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Life Insurance for Pre-existing Conditions

Life insurance companies are not in the habit of taking big risks. Thus, the higher the risk of death a client has, the more expensive life insurance will be.

Actuaries who work for life insurance companies create systems that are focused on reducing risk and minimizing losses which goes to ensure that the company maintains a healthy business and continues to profit.

Pre-existing Health Conditions – What are They?

A pre-existing health condition is an illness which is already known about. For example:

  • Depression
  • Various heart conditions
  • Cancer
  • Various allergies such as hay fever
  • High cholesterol which is currently untreated
  • High blood pressure which is currently untreated
  • Asthma
  • Sleep apnea
  • Type 2 diabetes
  • Serious accidental injury
  • Various other health conditions which heighten the risk of death

When applying for a life insurance policy, the insurance company will make it a requirement to state any of the pre-existing health conditions listed above. Further, those companies will verify the information provided on an application for life insurance by having you undergo a medical examination.

Obviously since the results of the medical test will be instrumental in determining the cost of the insurance premium, it makes good sense for you to prepare for the test in order to try to achieve a favorable outcome.

Preparing for the Medical Exam

It’s wise to begin preparations for the medical exam sooner rather than later. Here are a few things you can do to improve your chances of a more positive outcome:

  • By all means try to lose a few pounds if you are overweight
  • Try to get plenty of rest
  • Do not consume any alcohol within 12 hours of the examination
  • Do not consume any caffeinated beverages within 12 hours of the examination

The medical examination will normally consist of height and weight measurements, a urine sample, blood pressure reading and blood test and possibly an EKG (electrocardiogram) to test your heart.

What’s more, you will be asked questions not only about your own health and lifestyle but also about your family’s health. The results of the examination are then given to the Medical Examination Board (MIB) and the MIB will retain a record of those results which are available for other insurance companies to view.

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Is it Possible to Achieve an Attractive Premium if You Have a Pre-existing Health Condition?

Some insurance companies specialize in pre-existing health conditions. These companies look more closely at the potential client’s circumstances in order to determine the most competitive premium rate they can achieve.

In order to find the most attractive premiums it’s best to conduct some online searches. All you need to do is find a few insurance quote providers by visiting their websites. Submit their questionnaire and then wait for a short while. Compare the prices you receive back along with the terms and conditions attached to the policy and make your decision based on this information.

Should you have a severe medical condition which basically gives you little to no hope of obtaining life insurance for a pre-existing medical condition where the medical examination is part of the process, you can still opt to apply for no-medical insurance. Yes, it costs more, but there’s obviously no requirement to undergo the rigors of a medical.

In conclusion, there’s no reason why pre-existing health conditions should hinder you from getting a competitive insurance premium, particularly if you are making an effort to maintain your health. The way to get the best rate is to shop around and compare multiple insurance quotes from different companies.