Finding life insurance if you have an illness can be challenging, but it’s not impossible. People who’ve had cancer, diabetes or high blood pressure can still obtain life insurance to support their families in the event of their death. Here are some tips for securing life insurance if you have a pre-existing health condition.
Cancer
Cancer survivors may have the most challenging time obtaining life insurance. Your best chance at qualifying is if you’ve been in remission and cancer-free for at least two years or had a highly treatable form of the disease.
Diabetes
If you have diabetes, you can qualify for life insurance if you’re a healthy weight, aren’t using insulin and have healthy kidneys. Older diabetic patients who successfully manage their condition have a better chance of qualifying than younger people.
High blood pressure
Maintaining a healthy weight and keeping your blood pressure down for at least 12 months are the best ways to qualify for life insurance. Each insurance provider sets its own standard for blood pressure levels, so it’s best to talk to an insurance broker about which policy is best for you.
Stroke
If you survived a stroke, your best chance of qualifying is if it’s been at least two years since your stroke and you’ve fully recovered. The insurance company will ask you questions about permanent damage suffered from the stroke and the medications you’re taking.
Policies for People with Pre-Existing Conditions
Though you may not be eligible for standard life insurance coverage, there are products to choose from, including:
Guaranteed life insurance is open to anyone regardless of medical history. Compared to other policies, premiums are higher and benefits lower.
Simplified life insurance eligibility is based on a medical questionnaire rather than a physical exam, making it easier to obtain. Coverage is higher and premiums lower than guaranteed life insurance.
Permanent life insurance covers you for life if you keep paying your premiums. This type of insurance is available for people with minor and well-managed medical conditions like high blood pressure.
Term life insurance covers a specified period, and you’ll qualify if your condition won’t likely affect you within the term.
Talk to an experienced insurance broker to learn more about life insurance options.
Life Insurance in Halifax, Nova Scotia
At Eisenhauer Insurance Inc., our brokers can find you a life insurance policy that accommodates your health issues and protects your loved ones. We can also set you up with a living benefits insurance policy. Contact us today to schedule a free, no-pressure consultation with one of our brokers in Halifax and Dartmouth, Nova Scotia.