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.