Everyone can come up with a reason why they think they don’t need or shouldn’t get a life insurance policy: too young, don’t have children, single, and the list goes on. However, there are several benefits to having a life insurance policy in place when you’re young.

A person could drive themselves crazy thinking of all the reasons why they don’t need a life insurance policy. Additionally, considering all of the different policy options, benefit amounts, premiums and riders can be overwhelming. On top of that, if you have a medical condition, it may be enough to convince you not to get a life insurance policy with the idea that it’ll cost you too much financially.

Want to know the truth about life insurance and medical health conditions? The reality is that there are many manageable conditions that people may have that don’t automatically disqualify them from getting a good price on a life insurance policy.

  • Health conditions a medical professional is helping them successfully manage: These conditions could include high cholesterol, hypertension, asthma, thyroid conditions, heart murmurs, diabetes, being overweight and more.
  • More serious conditions in their past: This can include heart attack or heart surgery, cancer, stroke and other diseases. Though insurers’ pre-coverage medical exams and the individuals they choose to insure may differ, most will consider the type and severity of the illness, the time that’s elapsed since the diagnosis and the stability of their health and treatment regimen, before making a decision.

Things to Keep In Mind

If you’re interested in purchasing life insurance, you should consider the following:

  1. Never assume a health condition automatically disqualifies you from obtaining life insurance. Sure, maybe your health is less than perfect but you may be eligible for coverage, so give us a call to speak with one our licensed insurance professionals to be sure.
  2. Always be honest about your medical history. Failing to mention a major surgery, serious diagnosis or knowingly misrepresenting your health history could compromise a future claim.
  3. The best time to get covered is when you’re young and healthy. The last, and quite possibly most important recommendation: don’t wait, the earlier you can apply the better — especially if you have a health condition. Down the road, if your medical status takes a turn, it could become significantly harder to obtain coverage.

Additionally, if you’re under 40, you likely qualify for (and should strongly consider) adding a Guaranteed Insurability Option (GIO) rider to your life insurance policy. The GIO rider allows you to increase your life insurance coverage as you age and remain locked in at the healthier rate class secured by your younger (and wise beyond your years) self.