Does a pre-existing condition mean you can’t get life insurance?
This depends on:
- The health condition
- When you were diagnosed
- How severe it is
- Any treatment you’re receiving
For example: Anemia, or iron deficiency, is a pre-existing condition. If there is no serious underlying cause and you’re able to get your iron levels up with supplementation, having this pre-existing condition likely will not impact your life insurance application.
Or, let’s say you had a heart attack 10 years ago. You have recovered fully and have not had another heart attack since then. Because your condition is stable and you had your heart attack more than 5 years ago, you are likely eligible for life insurance.
In many cases, a pre-existing condition doesn’t disqualify you from insurance coverage, but it could mean you pay more for your policy.
For example: Someone with diabetes may pay more for the same amount of life insurance coverage as someone with no pre-existing conditions.
The above example is for illustrative purposes only. Situations will vary according to specific circumstances.
Life insurance can be a great way to look after the people you love financially if something happens to you. But what happens if you have an existing illness or medical condition? Can you still get coverage?
The short answer is: Yes, you can still get life insurance if you have a pre-existing medical condition.
The long answer is: It depends on the kind of condition, how severe it is and how treatment is going.
Let’s break it down.
What is a pre-existing condition?
This a health condition that “pre-exists” your coverage.
If you have had medical attention for an illness, injury or condition before you apply for insurance, it may be considered a pre-existing condition.
Some of the more common pre-existing conditions are:
- Diabetes
- High blood pressure
- Depression, anxiety or other mental health conditions
- Heart disease
- Asthma
- Sleep apnea
Are there any pre-existing conditions that disqualify you from life insurance?
There are some pre-existing conditions that can mean you’re not eligible for insurance.
These can include:
- HIV / AIDS
- Drug use (not including marijuana)
- Kidney failure
- Cancer you’re currently being treated for
- Hereditary conditions like Huntington’s which might impact you based on your family history
Does a pre-existing condition mean that you need a medical exam to get life insurance?
A pre-existing condition can make it more likely that the insurance provider could ask for more medical information. This could include:
- A report from your doctor
- Blood tests
- Urine sample
Because this adds some complexity to your application, this means it may also take longer for your life insurance application to be assessed.
You may also have a waiting period, sometimes up to 24 months. This means that if you die because of your pre-existing condition within this waiting period, your policy will not pay out.
How can you prepare for applying for life insurance with a pre-existing condition?
It can be helpful to be prepared when you’re applying for life insurance with a pre-existing condition. You might want to have this info to hand:
- The doctor you saw for each diagnosis
- The exact name and type of each diagnosis
- The date you were diagnosed
- The types of tests you’ve had for this condition, and when you had them
- Any specialist referrals
- Your treatment plan, including surgeries, procedures and any medication you take
- The date of your most recent follow up or test
- The date of your next follow up or test
What happens if you don’t disclose a pre-existing condition when you apply for life insurance?
If you don’t disclose a pre-existing condition when you’re applying for your life insurance, your policy can be cancelled if it’s discovered. This means you lose your coverage, and you don’t get your premiums refunded.
If this happens after you die, your loved ones may not receive the payout they may have been expecting.
This is why it is important to be as upfront and transparent as possible about your health and medical history when you’re applying for life insurance.
What are your options if you get denied life insurance coverage because of a pre-existing condition?
If your health improves or your condition changes, you may be able to apply again.
You could also be eligible for guaranteed issue life in which provide insurance to anyone who applies. This can often be more expensive.