Pre-Existing Conditions Affect Life Insurance

As you move further in life and begin to have people that depend on you, life insurance becomes a highly important requirement for a financially stable future. It is an inexpensive way to ensure your loved ones are taken care after you’re gone. If you do not possess any assets, then it is a good way to make sure your beneficiaries are left with coverage for any needs that they may face in the future.

Another advantage of having life insurance is that it can provide the funds needed to pay off loans and debts. The overall benefit of having life insurance is that it brings peace of mind to its holders. However, the presence of a pre-existing medical condition can change has a major effect on being able to apply for health and life insurance. Any medical condition that is diagnosed before the individual applies for health or life insurance could lead to them being denied of an insurance plan.

This has changed for health insurance ever since the Affordable Care Act prohibited insurers from denying coverage to an applicant that suffers from a pre-existing health condition. Meanwhile, life insurance has still not undergone such development. Insurers check an applicant’s medical record for any pre-existing condition as to determine what premium to charge them. They offer exceptional rates to those who seem healthy with no health issues, but charge heavy premiums to those who suffer from pre-existing conditions. At times, insurers outright deny any coverage to applicants as it would be risky to insure them.

Insurers are highly concerned about the holder’s life expectancy. Knowing that a certain applicant is at risk of passing anytime soon can prevent insurers from offering coverage. While it doesn’t mean that you can’t get life insurance if you have a pre-existing condition, it does mean that you will have to do some research as to the coverage and price of premiums of different insurance policies. Think you know everything? Test your knowledge by taking this quiz at HealthIQ.com and find out even more about life insurance.

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