Millions of Americans have a chronic medical condition such as diabetes, high blood pressure or asthma. If you have one of these conditions, you might believe that obtaining a life insurance policy is impossible. According to this article on Nasdaq.com, chronic medical conditions may not necessarily preclude you from getting the life insurance coverage you desire.
Risks Associated with Chronic Medical Conditions
Some chronic medical conditions present a greater risk than others, which can affect the availability and pricing of life insurance policies. The chronic conditions with the greatest risk of premature death and disability as it relates to getting life insurance coverage include heart disease, obesity, pulmonary disease, diabetes and cancer, explains this article on Kiplinger.com. However, even within these guidelines, not all risks are created equally. A basal cell carcinoma type of skin cancer may not raise your risk as much as if you’ve had recurrent or metastatic colon cancer. Seasonal asthma does not affect risk in the same way as life-long asthma. Gestational diabetes is not factored in the same way as Type 2 diabetes.
Types of Insurance Policies for People with Chronic Conditions
When you have a chronic condition, you may not be eligible for the range of policies that are offered to people without these types of conditions. According to this article on Chronic Disease Preparedness, most people with a chronic medical condition are able to secure a term life insurance policy. A term life insurance policy affords you financial protection during your income-earning years while you still have dependents. Because the risk of your condition worsening with age or cutting your life short, a term life insurance policy is easier to obtain than a whole life policy. You can also look into a guaranteed issue life insurance policy, which is similar to whole life but is designed for people with chronic conditions.
Benefits of Life Insurance When You Have a Chronic Disease
Stress and worry about your financial situation or future may worsen some chronic diseases. According to this article at Cigna.com, NZ insurance companies offer life insurance policies that can bring peace of mind to those with a chronic condition. Knowing that your children, spouse and other loved ones will be provided for in the event of your passing may help reduce some of your anxiety about your condition and the future.
Affording Your Premiums
Keeping your chronic condition under control is the best way to find an affordable life insurance policy, explains this article on Jewish World Review. That may mean keeping up with preventive care, screenings, tests and staying on top of your medication. Your health insurance policy may offer you services to aid with chronic disease management. If you’re able to bundle your life insurance and health insurance policies with the same carrier, this can help you save even more on the cost of your monthly insurance premiums.