For years people with pre-existing medical conditions had a very hard time
getting life insurance. Having any kind of serious health problems, such as heart problems, cancer, or diabetes, was a barrier to finding coverage because most companies did not want to take on the risk. Someone with a severe health condition is a lot more likely to die sooner during the coverage period. But thankfully the landscape of life insurance has changed a lot in recent times. Now people with pre-existing conditions shouldn't be so quick to believe they cannot obtain coverage.
Life insurance companies look at a lot of different factors when evaluating applications, including income, lifestyle, risk factors, and family medical history. Another one of the big variable they look at is a client's life expectancy. The lower the life expectancy the sooner an insurer might have to pay out death benefits, which is something any company wants to avoid. But these days the survival rate for a large number of diseases has improved dramatically.
Health problems are being identified, diagnosed, and treated earlier and more effectively. For example, the five-year survival rates for various cancers (breast, prostate, pancreas, etc) are nearly at 100%. Longer survival rates means life insurance companies are more willing to take on clients with pre-existing conditions.
Another thing that reassures insurers are the larger number of medical advances that are being made all the time. Doctors are better able to detect and diagnose disease at an earlier stage in their development, which means better odds for treating them. The effectiveness of treatment procedures has also improved for many illnesses. The longer and healthier lives of potential clients are a great sign for insurers.
As the benefits seen in medical advances continue to increase many companies are even providing insurance to individuals with chronic medical conditions. It used to be that even if someone with pre-existing conditions acquired life insurance they would be saddled with tremendously high rates of interest.
But now, thanks to all the improvements in patient treatment, some
life insurance companies may offer applicants standard rates, depending on which the medical condition is and how much it is affecting the applicant. As long as a client has their disease under control, meaning they have been treated successfully and are still seeing a doctor regularly, it is much more likely for them to achieve standard interest rates.
There are occasional instances where an individual still might not qualify for life insurance, but these days those are fewer and further between. Factors which influence whether or not someone receives life insurance include the type of illness, severity of illness, stability of health, and regimen for treatment. Patients who are following their doctor's orders and who are seeing stability or improvement with their disease are much more likely to be authorized for insurance coverage.
Really the best thing you can do if you have a pre-existing condition is to research and compare lenders. This way you will be able to find ones that are more willing to work with people in your situation. You can also speak with an impaired-risk specialist. This is an insurance agent who works specifically with clients who are risky because of their medical conditions.