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Insurance Coverage For Pre-existing Condition

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Insurance Coverage For Pre-existing Condition

Insurance Coverage For Pre-existing Condition

A pre-existing condition is the health problem that you had before your life insurance becomes effective. If you have a pre-existing health condition, it can seriously impact your life insurance rate as the condition could lessen the number years for which you can pay your premiums. It may happen that your pre-existing condition may make it difficult for you to get your life insurance policy. However, make sure to be completely honest about your health condition while purchasing life insurance.

If your health condition is discovered at a later stage after your life insurance policy becomes effective, the insurance company may cancel your policy. For your pre-existing condition, some insurance companies may decline to provide you coverage while others will provide insurance coverage with a higher premium rates.

The government enacted the Health Insurance Portability and Accountability Act of 1966 (HIPAA) to ease the difficulty faced by people with pre-existing condition to get life insurance coverage from insurance companies.

Risk classes in life insurance

At the time of calculating the premium rates, the insurance companies consider numerous factors, one of which is your health. As SmartMoney website reports, the number of buyers who are considered to be 'substandard' or 'rated' risk is below 5 percent. These people generally spend as preferred client, five to 20 times for insurance. Risk category includes people having heart disease, rheumatoid arthritis, diabetes, multiple sclerosis, past stroke, hepatitis C or recently detected cancer of certain types.

If your health problem is controlled with medication or therapy, the insurance company may reduce your premium if enough proof is provided that your illness is not that much of a risk. If at a later stage, your health condition improves, most of the insurers will rewrite the insurance policy to make your premium lower in value. You may be required to go for additional tests periodically to prove that your health is improving.

Coverage for additional health problems

There are many companies that provide life insurance coverage for certain diseases like cancer, heart disease, or some other high-risk diseases. If a health problem is present, you would do well to research online and find companies that provide insurance coverage for your illness at the best available rates.

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