Life insurance is an essential part of your portfolio that will give your family the financial protection that they need if something tragic happens to you. Having a life insurance policy can provide you with peace of mind that your dependents will be financially secured. Finding the perfect life insurance policy can be time-consuming process. Your health is one of the factors that affect when you apply for life insurance. Having a pre-existing condition is something that changes your life insurance quote significantly.

What is a Pre-existing Condition?

As per (IRDA) Insurance Regulatory and Development Authority's guidelines, all in the life insurance sector have to follow a standard set of rules related to life and insurance. According to IRDA, a pre-existing condition is a severe health condition for which the patient has already received a medical advice or treatment prior to enrolment for a life insurance policy.
Even though it can play a significant role in the rate that you pay for your life insurance policy, it is unlikely that your application for life insurance will be disqualified as a result of a pre-existing condition.

What Conditions Affect Life Insurance?

Pre-existing conditions have a significant impact on the application of a life insurance policy. It is mandatory to disclose your medical history at the time of the application. The presence of illness will drive up your life insurance premium. It is advisable to communicate the medical conditions at the time of making an application. Because if the facts do not match the information provided at the time of application, it could result in the complete rejection of the claim later on due to non-disclosure of medical conditions.

Below is the list of health conditions that could affect the rate that you pay for life insurance.

1. High blood pressure
2. High cholesterol
3. Anxiety
4. Obesity
5. Heart ailments
6. Diabetes
7. Cancer

When you have pre-existing conditions, it becomes difficult to get health insurance coverage, but what about life insurance policy? It is possible that life insurance companies may deny an application for various reasons. However, there is a coverage available for everyone, regardless of any pre-existing conditions. If you qualify for life insurance coverage, the pre-existing medical condition will raise your policy cost significantly.

Tips to Get Life Insurance with Pre-existing Medical Conditions
Getting life insurance with pre-existing conditions is possible. However, you might not be able to get cheap life insurance quotes. The number of insurance providers who are willing to cover you could be limited. But that does not mean you won’t be able to find protection.

1. Do your research

When buying life insurance, it is important to be patient especially if you have a pre-existing condition. Make sure you research your life insurance options and be prepared about the questions you may be asked about your health. Generally, the documents required include prescription information and reports describing your health issues. It is advisable to gather as much information about your health condition as you can. You may need documents and dates of medical diagnosis and treatment and also the name, doses, and frequency of medicines you take.

2. Be truthful and upfront about your health conditions

Be honest when talking to the insurance provider. Answer every question you can in detail. Having proper dates of diagnoses and treatment can help a lot. It is advisable to bring on the table anything you can regarding your medical condition.
Full disclosure of all pre-existing condition in the application form is not an option. Do not hide any material facts. If the policy mandates a complete health check-up, it is advisable to undertake it. Insurance providers that do not prescribe a health check-up may charge higher premiums.

3. Get quotes from multiple insurance providers

You can compare and shop online for the best policy. The key is to get quotes from various insurance providers and not just one. It is extremely important for high-risk cases as health impairments may be seen differently from one company to another. Chose a company you’re comfortable with. The insurance provider should be able to answer any question or concern you have. Compare not only the final quote but also exclusions, policy term, and type.

4. Speak to your doctor

Anytime a pre-existing medical condition is present; the insurance providers will request an attending doctor's statement or a certificate. It is advisable to talk to the doctor to ensure efficiency and accuracy of the documents. Make sure that your reports are correct and up-to-date.

Life Insurance + Health Insurance

Today, long-standing health conditions are becoming common. Younger demographic is seeking medical help for a number of medical reasons that could vary from high blood pressure to diabetes. As a result, this has led to high demand for health insurance in recent years.

Life insurance can be enhanced by adding riders related to health insurance. Health insurance can complement the benefits of life insurance especially for those with the pre-medical condition. The statistics reveal that the Indian insurance market is moving forward and approaching global market where life insurance and health insurance are available on a single platform. Life Insurance Corporation has diversified life insurance plans with health coverage. Such a combined policy is suitable for those with existing medical conditions and would want to cover with life insurance policy. A comprehensive package including life insurance and health insurance will provide relief in premium prices with combined benefits.

Having health impairment in your medical history can lead to far more scrutiny when you buy life insurance. However, it is advisable to be upfront to save your time and money down the line. Having pre-existing medical conditions such as heart diseases, blood pressure, cancer, kidney or liver decease, doesn’t necessarily means you will not be able to apply for life insurance. It can create additional obstacles and slow the application process.

You can apply for life insurance and secure the best rates possible if you know how to get life insurance with pre-existing conditions. It is important to find an insurance provider that best suit your needs and what type of policies to consider while searching for protection.