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Applying for Life Insurance with a Pre-Existing Medical Condition

Published On Jun 18, 2021

To ensure your family's financial safety, a life insurance policy should be purchased by everyone. However, buying life insurance with a pre-existing medical condition can be difficult due to fewer options and higher premiums.

Read on to know about what should be done to buy life insurance with a pre-existing medical condition.

What is a Pre-Existing Medical Condition?

Pre-existing medical conditions involve any illness the life assured was diagnosed or medicated before registering for a life insurance plan. Insurance policy for some medical issues like obesity, high cholesterol, high blood pressure, heart disease, diabetes, kidney ailments can be provided on higher premium payments. However, application by the people with conditions like HIV/AIDS, cancer, liver failure etc. are often denied by the insurance provider. 

Factors to Consider While Applying for the Life Insurance With a Pre-Existing Medical Condition

Here are some factors to consider while applying for a life insurance policy with a pre-existing medical condition.

1. Understand the Terms and Conditions Related to your Illness - It is advisable to thoroughly read the terms and conditions related to your pre-existing illness while applying for the life insurance policy to increase your application’s acceptance chance. 

2. Compare Different Policies - You should compare the policies provided by different insurers and choose the one with the most affordable premium rate. 

3. Your Health Status - You should try to buy a good life insurance policy as soon as possible as the worsening condition of the life assured can lead to higher premium rates.

5. Disclosing the Necessary Details - You should be honest with the insurer while giving your personal and medical details and cooperate during the necessary medical examination. 

Consequences of Lying About Your Medical Condition While Buying Life Insurance?

The idea of hiding your medical condition can lead to some major consequences - 

1. Revision of the Premium - The result of masking your medical condition to receive a lower premium from the insurer can be a mere revision of the premium amount with the inclusion of the skipped health information.

2. Investigation about the Details - The insurance provider can do an open investigation if multiple errors and inconsistencies are found in your life insurance proposal form. If you are found guilty of concealing your medical information, your application can be rejected with a suspension from further registration for a life insurance policy for a particular duration.

3. Rejection of the Claim Payment - The rejection of the claim payment made by the beneficiary when the policyholder passes away can be the most severe consequence of lying in the life insurance proposal form. The insurer can expel the beneficiary’s claim if they find out that life assured lied about a serious medical condition that eventually led to his/her death.

Take Away

A pre-existing medical condition should not become the reason for not applying for a life insurance policy. As many life insurance providers offer plans at higher premiums, you can compare and easily choose the most suitable option to ensure your family's financial security in the face of an unfortunate event.  

Also Read: 

How Much Term Insurance Cover Do I Need?

Term Insurance vs Life Insurance

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.   

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