7 Incredibly Smart Cheap Life Insurance Tips, Even with Pre-existing Conditions

Life insurance is one of the best financial safeties you can provide for your family or loved one. But, if you live with pre-existing medical conditions like diabetes, asthma, high blood pressure, or a past heart condition, you’ve probably heard that it will be difficult and/or expensive to receive coverage. The reality is that certain medical conditions will affect your rate and premiums but you can still realistically find affordable policies and strategies to obtain insurance without losing value or coverage.

Below are seven ways we know to make your search for life insurance easier, even if you have a pre-existing condition.

1. Compare Quotes from Different Companies

Different insurance companies evaluate risk differently, meaning a diagnosis that one insurance company deems as high risk may deem moderate risks by other companies. Some insurance companies focus on covering people living with well-managed diabetes or controlled blood pressure while a different insurance company may practice strict underwriting’s.

What to do:

Use independent insurance brokers or online brokers to Request quotes from multiple insurance companies.

Most insurance companies allow a “pre-underwriting” opinion, meaning, before applying for coverage, you will be able to see rates without having multiple hard credit or medical checks completed.

Why it matters:
It could make a difference of hundreds of dollars a year for the same coverage limit from the most expensive insurance company to the cheapest insurance company.

2.Enhance Your Health Record Before Purchase

Insurance programs can still prepare and potentially direct your risk attention, even with an existing condition. Small changes in your lifestyle will display potential and will assist in observable and unobservable factors.

Take these responsibility steps:

1. Continue treatment and stay current on appointments to evidence good management of your condition.
2. Determine if it is appropriate to stop smoking and reduce alcohol consumption.
3. Maintain a healthy weight level and an appropriate exercise plan as advised by your physician.

Why it is important:
Underwriters consider your overall health record. If you had evidence medical management by attending appointments and your blood sugar, blood pressure, and cholesterol were stable, that would potentially benefit a more favorable risk class thus decreasing your premiums.

3.Choose Term Life Insurance Instead of Whole Life

Term life insurance generally has the highest coverage for the lowest price. Whole or permanent life policies provide lifetime coverage and cash value but are much more expensive.

A smart way to think about it:

Select a term that suits the financial obligations in your life (like 20 or 30 years for a mortgage or children’s education).

You can evaluate your coverage again toward the end of your term in case your health has improved or your financial responsibilities have decreased.

Why it’s important:
In many cases, a term policy can carry up to a 70% cost reduction compared to a comparable whole life policy, making it much more feasible even in higher health risk cases.

4. Partner with a Specialty or High-Risk Insurer

Not all insurance companies are made equal. Some companies work with “high-risk” submissions, including individuals with medical conditions including, heart disease, cancer survivors and autoimmune disorders.

Plan of action:

Ask your broker to point out insurance companies that are known for lenient underwriting and less strict underwriting in your medical category.

Do some research for companies that offer “table-shave” programs. These are programs that reduce your rating (and premiums) if you meet certain criteria for good disease management.

Why it’s important:
High-risk specialists often have a team and some processes to evaluate medical conditions in depth, which can lead to significantly lower premiums.

5.Consider Simplified or Guaranteed Issue Policies

Consider simplified issue or guaranteed issue life insurance, if you have found the traditional underwriting pathways to be too expensive or you believe you may be denied coverage repeatedly. These policies require little or no medical exam before coverage begins.

Pros:

Quick approval and minimal medical questions.

Good if you need coverage to pay for final expenses or for temporary coverage.

Cons:

Less coverage amount (usually less than $25,000 – $50,000).

Pricing is more expensive compared to traditional pricing on a per dollar basis.

Why does this matter?
Not necessarily the cheapest option available, but could be more affordable than not having coverage at all, especially if the benefit amount will be small to modest.

6. Combining Policies or Taking Advantage of Employer Group Coverage

Many insurers offer multi-policy discounts, so you can bundle a life insurance policy with your home, auto or other coverages. Similarly, an employer-provided group life insurance policy can be used in conjunction with individual coverage.

A few practical tips:
– Ask your existing auto or homeowners insurance company if they provide life insurance, and may be willing to give you a discount for combining policies.
– Sign up for employer-provided group life insurance, because they usually do not require an underwriting process and they can be ways to qualify for life insurance coverage.

Why it’s important:
Bundling insurance policies together and group life insurance policies will provide you with a lower effective premium and affordable protection, regardless of any pre-existing conditions.

7. Review Your Policy as Your Health Gets Better

Life insurance rates are not final. If you maintain improvements in your health—which could mean you stopped smoking or improved your management of an ongoing condition—you are likely within your rights to either re-negotiate or replace your policy.

What to do:

Schedule regular doctors’ visits and take note of improvements.

After a year or two of better management, ask for another review, or simply shop around for a better policy.

Why it matters:

If insurers notice improvements in your lifestyle, they may reward you by lowering the premiums. You may save thousands on the life of the policy by switching.

More Ways to Enhance Saving

Be honest on applications: If you aren’t truthful about your situation, claims can be denied. Being transparent protects your beneficiaries.

Pay annually if you can: Many insurance companies charge a fee each month. Paying annually will generally reduce costs.

Buy the right amount of coverage: Remember, you don’t want too much insurance. Consider your family’s real needs – debts, education, income replacement – and do not pay for coverage they may not need.

While your diagnosis could carry some implications for your life insurance rates and coverage, it doesn’t mean you have to compromise on coverage or pay exorbitant premiums. By shopping coverage and rates comparing multiple life insurance companies, taking steps to improve your health, purchasing term life insurance, or considering high-risk or simplified issue policies, you can still find a life insurance plan that protects your loved ones at a cost you can manage.

In the end, life insurance is about peace of mind. With some smart thinking and the willingness to work for it, you can find affordable protection—no matter your medical history.