How to Get Life Insurance With a Chronic Illness

Navigate your life insurance options while living with a chronic illness with the help of SelectQuote

Individuals with a chronic illness often assume it’s extremely hard or impossible to find life insurance, but that isn’t necessarily always the case. While an increasing number of adults are living with obesity, asthma, cancer, high blood pressure, depression, sleep apnea, diabetes, and other conditions, it isn’t impossible for individuals with a chronic illness to find life insurance. At SelectQuote, we can help you determine the best coverage for you, including comparing your options for chronic illness life insurance. 

What types of life insurance policies are available to me?

Depending on what kind of illness you’re facing, a good place to start could be with life insurance that doesn’t require a medical exam. No medical exam life insurance is a preferred option for individuals with health concerns. Two basic types of no medical exam life insurance include:

  • Simplified Issue Life Insurance – Simplified issue life insurance typically replaces the medical exam with a health-related questionnaire.  If qualified, simplified issue life insurance often has higher death benefits than other types of no medical exam life insurance for individuals with health concerns, making it a strong option for coverage.
  • Guaranteed Issue Life Insurance – Guaranteed issue whole life insurance is just as the name implies; guaranteed. If you’re between the ages of 45-85, you can’t be turned down for guaranteed issue coverage, making it a promising choice for seniors or individuals with health concerns.

Additionally, critical illness coverage could be a consideration. Should you have or be diagnosed with any of the covered conditions, critical illness insurance can help with:

  • Replacing lost income
  • Keeping up with ongoing living expenses
  • Paying health insurance deductibles and copays
  • Hiring home health or childcare
  • Traveling to treatment facilities

Your life insurance and your health go hand-in-hand, which is why most traditional life insurance policies require a medical exam, but by working with SelectQuote, we can get to know your situation and needs and help you find the best available options for you. No medical exam life insurance or critical illness coverage might be a good alternative to providing you with peace of mind when it comes to protecting your loved ones. 

How do life insurance companies determine rates?

There are a number of factors that are taken into consideration when it comes to the cost of life insurance. For traditional life insurance, the underwriting process will take into account the type and length of policy, amount of benefit, and your age, health and hobbies. The underwriting process evaluates how much risk you would be to insure, however, each company has its own underwriting process. If you are looking for life insurance with a chronic illness, many life insurance companies will also consider:

  • Date of diagnosis
  • Your treatment or maintenance program
  • How you manage your health with medication, diet and lifestyle

How are life insurance rates determined?

Even with a chronic illness, you may be able to have some control of your risk profile. You may be able to find a standard or preferred low rate for life insurance if your illness is well-managed. When time is on your side, your prospects of finding a favorable rate improve even further. If you can demonstrate that your condition has been well managed for several years, you’ll have an even greater chance of finding coverage at a more affordable price. From visiting your doctor for regular check-ups to taking your medications faithfully, your actions can make a difference in helping you find a lower life insurance premium. 

Let SelectQuote Help Find the Right Life Insurance for You

Shopping for life insurance can seem overwhelming, especially so with a chronic illness, but we will work with you to find a policy that meets your needs.

At SelectQuote, our mission is to help you protect your most valuable assets and overall financial well-being by finding the best available life insurance for your needs. In just minutes we’ll compare your options for coverage and answer any questions you have to provide you with choices that feel right for your situation and peace of mind when it comes to buying life insurance for chronic illness.

We do the shopping. You do the saving.