For most people, life insurance feels like something you pay for that you simply don’t need. Life insurance is, in fact, paying so that others don’t have to should you die. For the healthy it is relatively inexpensive, there is no reason to assume you will pass. But if you have a long-term or terminal illness, life insurance costs skyrocket. Some medical conditions will make life insurance more expensive than others, but there are things you can do to make your policy as reasonable as possible. Read on to see what conditions will raise your insurance and what you can do to avoid it.
How Life Insurance Works
Life insurance is paying monthly or yearly to insure your life, to cover its worth. It is an expense for some that seem meaningless, but if you die suddenly without it your family and friends will likely struggle to pay for basic funeral and medical services. But for those living with a pre-existing condition, life insurance is more necessary, and therefore more expensive.
Life insurance underwriters will ask you a lot of questions about your health, whether it is in the past or in the present. Your health, any illnesses, and more will be calculated into your premium. Whether you are going through something annoying or terminal, life insurance goes up when you have an illness. There are many factors to create your policy, but these pre-existing conditions can have a huge effect on it.
Pre-Existing Conditions
Your insurance costs surrounding an illness depend on many factors. These include the date of your diagnosis, whether the condition is chronic, viral, or acute. If you’re taking medication, this will be included. The severity of the ailment is significant, and your family history of health and disease will be integral to creating your premium. While having a pre-existing condition may make insurance a lot more expensive, it doesn’t mean that you are uninsurable. Some insurance companies are more flexible than others when it comes to adverse risk applications like determining pre-existing conditions.
Some of these ailments include diabetes, heart conditions, strokes, kidney disease, mental health disorders, multiple sclerosis, neurological conditions, family history, and cancer. Accidental injuries can affect your life insurance policy. Medical complications related to the condition make a difference. So do the mortality rate and your lifestyle.
What Can I Do? Find an Agent
According to the website MoneyPug, where specialists help people find life insurance, if you already have a pre-existing condition, you should find an agent to help you find your best possible rate. This broker can help you find the right policy by calling insurers for you. They will give them the information about your condition in the best way possible, and they will do it at the right time.
What Can I Do? Timing is Everything
The timing of when you take out life insurance is critical. If you are healthy, living an active lifestyle and don’t have a medical condition, you won’t pay much for life insurance. That’s why you should take out a policy when you don’t have an illness. Being healthy will make it so much cheaper. Life insurance companies will turn you down right after you receive a diagnosis that may be life-threatening, like cancer for example. While you have the chance to reapply, it is always better to do so when you are healthy. Or, once your condition is under control you will get a better rate.
If you have come down with a pre-existing condition or medical ailments that you need adequate insurance for, you should definitely talk to an agent who can help you. If you are healthy, now is the time to take out life insurance. Do it before you get sick before it will be expensive because you need it anyways. When you do reach the end of your life, you don’t want your family to have to pay more than they should. It only adds to the tragedy. While it may seem like a pain, taking out life insurance sooner rather than later is a good choice. When you have the coverage you need, you will have a lot less to worry about.
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