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
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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