MR
  • Insurance
  • Mortgages
  • Debt Management
  • Personal Finance
  • Credit Cards
  • Retirement Planning
  • News
No Result
View All Result
Contact Us
MR
  • Insurance
  • Mortgages
  • Debt Management
  • Personal Finance
  • Credit Cards
  • Retirement Planning
  • News
No Result
View All Result
MR
No Result
View All Result
Home Insurance

Can I Buy Life Insurance For Pre-existing Conditions in 2022

Adeola Adegoke by Adeola Adegoke
November 25, 2022
A A
life insurance for pre-existing conditions
586
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter

One of every five adults in Canada lives with a medical condition, cancer, diabetes, chronic respiratory disease, and many others.

If you are a Canadian living with a health problem, you might believe that buying life insurance is impossible for you. You may have even applied and been declined, or are yet to start the process because you feel you will not get approved.

While you need to be in perfect health condition to get approved for a policy, the good news is that you can still get life insurance for pre-existing conditions even with your health problems. And depending on your condition and how severe it is, there is good life insurance coverage at reasonable rates too.

So if you have a health condition that is causing insurance companies to categorize you as high-risk or hard-to-insure when you want to buy life insurance, keep reading this article.

This article discusses everything you need to know about buying life insurance for high-risk, hard-to-insure individuals with pre-existing conditions.

Can I Buy Life Insurance If I Have a Pre-existing condition?

If you are wondering if you can buy life insurance for pre-existing conditions, the answer is YES. Insurance companies in Canada still offer insurance options to high-risk, hard-to-insure Canadians with pre-existing conditions.

You may be able to buy life insurance for pre-existing conditions like asthma, cancer, diabetes, heart disease, HIV infection, etc.

Health problems are a risk factor for insurance providers. Even though the chances of living longer are high now due to the medical advances in the world, your current health is still a significant factor in buying life insurance policies.

Some insurance companies in Canada use your past health scares and family medical history to determine your eligibility for life insurance. This can put a hard stop on your shopping for life insurance.

In Canada, only 4% of the individuals who apply for life insurance policies are declined. You still have a chance of getting a good life insurance policy.

Speak with a trained insurance advisor who can guide you towards specialized companies and policies that will benefit you in this situation. Some insurers are more accommodating and offer life insurance for individuals with pre-existing conditions.

However, when you buy life insurance with pre-existing conditions, you will be paying more premiums than others of the same gender and age that do not have any medical conditions. Some insurance companies may also offer modified policies and policies with exclusions for specific health conditions.

Also, each insurance company evaluates you differently. Most companies will likely ask you more medical questions about your health condition and request heightened underwriting should you disclose your health status.

What Are The Types Of Life Insurance For Pre-existing Conditions?

Suppose you want to buy life insurance but will be disqualified due to your health condition. In that case, you should buy one of the life insurance products listed below.

Some companies like Manulife,  offer these life insurance policies to suit the individuals living with pre-existing conditions in Canada seeking coverage.

Guaranteed Life Insurance

Guaranteed life insurance is one of the best life insurance for individuals with pre-existing conditions. You can qualify for this policy regardless of your medical history.

You can apply for guaranteed life insurance if you do not qualify for traditional life insurance policies.

It does not involve any medical exam or health questionnaire; approval is guaranteed.

However, the premiums are much more expensive than other insurance policies, and it only pays a small death benefit, usually around $25,000 and $50,000.

Simplified or No-Medical Life Insurance

Simplified life insurance is also one of the best life insurance policies for pre-existing conditions. It offers a short medical questionnaire instead of a medical exam. The questionnaire will not be as comprehensive as underwriting.

The questionnaire will be used to assess your health risk level. The simplified life insurance offers a higher coverage amount than guaranteed life insurance, up to $500,000.

Individuals with pre-existing conditions find this policy much more accessible to apply for than traditional life insurance. However, your policy will be ‘rated’.

Permanent Life Insurance

Only Canadians with minor and well-managed pre-existing conditions can qualify for permanent life insurance. Permanent life insurance provides coverage until they die.

Some policies come with a saving component. They payout a death benefit to your beneficiary upon your death.

However, your premiums will be higher are your policy might be ‘rated’. And only minor illnesses like high cholesterol can qualify.

Term Life Insurance

The term life insurance policy is cheaper than permanent life insurance policies. It protects you for a certain number of years and pays out a death benefit to your beneficiary if you die within the term.

If you survive until the term’s end, you will not receive anything but can renew the policy for another term.

If your pre-existing condition is not severe, you can qualify for the term life insurance. However, you will pay higher premiums and get a rated policy.

Different Types of Pre-existing Conditions

The type of pre-existing condition you have and its severity will determine whether you will get approved for any life insurance policy.

Below are some health conditions that will increase your premiums or possibly lead to a denial from the life insurance companies.

  • Diabetes: People with diabetes have a good chance of getting approval if they are at a healthy weight, are not suffering from kidney damage, or are dependent on insulin. You can qualify for a life insurance policy if you are on insulin and do not have a severe diabetes-related complication. However, you will receive a higher premium rate.
  • High blood pressure: Only severe high readings on your blood pressure can disqualify you. If your blood pressure is moderately high and well treated, you might get approved with affordable premiums. Because high blood pressure is linked to other severe illnesses like stroke and heart attack, some insurance companies handle it differently. However, if you keep your blood pressure down for 12 months, you can get lowered premiums.
  • Cancer: Though there have been significant advances in the approach and treatment of different cancer types, life insurance companies still consider it a significant risk. However, if you have a highly treatable form of cancer and have been in complete remission for two years or more, you will be able to get coverage.
  • HIV/AIDS: Some insurance companies offer policies to Canadians living with HIV/AIDS who have lived for 3-5 years beyond the illness and can continue their everyday life and effectively control the virus with medications. You may be able to get a simplified life insurance policy.

How to Apply For Life Insurance For Pre-existing Conditions

It is best to apply for a life insurance policy when you are still in good health, and your pre-existing condition is still well managed, possibly two years without any unfavorable changes in your condition.

Ensure to apply for coverage when you are young. The older you get, the more likely you will develop a complication or other conditions that may reduce your chances of getting coverage.

Be honest with your insurers. If you get approved because you lied or falsified any information on your application, your policy will not pay out any death benefit.

Your insurance company will audit your claim after your approval; if you are negligent or take unnecessary risks, the insurer will deny your payout.

Final Thoughts on Life Insurance for Pre-existing conditions?

If you are living with pre-existing conditions and want to buy life insurance, speak to a licensed insurance advisor.

They have the experience to guide you and suggest the best rates and policies you can apply for. They will recommend life insurance policies you will likely get approved for and point you in the right direction.

Author Profile
Adeola Adegoke
Co-founder/CEO at The SEO Hive Digital Solutions | Website

Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.

Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.

The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.

Related Posts
  • Adeola Adegoke
    https://www.moneyreverie.com/author/adeola-adegoke/
    How To Register and Open A CRA My Account in 2023
  • Adeola Adegoke
    https://www.moneyreverie.com/author/adeola-adegoke/
    Property Taxes in Canada: Everything You Need To Know (2023)
  • Adeola Adegoke
    https://www.moneyreverie.com/author/adeola-adegoke/
    A Simple Guide To Sales Tax Canada 2023
  • Adeola Adegoke
    https://www.moneyreverie.com/author/adeola-adegoke/
    FHSA Canada: An Overview of Tax-Free First Home Savings Account 2023
Previous Post

Is Life Insurance Really Worth It or Is it Over-Hyped?

Next Post

How To Find A Lost Life Insurance Policy in 2022

Related Stories

credit card insurance
Insurance

Credit Card Insurance: How Does Balance Protection Work?

by Adeola Adegoke
November 25, 2022
0

There is a form of insurance for everything. Just as you can buy insurance on your life, mortgage, belongings, and car, you can also purchase insurance for your credit cards....

Read more

What Is Auto Insurance Canada and How Does It Work? (2022)

What Is Rental Insurance? Why Should You Get It in 2022?

Whole Life Insurance in Canada: Get The Best Rates & Quotes

Understanding Group Life Insurance: Benefit & Downsides 2022

Next Post
how to find a lost life insurance policy

How To Find A Lost Life Insurance Policy in 2022

what is cash value life insurance

What Is Cash Value Life Insurance: Cash Value Explained 2022

what is underwriting in insurance

What is Underwriting in Insurance and How Does It Work?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Recommended

minimum wage in Canada

2022 Minimum Wage in Canada By Province

June 28, 2022
Best Crypto Wallet Canada

11 Best Crypto Wallets Canada For 2022 – Pros, Cons, Features

November 25, 2022
Best Payday Loan Online Instant Approval

15 Best Payday Loan Online Instant Approval 2022

November 25, 2022
How Much Do Instacart Shoppers Make

How Much Do Instacart Shoppers Make in 2022?: All You Need to Know

May 2, 2022

Popular Story

  • Websites Where Men Give You Money

    12 Legit Websites Where Men Give You Money in 2022

    9735 shares
    Share 3894 Tweet 2434
  • 20 Best Performing Mutual Funds in Canada for 2022 [Updated]

    5528 shares
    Share 2211 Tweet 1382
  • 12 Top Safe Investments With High Returns in Canada for 2022

    4259 shares
    Share 1704 Tweet 1065
  • Best RESP Canada: 10 High-Performing RESP Providers of 2022

    3440 shares
    Share 1376 Tweet 860
  • What Is Canada PRO Deposit and How Do You Apply in 2023?

    2808 shares
    Share 1123 Tweet 702
  • Is World Financial Group (WFG) a Scam? An Unbiased Review 2022

    2572 shares
    Share 1029 Tweet 643
  • E-Transfer Payday Loans Canada 24/7

    2303 shares
    Share 921 Tweet 576
  • GST Payment Dates for 2023: Eligibility & How to Apply

    2249 shares
    Share 900 Tweet 562
  • 10 Best Investment in Canada for 2022: ETF’s, Stocks, Real Estate & More

    2100 shares
    Share 840 Tweet 525
  • How Much Does it Cost to Have a Baby & Raise a Child in Canada?

    2080 shares
    Share 832 Tweet 520
Facebook Twitter Instagram

Money Reverie

Adeola Adegoke

Owner/Founder

Money Reverie is a top personal finance and finance blog in Canada. We share finance tips & self-help to live a rewarding life.

Categories

  • Benefits
  • Business
  • Credit Cards
  • Cryptocurrency
  • Debt Management
  • Insurance
  • Investing
  • Mortgages
  • News
  • Personal Finance
  • Product Reviews
  • Retirement & Estate Planning
  • Reviews
  • Tax
  • Uncategorized

© 2021 Money Reverie

No Result
View All Result
  • Contacts
  • Contributors
  • Disclaimer
  • Newsletter
  • Personal Finance & Debt Management Blog in Canada – Money Reverie
  • Privacy Policy
  • Super Visa Insurance Quote
  • Terms and Conditions

© 2021 Money Reverie

Need Help With Anything Finance?

Enter your email address to get valuable personal finance & small business tips from top experts delivered to your inbox weekly.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.