Each insurance company has its own underwriting standards, which can vary based on an applicant’s health condition, chosen policy type and the amount of coverage. Serious or terminal conditions like late-state cancer, ALS (Lou Gehrig’s Disease), dialysis dependency and HIV/AIDS can severely limit your options or disqualify you completely. If you have milder conditions like high blood pressure or mild osteoarthritis, you are more likely to qualify.
Even if you have pre-existing health conditions, it’s still possible to obtain life insurance. The medical condition type and severity will determine your eligibility. If you have your condition under control through a treatment plan, you might qualify for term life insurance.
Not disclosing all pre-existing conditions on a life insurance application jeopardizes your eligibility and increases the likelihood of a claim rejection. The risk of trying to hide a pre-existing condition can result in losing your premium and your source of financial support during critical times.
Your prescription history is relevant to your health status in the overall risk assessment of the underwriting process. Life insurance companies usually review at least the last two years of your prescription records.
