Navigating Life Insurance With Pre-Existing Conditions
April 12, 2021
APRIL 13, 2021: Life insurance is about protecting your loved one’s financial future. You may have forgone life insurance when you were young and in the best shape of your life because you did not think it was necessary. Now that you are older, you realize that you probably should have. Take heart, it’s not too late. Do not be afraid to apply for this most important coverage because you are older or have a medical condition, or both.
Life insurance companies scrutinize an individual's health status before accepting an application for coverage to best assess the risk they are taking on. If you're healthy and you don't smoke, finding affordable life insurance isn't too challenging. Even if you are older and have medical condition(s), it isn't impossible to get covered.
When you apply for insurance, the company reviews your current medical records, history, lifestyle, and family medical history. It uses this information to evaluate risk and determine how much coverage can be provided and at what price. Usually, the higher the risk accepted by the insurance company the higher the premium.
In other words, your age, health, and current lifestyle habits along with the amount of coverage you are looking for, are directly related to how much you will pay in premiums.
Even a healthy person who smokes and consumes more than the occasional alcoholic drink may need to pay a higher rate. Oftentimes if you recover from your illness or improve your lifestyle, you may be able to get a better rate. Making changes to reduce risky behaviors can improve your chances of obtaining a life insurance policy at a reasonable rate.
Some serious conditions may not be eligible, but there are many more that can be covered. People who have critical illnesses, untreatable conditions, or hazardous lifestyles are more likely to be declined. However, if your condition is well managed, you can apply for coverage and be approved. Don’t worry about not being eligible for coverage. Talk with a NCSF life insurance agent to find out how your particular situation may be handled.
About National Catholic Society of Foresters
At National Catholic Society of Foresters, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our new MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at (855) 804-7424.