Approximately half of all adult Americans suffer from some kind of chronic illness, with one in four having two or more chronic health conditions according to the Centers for Disease Control (CDC). Some common chronic health conditions include heart disease, diabetes, cancer and HIV. In 2010, seven of the top 10 causes of death were chronic diseases.
Having some chronic health conditions can make it more difficult for someone to get life insurance, since the risk of death is often higher due to the chronic illness. It is possible to get affordable insurance, however, if you know where to look and how to apply.
Avoiding Medical Exams
It is possible to get some types of life insurance without having to get a medical exam. With these types of insurance, you don't need to disclose your health condition to the insurance company.
- Guaranteed acceptance term life insurance is one type that you can get without an exam. Coverage amounts may be fairly low, such as $10,000-$20,000.
- Group life insurance may be available through your employer. This insurance typically only remains in force while you are employed with the same employer, but some policies can be transferrable.
- Accidental death life insurance will provide coverage if you die in an accident only.
- Final expense insurance covers final expenses such as burial costs, cemetery plot and headstone, as well as costs for the funeral home.
Protecting your family with life insurance is
still possible for many who have a chronic illness.
Any insurance that doesn't require a medical exam will have higher premiums than other term insurance because the risks are calculated from the general population, including those with higher and lower risks. Still, you may be able to get some coverage this way, even if it's a smaller amount.
Showing the Illness is Well-Controlled
Some insurance companies specialize in high-risk policies, and could get you a better rate even when a chronic illness is factored in. Life insurance companies weigh risks differently, so it's worth checking around to see if one company offers more favorable terms. You will never get the preferred rate with any kind of chronic disease, but you could get the standard rate if you can show that your health condition is well-controlled.
The key to getting a favorable rate with a chronic illness is to speak directly to the issuing agent so that you can explain what you have been doing to manage and treat the illness. For diabetics, this means being able to show good A1C and other blood sugar numbers with treatment. For someone with HIV, it means being on antiretrovirals and being in generally good health.
For many chronic illnesses, proper treatment and control lowers the risk of death considerably. Due to advances in medications, even a 20-year-old with HIV may live to be 70 or more, for instance. Getting term insurance at the standard rate can allow you to get affordable coverage even with a chronic disease.
Request a quote from IntelliQuote today to find out how affordable life insurance can be for you.