Life insurance companies that accept pre existing conditions

Can you get life insurance if you have a pre-existing medical condition?

Depending on the scope of your health issue and how you are treating it, it is entirely possible to get a life insurance policy with a pre-existing condition — and at a competitive price. If you’re otherwise healthy, you’ll have multiple options to choose from.

If, on the other hand, your condition significantly impacts your daily function, you might not qualify for term life insurance, which is the most convenient and affordable coverage option for most people. But you’ll still have options.

What do life insurance companies consider when you're applying with a pre-existing condition?

Insurers collect information about your current health, lifestyle, family health history, and other details during the application process, which usually includes a phone interview, and a review of any previous medical records. Depending on your circumstances, the insurance company might also ask you to take a medical exam. The information collected throughout your application will determine your health classification, which will be used by the insurer to determine how much you'll pay for coverage.

Certain pre-existing medical conditions, health issues in your family history, or lifestyle choices may result in a lower health classification for you. This will likely raise your rates because these factors indicate that you pose a higher risk of dying while your policy is active.

→ Learn more about life insurance classifications

What is the definition of a pre-existing condition for life insurance purposes?

Any illness or medical diagnosis you received before you got life insurance coverage is considered a pre-existing condition. According to a study from the Centers for Medicare and Medicaid Services, [1] [2] one in two Americans has a pre-existing condition that could affect their cost or eligibility for insurance.

Any health condition you get after your life insurance coverage is active cannot influence the cost of the premiums you already pay and is not considered a pre-existing condition by insurers.

Having one of the following pre-existing conditions might influence how much you pay for life insurance, but some conditions might have a higher impact on your premiums than others:

High impact on premiums:

• Diabetes

• Heart Disease

• HIV

• Obesity

• Cancer

• Smoking

Low to medium impact on premiums:

• Anxiety

• Depression

• Asthma

• High blood pressure

• High cholesterol

• Sleep apnea

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What medical conditions prevent you from getting life insurance?

Some conditions, like heart disease, HIV, and cancer, may prevent you from getting life insurance. Ultimately, the insurance company will take a look at the scope of your condition and how well you’re managing your health to determine your rates.

How do insurance companies know if you have a pre-existing condition?

Insurance companies ask a series of health questions during the application in order to assess risk and determine your premiums. After you submit your initial application, the medical exam will confirm any conditions like high blood pressure, cholesterol, or blood sugar levels.

Insurers can also find out if you have a pre-existing condition through your primary care physician. During the application process, one of the questions asked is the primary doctor's information. If you signed a HIPAA release form, the life insurance company can request your medical records from your doctor's office or clinic.

Being upfront about any health conditions will help you move through the process faster and improve your chances of getting better rates. If you misrepresent yourself (or lie) on an insurance application, this could impact your approval — you could be offered higher premiums, or be declined altogether.

How life insurance companies evaluate medical conditions

There are a few key details that insurers will evaluate for any health concern. Showing improvement in some or all of the below can help lower your rates:

• Severity of diagnosis: The more severe your diagnosis, the more you’ll pay for life insurance.

• Prescription history: Generally, you’ll get lower rates if you’re prescribed fewer medications and if the prescriptions and dosages have been consistent over time.

• Treatment history: The length of your treatment, whether your condition has improved over time, and if you’ve been hospitalized recently all affect your rates.

• Length of diagnosis: A longer diagnosis can signal that your condition is not improving or could worsen over the course of your insurance policy.

• Related health concerns: Some medical conditions can become worse if you have other illnesses or unhealthy habits. If you’re an otherwise healthy person with high cholesterol, you’ll be considered lower risk than a smoker with high cholesterol. [1]

The specifics of what will earn you a better rate depend on your medical condition and how the factors listed above impact your diagnosis. For example, a person with mild asthma who doesn’t treat it with medicine will probably get more flexibility than someone who doesn’t treat their mild high blood pressure with medication, based on the risk associated with each condition.

Some health issues that will make it more difficult to qualify for a traditional life insurance policy regardless of severity.

• Alcoholism or drug abuse: You’ll be denied coverage for at least three years (and often longer) if you have a history of alcoholism and for at least five years if you were addicted to hard drugs. 

• Cancer: If you’re currently in treatment or received a cancer diagnosis in the last five years it’ll be hard to qualify for a policy.

• Heart attack: Most insurers will decline coverage if you had a heart attack within the last two years or prior to age 40.

• HIV or AIDS: Although modern medicine has vastly improved life expectancy for people with HIV, most insurers remain cautious and won’t offer you a traditional policy. [2]

• Kidney disease: A health record that includes a recent or pending transplant, dialysis treatment, or kidney failure will result in a declined application.

If you’re denied a traditional policy, you can get final expense life insurance or a group policy through your employer. 

If your illness is mild or well-controlled, you are likely to be offered lower rates. But regardless of the severity of your medical condition, working with a broker like Policygenius is the best way to find an insurer that will offer you the lowest possible rates for your profile.

How to buy life insurance if you have a pre-existing condition

If you’re shopping for insurance with a pre-existing health condition, the following steps could help you find better rates:

• Work with an independent agent or broker: At Policygenius, we've got a team of experts who specialize in life insurance for people with various health considerations, including pre-existing conditions. They'll help you find the right options for your unique needs.

• Use your medical treatment to your advantage: If you’re actively managing your health conditions, life insurance companies will take that into consideration when they assign you a classification. Any documentation of effective treatment could help you get lower insurance rates.

• Buy life insurance sooner rather than later: On average, life insurance rates increase 4.5-9% each year that you delay applying, based on your age alone. Even if you have a pre-existing medical condition, you might still be able to lock in cheaper rates by applying for coverage today rather than waiting for your condition to change. Many insurers will also reconsider your rate after a year if your health has improved.

Life insurance options if you have a pre-existing condition

Term

Term life insurance is the best fit for the majority of people who are seeking to protect their income when they need it the most — for example, when their children are growing up or while they are paying off their mortgage. Term lasts only for the time you need it and is straightforward and affordable. In many cases you can still qualify for term life insurance with a pre-existing condition.

Whole

Whole life insurance, which is a type of permanent life insurance, lasts your entire life, but is significantly more expensive than term. It is best suited for high-net-worth individuals or people with long-term financial obligations. If you have a need and the budget for permanent coverage, having a pre-existing condition will not automatically disqualify you from applying, but it may contribute to more expensive premiums.

Riders

If you have a pre-existing condition and are worried about it worsening over time, you could consider adding a few riders to your life insurance policy. Riders are add-ons that can protect you from unexpected circumstances. Options include:

• Accelerated death benefit rider: This rider allows you to request a portion of the death benefit early if you are diagnosed with a terminal illness or condition. Accelerated death benefit comes free of charge with most term policies. Sometimes this option is also called terminal illness rider.

• Chronic illness accelerated death benefit rider: This rider allows you to request a portion of the death benefit if you have trouble completing activities of daily living (like bathing and eating) due to illness.

• Critical illness accelerated death benefit rider: This rider allows you to request a portion of the death benefit if you are in critical condition as a result of a health event, such as heart attack or stroke.

Best life insurance companies for people with pre-existing conditions

Every life insurance company treats each pre-existing condition differently, so shopping around is the best way to find the most affordable rates. To get you started, here are our top insurer picks for people with pre-existing conditions.

Best overall: Banner Life

Cheapest for pre-existing conditions: Protective

Best for seniors with pre-existing conditions: Prudential

Best for COVID-19 considerations: Lincoln Financial

Best overall

4.7

Policygenius rating

Banner has some of the longest term lengths and most competitive life insurance rates, even for people with pre-existing conditions.

Pros

• Very competitive rates

• Covers many health conditions

• Term lengths up to 40 years

Cons

• Strict temporary coverage eligibility

• Reconsideration is paid for by the applicant

Banner Life has favorable guidelines with a number of health conditions. They also offer competitive premiums in general, meaning that even if you get approved at a slightly higher health classification, you will still pay less than if you were approved at that same health classification with another carrier. Ultimately, the best option for you will come down to your specific condition and health circumstances.

Cheapest life insurance

Protective

4.9

Policygenius rating

An easy customer experience, low competitive rates, long term options, and very high coverage amounts make Protective a top-tier choice for people with pre-existing conditions looking for affordable term life insurance.

Pros

• One of the best values on the market

• Variety of coverage amounts and term lengths

• Solid suite of online tools

Cons

• Slow application approval

• No no-medical-exam options

Similar to Banner Life, Protective is a highly rated company that offers competitive rates across all age groups and many health classifications.

Best for seniors with pre-existing conditions

Prudential

3.4

Policygenius rating

One of the top life insurance carriers for people with pre-existing conditions, especially seniors.

Pros

• High financial ratings

• Competitive underwriting for a range of medical conditions

• Comprehensive online resources

Cons

• Very high premiums

• Mixed customer ratings

Prudential is generally a good option for seniors with a number of conditions. They also tend to give favorable rates for conditions that are associated with aging, such as osteoporosis and osteoarthritis.

Best for COVID-19 considerations

Lincoln Financial

4.7

Policygenius rating

Lincoln Financial offers several policy options with quick decisions and affordable rates for shoppers of all age ranges, including people who have recovered from COVID-19.

Pros

• No-medical-exam option available

• Fast turnaround

Cons

• Expensive permanent policies

• Few online tools

Many insurance companies will automatically postpone your application for 30 days if you test positive for COVID-19, but Lincoln Financial will only delay applications for 10 days in this circumstance, so you can get coverage quicker upon your recovery. 

Lincoln also has flexible guidelines when it comes to travel and COVID-19. While some companies have restricted international travel during the COVID-19 pandemic due to increased risk, Lincoln no longer has any additional travel restrictions related to the pandemic.

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How does a COVID-19 diagnosis affect your life insurance application?

If you have been hospitalized for COVID-19, many life insurance companies will postpone your application for anywhere between 90 days to six months to ensure a full recovery. 

In light of the COVID-19 pandemic, some insurers are approaching people who have health complications, and specifically certain conditions like chronic obstructive pulmonary disease (COPD), history of lung cancer, or immunodeficiency disorders, more cautiously. This has the most impact on people who are over 60 with several pre-existing conditions, in part because we all become riskier to insure as we age. 

Other companies have returned to their standard approval guidelines for people at this time. Working with an independent broker can help you determine which insurance company is the best fit for you if you have health considerations impacted by COVID. At Policygenius, we’ve got a team of experts who specialize in life insurance for people with various health considerations, including pre-existing conditions. They'll help you find the right options for your unique needs.

How much does life insurance cost if you have pre-existing conditions?

How much you pay for life insurance is determined by several factors, including your age and health — generally, the younger and healthier you are, the lower your rates will be. That’s why having certain pre-existing medical conditions — including high blood pressure, high cholesterol, obesity, and depression — will raise the price of your premiums.

Having some health issues, however, doesn’t necessarily mean you can’t get competitive rates. Every life insurance company evaluates each medical condition differently in their application  process, so it’s important to shop around for an insurer that offers the best rates. Pre-existing conditions cover a wide range of circumstances, so you could get lower or higher rates than what’s illustrated here depending on your personal situation.

20-year term life insurance rates for people with pre-existing conditions

Methodology: Rates are calculated for male and female smokers and non-smokers in a Standard health classification, obtaining a 20-year, $500,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from AIG, Banner, Brighthouse, Lincoln, Mutual of Omaha, Pacific Life, Protective, Prudential, SBLI, and Transamerica, and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 6/16 2022.

What happens if my pre-existing condition improves or gets worse?

If your condition worsens after you’ve purchased your policy, your rates will remain the same as long as you continue to pay the premiums. The insurance company cannot cancel your policy if your health worsens, which is one of the benefits to securing a policy as soon as you determine you need it.

If your pre-existing condition improves, you can ask your insurer to look at updated medical records and medical exam results to lower your rate. This process is called reconsideration, and many insurance companies will offer it on a case-by-case basis one or two years after your policy’s been active. You can also apply for life insurance with a different company, and see if your improved health condition will grant you a better rate.

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Can your life insurance policy be canceled?

Your policy will lapse if you stop making premium payments. On the other hand, if you lie on your application and the insurance company finds out that you misrepresented yourself during the application process, your policy could be canceled by the insurer.

What are my coverage options if I’ve been denied life insurance due to a pre-existing condition?

Unfortunately, insurers might deny you coverage if you have certain medical conditions. These could include:

• Alcoholism or drug use

• Cancer

• Recent heart attack

• HIV or AIDS

• Kidney disease

Every pre-existing condition will be considered by the insurance company on a case-by-case basis, so it’s still worth talking to an agent or broker to figure out what your options are. A life insurance broker can also help you shop around for other companies that will offer you coverage.

If you’re still unable to get a traditional term life insurance policy for existing health conditions, the following life insurance options may be available to you:

• Group life insurance: Many employers offer free or subsidized group life insurance as a benefit for employees. You do not need to answer any questions about your health to get a policy.

• Guaranteed life insurance: This is a type of whole life insurance coverage geared toward paying final expenses. Guaranteed issue life insurance offers near-certain approval odds and doesn’t require a medical exam or questionnaire regarding your medical health.

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