For most people, life insurance is something you pay for just in case, in case you die that is. But until you have a life-threatening condition or long-term illness, your life insurance will likely remain the same. But when the time comes that you do come down with something long-term or terminal, you will see your life insurance skyrocket. What illnesses will make your life insurance go up? And is there anything you can resist increasing costs of insurance from a medical condition?
Life insurance takes into account many factors that have to do with your life and health. Underwriters calculate the premium you pay for this long-term insurance with any pre-existing medical condition in mind and calculate it based on how likely it is that you will die. This may sound morbid, but that’s essentially what they are doing. They are calculating the risks of your death. So it is no surprise that when you come down with something long-term, you will be charged more for life insurance.
Pre-existing conditions make life insurance go way up. Whether it is diabetes, heart conditions, kidney disease, or even cancer and mental health issues, your life insurance will go up significantly. Family history is tied in, neurological conditions are considered, and accidental injuries are also accounted for. While most of these are conditions you would likely have before you take out life insurance, some, like those who have type two diabetes, mental health issues, cancer, and kidney disease can be found after you have life insurance. All of these will make your premium go up.
How Does it Work?
According to the experts at the site MoneyPug, which is used to compare life insurance, your insurance premium will change with the pre-existing conditions and medical history. It doesn’t matter if you are healthy when you take our life insurance, as soon as the insurer realizes that you have one of these conditions they will raise your costs. Distance from a medical condition can help, but it doesn’t always.
How Can I Save?
While relying on those with medical conditions is how insurance companies make a lot of their money, they may surprise you. Since the companies that deal with life insurance are constantly hearing about medical conditions, they may look for ways to help you save if they are understanding. Certain conditions are looked upon more kindly than others.
If you have obesity, heart disease, diabetes, high blood pressure, or high cholesterol, depression or another chronic condition, you will raise some flags. However, there have been great medical advances that have improved the outcome for many patients to help them get better rates. Timing is everything. You should apply when you are healthy, not after you have been given a cancer diagnosis. You can always reapply if you’re accepted at a high rate or once your condition is under control.
Find the Right Agent
When you are looking for affordable life insurance, you should begin by taking care of yourself. Take your medication. Exercise. Eat responsibly. Lead a healthy lifestyle and your premium will reflect that. An independent agent who works with an impaired risk specialists is a broker who will contact insurance companies for you to provide the best rate possible. It could also save you a lot on applications.
What if I can’t Find Life Insurance?
If you have trouble finding the right life insurance premium, or simply can’t get one at all, you still have options. Many people with health problems buy group life insurance from their employers. This coverage is typically limited to one or two times your annual salary, but you won’t have to take a health exam to take it out. Always look for the types of life insurance that do not require a health exam and you will be much better off.
Whether you are healthy or not, pre-existing conditions and illnesses diagnosed after taking out life insurance will greatly affect the premium. While it is tough to cover some illnesses, you always have options. Don’t settle for less. Find the right insurer and premium for your situation and you will help you save money over the years you pay for life insurance.