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Popular myths about life insurance and pre-existing conditions
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
There’s a lot of confusion around life insurance. While it can be a complex product, it has a simple purpose: to provide for your loved ones when you’re gone.
These are some of the most common myths about life insurance:
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.
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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.
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