Can you get life insurance if you have a chronic illness?

4 minutes

Asthma, diabetes, heart problems... Does that slam the door shut on getting life insurance? Not necessarily. There are more solutions to protect your family than you might imagine, even with a chronic illness.

Living with a chronic illness is tough enough as is

Living with a chronic illness or degenerative disease is no small feat. So having to justify your health just to get insured? That’s another tough pill to swallow. It adds to the stress and the feeling of being different.

Life insurance is a fundamental tool to protect your family’s finances or leave money behind when you pass away. So don’t give up on it before exploring all the options available to you!

A real-life example

Martin, 53, has been living with Hannah for eight years. When they met, both already had children.

Hannah got life insurance to better protect their family’s financial future.

Now Martin feels he should do the same. His concern? He has type 2 diabetes and a history of smoking. He wonders: “If I’m completely honest, will my insurance be unaffordable? Or worse, will I be automatically denied?”

One of our experts weighs in: “Martin has a good chance of getting life insurance. Depending on the product he chooses, he may need to complete a medical questionnaire.

The insurer will likely want to know if he’s following the recommended treatment for diabetes and whether he’s still smoke-free.

My first piece of advice: if he goes with a policy that includes a medical questionnaire (there are other options), he should answer truthfully. If the insurer suspects a false declaration, they can refuse to pay, even several years later.

I also recommend Martin work with an advisor to find the best option and build a strong case.”

Do you need to be in perfect health to get insured?

Let’s be clear right from the start: you don’t need golden arteries or run marathons to be insurable!

But in reality, insurers assess the risks associated with health conditions. They are wary of complications, shorter life expectancy or higher costs. The result? Premiums go up, some benefits may be excluded and, in some cases, applications are outright denied.

However, many insurers, including Beneva, offer products designed to accommodate people with health challenges.

Insurability: not all companies use the same criteria

Some schools only accept students with top grades. Similarly, insurers may choose to cover only those with a clean bill of health. As businesses, they decide which risks they’re willing to take.

What about Beneva?

A mutual like ours agrees to cover most medical situations (it’s one of the reasons mutuals were created).

Our various insurance solutions protect the financial security of people whose health isn’t perfect, while respecting our capabilities—because if we want to continue helping, we still have to consider the risks.

What types of life insurance are more accessible for people with chronic illnesses?

Needs vary, and to meet them, the products must vary as well.

Simplified issue life insurance is one option.

There are two types, term or permanent. Their coverage may be more limited than traditional insurance. However, they offer solid advantages:

  • A 100% electronic process (available at Beneva)
  • Policies are issued quickly (often in under an hour)
  • Few medical questions

Their roles

  • Term simplified issue life insurance is ideal for coverage over a defined period for the duration of a mortgage loan, for example. You can renew the coverage when the contract terminates.
  • Permanent life insurance provides lifelong coverage with fixed premiums. It’s an option if you want to leave an inheritance to your loved ones.

Guaranteed issue life insurance is another option suitable for adults with health issues or medical history.

Generally, the coverage amount is limited and the cost may be higher. Still, it’s worth considering because:

  • It offers permanent coverage.
  • No medical exam is required.
  • It’s accessible to everyone, even those who’ve previously been denied life insurance.

Additional options include disability insurance and critical illness insurance. If available to you, this type of coverage can be added to life insurance. They provide financial support if you’re unable to work or are diagnosed with a critical illness.

What should guide your choice

Choosing life insurance, especially with a chronic illness, requires careful thought. Compare offers and dig into the details. Some policies are cheaper, but they must include a minimum level of coverage. Otherwise, what’s the point?

  • Start by assessing your needs. Do you want to protect your loved ones in case of death, cover yourself in the event of disability or plan for support in case of serious illness? Each product has its own speciality.
  • In a medical questionnaire, disclose your health condition. As mentioned earlier, honest disclosure helps avoid unpleasant surprises. It also increases your chances of getting coverage that truly reflects your situation.
  • Compare offers. Read the exclusions and conditions. Pay attention to the details to ensure the insurance meets your needs.

Why go it alone?

When living with an illness, assistance with choosing life insurance isn’t a luxury, it’s valuable support that simplifies everything.

Talk to advisors who understand your reality. They’ll guide you to the insurance coverage with conditions suited to your situation. That way, you can focus on what really matters, starting with your health.