Many people worry that a pre-existing condition can exclude them from getting critical illness coverage or life insurance. This belief is far from the truth. Here’s what you should know regarding getting a critical illness or life insurance pre-existing conditions.

You’ll answer a questionnaire and undergo a medical exam to get traditional life insurance coverage. The process can be different if you have pre-existing conditions, such as diabetes or cancer.

A significant number of Canadians have a mild pre-existing condition. The illnesses can be manageable and impact their lives to a less extent. They may have asthma or diabetes, which don’t interfere with their lives significantly.

Persons with mild pre-existing conditions can get insurance. They often get a “rated” policy. This cover attracts higher premiums, and one may need tests to confirm they don’t have other conditions before getting it.

Survivors of severe conditions, such as heart disease, cancer, and stroke, can get life insurance coverage. They are eligible several years after they recover from these illnesses. The covers are often available as rated policies – have higher premiums and specific exclusions and limitations.

You may get life insurance or critical illness coverage if your family has a history of specific diseases. You may pay higher premiums than others with the same cover.

If you have pre-existing conditions, you may qualify for various types of life insurance.

• Guaranteed life insurance: You are eligible for this cover, regardless of your medical history. It has the highest premiums, and it pays out a small benefit.
• Permanent life insurance: This coverage covers you for life if you continue to pay its premiums. It only covers those with mild pre-existing conditions. If you are eligible for it, you will get a rated policy.
• Term life insurance: This policy covers bearers for a specific term, and they may attain it if their condition doesn’t affect their wellbeing within the duration. It may be a rated policy if one has a pre-existing condition.
• No-medical/simplified life insurance: One gets it if they are eligible for the cover after taking a questionnaire. There’s no medical examination. People with pre-existing conditions can get it with no challenges, but it will be a rated policy.

You are likely to get life insurance if you manage your pre-existing condition and are in good health. The requirements may mean you should have no unfavourable health changes within the previous two years.

Younger individuals are also more likely to be eligible for a cover, as other illnesses may complicate your pre-existing condition as you get older.

Falsifying your medical history can lead to the insurer denying to pay out the cover’s beneficiaries. This occurrence is because the insurer and the insured should have an open, honest discussion to determine the best policy.

It may be best to consult an insurance broker before you apply for coverage. Your subsequent odds of getting coverage can reduce if one insurer turns down your application.

Having a pre-existing condition doesn’t mean you cannot get insurance coverage. You may be eligible for a rated policy. The cover ensures the recipients will get a payout to get them through a difficult period.