Cheap Life Insurance With Pre-Existing Conditions


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Key Takeaways

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The cheapest providers overall for those with pre-existing conditions are Nationwide, Mutual of Omaha, AAA and Prudential.

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Since pre-existing conditions could cause early death, insurance companies consider it risky to insure individuals that have them, leading to higher rates.

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Simplified issue, guaranteed issue and instant life insurance policies are strong alternatives to term life insurance policies for those with pre-existing conditions.

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Ensure you're getting the best rate for your life insurance. Compare quotes from the top insurance companies.

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Cheapest Life Insurance Companies With Pre-Existing Conditions

Nationwide and Mutual of Omaha offer the cheapest life insurance for pre-existing illnesses at an average annual cost of $254 and $265, respectively, for term coverage.

Insurance providers consider any medical condition you have before signing up for a policy as a pre-existing condition, and your eligibility depends on the specific type of condition you have.

Insurer
Annual Term Life Insurance Rates

1.

Nationwide

$254.64

2.

Mutual of Omaha

$265.80

3.

AAA

$277.20

4.

Prudential

$417.84

*The quotes above are based on a term life insurance policy with $500,000 coverage and a 20-year term length for a 30-year-old.

Life Insurance Policies That Cover Pre-Existing Medical Conditions

Major insurance providers offer simplified issue, guaranteed issue and instant issue life insurance policies that are good for people with pre-existing conditions. You can also buy a term life policy, but the price may be higher than life insurance without pre-existing conditions.

Type
Description

Instant Life Insurance

Due to accelerated underwriting, you can have life insurance coverage in a matter of minutes without completing a medical exam.

Simplified Issue

This type of policy does not require a medical exam. Instead, you just have to answer minimal health questions.

Guaranteed Acceptance

You do not have to pass a health exam or answer any questions with guaranteed acceptance insurance. However, this type of policy usually has a waiting period.

How to Get Cheap Life Insurance With Pre-Existing Medical Conditions

Pre-existing medical conditions can increase your life insurance rates, but finding affordable coverage remains possible. The steps below can help you find comprehensive coverage at a reasonable rate.

  1. 1

    If possible, improve your health

    Some pre-existing medical conditions can make following conventional health improvement routes difficult. If you can, working out, eating clean and quitting smoking may help reduce your life insurance rates.
    Improving your health may make you eligible for a rate reconsideration. Keep in mind that you may need to undergo a medical exam to get this lower rate.

  2. 2

    Apply at the right time

    Applying right after being diagnosed with a severe health condition will likely result in higher life insurance rates. You may even be denied if you don't have an established history of controlling the condition or a treatment plan with your physician.

  3. 3

    Talk to an agent

    A qualified agent can help you learn which companies offer affordable rates for your condition.

  4. 4

    Compare quotes from multiple insurers

    Different insurance companies evaluate pre-existing conditions differently, with some specializing in health issues. Comparing quotes from at least five to seven companies can reveal surprising rate differences. This approach can save you thousands over the policy term.

  5. 5

    Consider guaranteed issue or graded benefit policies

    If traditional coverage proves difficult to obtain, explore guaranteed issue policies that accept all applicants regardless of health history. These policies are typically more expensive with lower coverage limits and waiting periods, but they provide protection when other options aren't available.

How Do Pre-Existing Medical Conditions Affect Life Insurance Rates?

If you have pre-existing medical conditions, some insurance providers will consider you a higher risk, resulting in higher life insurance premiums. If you opt for no-exam life insurance, coverage amounts are usually limited compared to medically underwritten life insurance.

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Ensure you're getting the best rate for your life insurance. Compare quotes from the top insurance companies.

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What Are Pre-Existing Medical Conditions?

Any health condition, illness or injury that exists before you sign up for a life insurance policy can be considered a pre-existing medical condition. Since a pre-existing condition can lower your life expectancy and cause early death, insurance providers consider it risky to insure people with these conditions.

Here are some examples of pre-existing medical conditions:

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EXAMPLES OF PRE-EXISTING CONDITIONS:
  • Diabetes
  • Heart disease
  • High blood pressure
  • HIV
  • Obesity
  • Asthma
  • Cancer
  • Mental health conditions
  • Epilepsy
  • Autism
  • Neurological disorders

How Life Insurance Companies Use Existing Conditions to Determine Rates

Insurance providers generally classify applicants into risk tiers based on their overall health. Each tier has different thresholds for pre-existing conditions:

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    Preferred Plus

    If you're in excellent health, not a smoker, don't have any pre-existing medical conditions or participate in risky activities, including occupation, you'll qualify for this category. Very few people are eligible for this health rating.

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    Preferred

    People who are generally in excellent health but have a few minor health conditions like being slightly overweight and minimal history of family diseases qualify for this category.

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    Standard Plus

    If you've qualified for Standard Plus, you're in better-than-average health but have a few health issues that require medications and some family history of diseases.

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    Standard

    This is the most common category. With a Standard health rating, you're in average health, might be on multiple medications and may have a family history of severe health conditions.

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    Substandard

    People in this category may have poor overall health, a recent serious health issue or a complicated family medical history. These factors make people in this category riskier to insure.

Cheapest Life Insurance for Pre-Existing Conditions: Bottom Line

We analyzed the most affordable life insurance companies and plans for pre-existing medical conditions. Our research found that Nationwide offers the most affordable rates if you have an existing condition, though you can also find good deals with Mutual of Omaha, AAA and Prudential.

Compare Life Insurance Rates

Ensure you're getting the best rate for your life insurance. Compare quotes from the top insurance companies.

Why do we need ZIP code?

Life Insurance With Pre-Existing Conditions: FAQ

We answer common questions about life insurance for pre-existing medical conditions:

Which life insurance companies accept people with pre-existing conditions?

How do pre-existing conditions affect life insurance?

Which conditions make you uninsurable for life insurance?

How far back in your medical history do life insurance companies look?

How do you get life insurance coverage when you have a pre-existing condition?

Best Life Insurance With Pre-Existing Conditions: Our Methodology

MoneyGeek manually collected and averaged term life insurance quotes from 13 of the biggest life insurance companies to obtain average cost data. The quotes shown in this article are from companies that offer flexibility for pre-existing medical conditions. They're based on a term life insurance policy with $500,000 coverage and a 20-year term length for a 30-year-old in excellent health.

Pre-Existing Condition Life Insurance: Related Pages

About Mark Fitzpatrick


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Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.

Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!

Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.


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