurers.

Compare up to 4 providers

Name Product Issue Ages Coverage Range Medical Exam Required
18 - 85 years old
$10,000 to $10,000,000+
Depends on provider and policy
Compare quotes from 16 life insurance companies side by side.
20 - 80 years old
$25,000 to $10,000,000
No
Quickly get a quote for coverage with this marketplace, which compares term & whole life insurance policies from 45+ carriers.
18 - 80 years old
$50,000 to $25,000,000
Depends on provider and policy
Get a quote within minutes from more than a dozen insurers.
18 - 75 years old
$100,000 to $5,000,000
Depends on provider and policy
Apply for a simple instant-decision policy free of charge. Compare quotes from multiple A-rated carriers.
18 - 80 years old
$25,000 to $10,000,000
Depends on provider and policy
Compare quotes from over 40 highly rated carriers and get coverage shortly after approval.

Compare up to 4 providers

Bottom line

There’s a lot of misinformation floating around when it comes to life insurance, especially if you have a pre-existing condition. It is possible to get coverage, but you may have to put in a little extra work to find the right policy.

If you’re ready to get started, compare life insurance companies to find a policy that fits your needs and budget.

Frequently asked questions

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