Will Life Insurance Cover Me If I’m Sick?

Life insurance can be crucial in financial planning, providing reassurance and protection for your loved ones. However, many people are uncertain whether their policy will provide coverage if they fall ill. Understanding how life insurance works in the context of illness is crucial, as it can affect your eligibility, premiums and the type of coverage you receive.

Types of Life Insurance Policies

There are two main types of life insurance: term life and permanent life. Term life insurance typically offers coverage for a specific period, while permanent life insurance can cover you for your entire life. Both types can offer coverage even if you have a chronic illness, but the terms and premiums may vary.

Chronic Illness and Life Insurance

You can still qualify for life insurance if you have a chronic illness. Insurers will typically evaluate how severe your condition is and how well it is managed. For instance, conditions like diabetes or hypertension, if well-managed, may not significantly impact your eligibility or premiums. However, more severe conditions might lead to higher premiums or limited coverage options.

Simplified and Guaranteed Issue Policies

For those with serious health issues, simplified issue and guaranteed issue policies are available. Simplified issue policies generally skip the medical exam but include a health questionnaire. Guaranteed issue policies, on the other hand, typically have minimal health questions and are often more expensive.

Critical Illness Riders

Certain life insurance policies include critical illness riders, which can deliver a lump sum payment upon diagnosis of a specified illness. This can be an added layer of financial protection, allowing you to use the funds for medical expenses or other needs while still alive.

Learn More

While having a chronic illness can complicate the process of obtaining life insurance, it is still possible to secure coverage. For life insurance near you, contact Academy West Insurance today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.