There are pre-existing health conditions that determine the cost of insurance, and these include: high blood pressure, high cholesterol, heart conditions, depression, asthma, type 2 diabetes, cancer, hay fever and other allergies, accidental injury and other health conditions that may affect your mortality risk.
A life insurance company requires you to list these or any other pre-existing health conditions you have when applying for life insurance. Life insurance companies usually verify the information on your application by conducting a medical examination of their own. Since these medical tests will play a role in determining your premium rates, you should prepare well for them to get the best results.
Preparing for a medical examination
Start your preparations as early as possible. Here are a few tips: Lose some weight if you are overweight, eat a healthy diet, get enough rest, and do not consume any alcoholic or caffeinated beverages 12 hours before your exam. Try to relax during the whole procedure.
The medical exam usually consists of a blood test, urine specimen, blood pressure reading, height and weight measurement. You will be asked questions about your health, lifestyle and family health history. The results of the medical examination are submitted to the medical insurance officer and the information is available for other life insurance companies to access.
By now you’ve probably understood that if you have a pre-existing health condition, life insurance may turn out to be an expensive proposition for you. But wait, there’s more news coming! Life insurance is also a very competitive business. Underwriting processes differ with each company. In order to have a competitive edge, a life insurance company may look more favorably on certain pre-existing health conditions than others. Such companies may be able to offer you better premium rates.
Specialist companies
There are life insurance companies that specialise in certain pre-existing health conditions. Such companies look more closely at your pre-existing health conditions, assess how severe it is, and also look into other factors such as weight, age, family history and lifestyle to determine the most competitive premium rate you can qualify for. For instance, people who have been treating their blood pressure and lead an active and healthy lifestyle may be rewarded with a better premium rate.
Search for the best premiums
Online life insurance providers have access to hundreds of top-rated life insurance companies. All you need to do is fill out an online questionnaire. Be honest with the pre-existing health conditions you have. Submit your questionnaire and wait a few minutes as their databases locate the companies that specialise in the particular pre-existing health condition you have. You’ll receive the best life insurance quotes based on the personal information you have provided. Compare prices, company ratings and the terms and conditioners each offers before you make a decision.
However, if you have a severe medical condition and your application for life insurance is denied, you can apply for what is known as no-medical life insurance. You don’t need to go through a medical exam for this type of life insurance.
Conclusion
Pre-existing health conditions should no longer hinder you from getting the best life insurance rates, especially if you are trying hard to get in shape and stay in good health. There is life insurance which will reward you for your efforts. You simply need to shop around and get multiple life insurance quotes for comparison. And remember, the best way to avoid having to pay extra premium rates for pre-existing health conditions is to purchase life insurance at a young age. The younger you are, the better chances you have for locking in low premium rates.
