Buying Life Insurance With a Pre-Existing Condition: What You Need to Know

Younger, healthier applicants tend to get better rates than older Canadians or those with a pre-existing condition when it comes to buying life insurance. But if you’re living with chronic health problems and need life insurance, you shouldn’t assume the worst.

Insurers generally look at the potential risk associated with insuring someone. An increased risk can translate into increased premiums or reduced coverage with the healthiest Canadians often getting a better rate.

Having a chronic health condition – such as diabetes, high blood pressure, heart disease, cancer, kidney, or liver disease – doesn’t necessarily mean you can’t get insurance coverage though. In many cases, all it means is slightly more effort and additional paperwork.

Don’t Rush

If you’re buying life insurance and have an existing medical condition, it’s important not to rush. High-risk life insurance generally takes a little more time to process as well as some additional upfront work.

Gather Information About Your Pre-Existing Condition

Start by gathering as much information about your medical condition as possible, including any medications or prescriptions you are currently taking, or letters from physicians or other health care professionals detailing your ongoing health issues.

Additionally, communicating with your family physician or health care professional to ensure the accuracy of any supporting documentation can also help to speed the process.

Providing documentation that includes medical diagnosis dates or treatment regimes, can not only help to speed up the process, but they can better position you to purchase life insurance with a chronic health issue for the best possible rates.

Always Tell The Truth

Opening up about your medical condition can be challenging, but being truthful about your health is always crucial when it comes to buying life insurance but especially with a pre-existing condition. Honesty is always the best policy. For best results:

  • Answer any questions with as much detail as possible
  • Provide dates of tests, treatments, & diagnoses whenever possible
  • Include contact information for any doctors, therapists, or other practitioners involved in your health care regime

Anything you can bring to the table regarding your ongoing condition can help put you in the best possible position for getting the coverage you want at a rate you can easily afford.

Don’t Settle for the First Offer You Get

Buying life insurance can be challenging, and you might feel like accepting the first offer of coverage that comes your way. You’ll thank yourself if you take a little time to find and compare insurance companies.

Because different insurers can assess the risks associated with various health issues differently, getting multiple quotes is crucial for Canadians with pre-existing health conditions.

Medical Assessment

Depending on the nature of your health issues, a potential insurer may request blood work or other medical assessment. Completing a medical evaluation can be a benefit when it comes to buying life insurance. The medical assessment provides a current snapshot of your health, and that can translate into reduced rates or increased coverage.

No Exam Coverage

Depending on your situation, ‘guaranteed acceptance’ insurance coverage that guarantees acceptance regardless of health issues might be something to consider. While these policies generally have higher premiums and reduced coverage compared to underwritten or other term-life insurance policies, they can offer protection and peace of mind that may be worth the higher premium.

Having a pre-existing condition doesn’t have to mean going without coverage. You can help speed up the process, get the insurance coverage you need, and at the best possible rate available by finding and comparing insurance rates at