If you live with a chronic illness and are considering the prospect of purchasing life insurance, you may be wondering if your condition will get in the way of your eligibility. However, many people with chronic health conditions are still able to qualify for average life insurance rates. Of course, every person’s situation is different, and your rates will also reflect the specific type of chronic illness, and the treatments needed to address your symptoms.
Some chronic illnesses that often impact life insurance eligibility and rates include cancer, diabetes, high blood pressure, HIV, asthma, arthritis, and high cholesterol. Keep reading to learn more about chronic illnesses and life insurance eligibility.
Qualifying for Life Insurance While Living with a Chronic Illness
There are a few different types of life insurance available – term life insurance, permanent life insurance, and final expense life insurance. The type of chronic illness you have will determine which is best for you.
- Term life insurance: The most popular option is term life insurance. Many people choose this because it is affordable and does not have many limitations or tax restrictions. If you have a chronic illness that is relatively well-managed, you may be eligible for term life insurance.
- Permanent life insurance: Generally, permanent life insurance is most appropriate for those with a higher net worth. Given its cash value savings component, it is more expensive than term life insurance. Although having a chronic illness will not prevent you from applying for this type of insurance, it will have an impact on your premium, which might render it impractical.
- Final expense life insurance: For older adults who wish to