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At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money. Our content is backed by LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure. Bankrate logo The Bankrate promise
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. According to the Centers for Disease Control (CDC), six out of every 10 U.S. adults and four in 10 Americans — almost half of all U.S. adults — live with two or more chronic illnesses. Life insurance is an important consideration when you have a chronic illness. It can provide you the peace of mind that your loved ones will be taken care of should you pass away. With the payout from a life insurance policy, your family may be able to more easily arrange funeral services, resolve outstanding debts and pay the day-to-day bills. This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser. Compare life insurance providers quickly and easily
See which provider is right for you. The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses. Whole life insurance combines life insurance with an investment component. Coverage for life Tax-deferred savings benefit if premiums are paid 3 variations of permanent insurance: whole life, universal life and variable life include investment component Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time. Fixed premium over term No savings benefits Outliving policy or policy cancellation results in no money back Find matches Powered by HomeInsurance.com (NPN: 8781838) This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Bankrate Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable. See more providers in Choose from insurers in Show More Although it can make it more complicated to obtain life insurance, chronic illnesses do not necessarily prevent you from finding a policy. It is still possible to buy life insurance when you have a chronic illness, but you should be aware of what to expect from the process. What is a chronic condition and how does it affect life insurance
A chronic condition is one that lasts a year or more, impacts or limits your daily activities and requires ongoing medical care. Many of these conditions can be serious, with the leading chronic diseases in the U.S. including heart disease, stroke, cancer and diabetes. Other chronic illnesses include high blood pressure, obesity, asthma, high cholesterol, depression and HIV/AIDS. “Many chronic illnesses are insurable,” said Anthony Martin of . “In the end, it depends on which condition(s) you have, and the severity of the said condition(s). Some of the most common examples of chronic conditions that are highly insurable are arthritis, diabetes, asthma, high cholesterol, osteoporosis, or mental health issues. Those issues won’t preclude an applicant from qualifying, depending on the severity of their condition. For example, if a person has well-controlled diabetes, they can easily acquire multiple life insurance products.” review multiple factors when determining your eligibility for a policy, such as your and where you live, but there is more to consider when you have a chronic illness. Insurance providers may also consider the severity of your condition, the date of your diagnosis, how well your disease is controlled and your overall health. “Unfortunately, once a person has been diagnosed with a chronic or terminal illness, it will be very difficult to find life insurance coverage because many of the underwriting guidelines used by carriers prevent them from issuing policies to those with such conditions,” said Jen Astacio of . Life insurance for those with chronic conditions
Life insurance is different for every person and every condition. Some chronic illnesses are more serious than others, affecting which policies you can qualify for. In general, there are four that may be options for those with chronic illnesses: Traditional life insurance: A traditional life insurance policy may be possible if your disease is well-managed, under control and non-life-threatening. You may need a , the results of which will likely affect your premium. Simplified issue life insurance: If you have a minor health issue but are otherwise healthy, a simplified issue policy could be a great choice for you. There is generally no medical exam required. These policies instead rely upon your medical history and a health questionnaire . Guaranteed issue life insurance: These policies typically do not require a medical exam and most people who apply are able to receive a policy. Although it may be a good option if you have a medical condition that otherwise bars you from coverage, tends to be significantly more expensive than other types of policies. Final expense life insurance: Designed for policyholders over the age of 50, requires no medical exam. This policy is designed to resolve your final expenses, including end-of-life bills and medical costs, as well as any remaining debts. The death benefit of final expense policies is lower than other policies, generally no more than $25,000. Although there are several insurance types that you may be able to choose from if you have a chronic illness, the specific type of illness you have will be one of the biggest factors when it comes to eligibility. Life insurance for people with hypertension and high blood pressure
High blood pressure affects approximately in the U.S. today. Insurance companies will review the severity of your case when you apply for life insurance. Companies may also ask if you have made lifestyle changes or if you take medication to control your blood pressure. You may be asked to disclose the age that you were diagnosed, as well. Life insurance for people with diabetes
is another common issue among Americans today, affecting more than in 2018. The type of diabetes you have — Type 1 or Type 2 — may be a factor that your insurance company will take into consideration. There may be some limitations regarding the kind of policy you can buy, especially for those with more severe cases. Insurers may ask how old you were when you received your diagnosis, what kinds of medication you take and what your most recent A1C reading was. Life insurance for people with high cholesterol
More than have high cholesterol, putting them at an elevated risk of heart disease and stroke. There are several factors that life insurance companies may consider when reviewing your cholesterol. Insurers may look at your overall cholesterol number, as well as your LDL, HDL and triglyceride readings. Many insurance companies will also factor in your age and gender before deciding on rates for life insurance with high cholesterol. Life insurance for people with cancer
Researchers expect that doctors will diagnose of cancer in 2021 alone. Although a can be devastating, it is still possible to get life insurance coverage. If you had cancer but are now in remission, you could see affordable rates. You may even qualify for traditional life insurance if you have been in remission and out of treatment for at least two to five years. As with other diseases, life insurance companies may review the type of cancer you have, the severity of your condition and how well your disease is controlled. Life insurance for terminally ill cancer patients
If you are a terminally ill cancer patient, finding life insurance coverage can be more difficult. Cancer patients often only qualify for guaranteed issue policies. Even then, you may be limited in the kind of coverage you are offered and the rates may be higher than other types of policies. You could also face restrictions on payouts for the first several months or even years of your policy, so it is important to discuss your options with a licensed life insurance agent. Life insurance riders for chronically ill policyholders
Life insurance riders can offer you a way to customize your policy to fit your unique situation. A rider is an amendment to your policy that adds extra protections where you need them. For chronically ill policyholders, accelerated death benefit riders, also known as , may be a good choice. With these riders, you may be able to benefit from your life insurance policy while you are still alive. Colton Castleman, a retirement counselor at , agreed. “If you have this rider on your policy, it allows you a certain percentage of your death benefit to be accessed with no penalty. This does reduce your death benefit, however, sometimes it’s needed to cover medical costs for treatment or other expenses.” There are several types of riders that chronically ill individuals may want to consider. Waiver of premium rider: If you have this rider on your life insurance policy before you are diagnosed with a qualifying chronic illness, it may waive your life insurance premiums while the condition persists. Chronic illness rider: As a chronic illness worsens, it can limit your ability to do everyday activities. A chronic illness rider could allow you to use a portion of your policy’s death benefit to provide additional support when you can no longer perform some of the activities associated with daily living, such as dressing or walking. Long-term care (LTC) rider: A rider may allow you to use your death benefit to pay for a nursing home or other form of extended medical care. Riders vary from company to company. from multiple insurance providers may help you to find a provider that best fits your needs. Frequently asked questions
What is the best life insurance company
for those with a chronic illness will vary depending on each individual’s scenario. Rating factors like your age, health and medical history can impact which provider offers the best life insurance policy for you. Additionally, how much will have a factor on your premium and eligibility. Getting quotes from might help you find the best policy for your needs. What should I do if an insurance company denies my application for life insurance
When you are shopping for life insurance with a chronic illness, it is possible that your application may be denied. Some providers are more flexible than others, so even if your application is denied with one carrier, you could still find coverage with another company. You may also want to consider purchasing a simplified life insurance or guaranteed issue life insurance policy. Do I have to disclose my chronic illness to an insurance company
You should disclose your full and honest medical history to an insurance provider when filling out an application for life insurance. This includes any chronic illnesses that you may have. If you do not disclose your full medical history, it could be considered fraud and might impact your ability to obtain coverage. SHARE: Lena Muhtadi Borrelli has several years of experience in writing for insurance domains such as allconnect, Healthline and Reviews.com. She previously worked for Morgan Stanley. Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent. Related Articles