Topic 2: Applying for Life Insurance with a Pre-Existing Medical Condition

When it comes to availing a life insurance policy, people with pre-existing ailments often worry about whether they’ll qualify for coverage, pass the medical test or be able to afford the premiums. While it’s true that the younger and healthier individuals get the best quotes, it is not impossible for those with chronic health problems to buy life insurance. The IRDAI defines pre-existing disease as “any condition, ailment or injury or related condition(s) for which the Insured Person had signs or symptoms, and / or were diagnosed, and / or received medical advice/ treatment, within 48 months prior to the first policy issued by the insurer and renewed continuously thereafter.” Now, a large percentage of the population have some or the other form of pre-existing diseases. Taking this into consideration, many life insurance providers have made their policies available to such individuals.

People with pre-existing ailments usually have to pay a little more in premiums for their life cover. This is mainly due to the increased risk taken by the companies in extending cover to people with health issues. Those suffering from diabetes, heart disease, kidney ailments, high blood pressure, obesity and high cholesterol are asked by life insurance providers to pay a higher premium for their policy. Insurance cover is usually denied to people with HIV/AIDS, liver failure, cancer, etc. It is important to note that life insurance companies cannot deny any claims for death due to cancer or other terminal conditions for existing policyholders. However, they may choose not to extend life covers to applicants who already have these conditions.

Having a pre-existing health condition should not stop one from applying for a life insurance plan. It offers the best means to keep the policyholder’s loved ones financially secure in the event that the individual is no more. As seen above, companies will be willing to extend a life cover to those with certain pre-existing conditions for a higher premium. Applicants should first make sure to compare the different life insurance policies available in the market and choose one that is both affordable and meets all of their needs.

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