I wonder if anyone here has any experience of trying to obtain life insurance after being diagnosed with a chronic health condition? I have a serious heart condition called dilated cardiomyopathy and have been told that the chances of obtaining life cover are extremely low. My only hope is to try and find a specialist broker. This makes me feel as if i have been written off by society in some way and doesn't give me any reassurances for the future when i am considered such a high risk. I worry about my health enough as it is. Does anyone else here feel the same way?
I have congestive heart failure and also had a-fib and still got life insurance. It was only a small burial policy; but that was all that I need it to be. For the first two years, it only pays a return of premiums plus 10%; but after that it is a full coverage. Plus, if it is an accidental death, then it pays right away, and is a larger amount. Since I am also 70 years old, and they are willing to sell insurance to me with all of these issues; I think that you should also be able to get insurance, you just need to find a company that works for your area, and has this kind of a program. If you do find one, and get coverage, you will probably not be able to increase it at a later date, so you should take as large a policy as you can afford.
I agree with Happyflowerlady. The younger you are the lower your premiums may be too. I encourage you to continue your efforts to find coverage. When you do make sure you fully understand the benefits of the policy, specifically premiums and if they will increase over the term of the policy.
It's usually hard to get covered for medical or life insurance if you have a pre-existing condition. Insurance providers usually set a stability period for you to qualify. Failing to establish stability will keep you from making a valid claim.
The way that mine works is that for the first two years of coverage, if I were to die, the company would pay a return of premiums plus interest, and after two years, the policy is in full force. This means that I can't lose money with the policy; because the very least they will do is return all the money I have paid into the policy, plus interest, just the same as if I had been putting that money into a savings account. Then, after the two years, it pays out the full benefit amount. Naturally, this is not as good of coverage as a regular policy that will pay out the death benefit immediately; but when you have a serious medical condition, it is a reasonable alternative. You can't expect to be dying and then take out a life insurance policy that pays right away. Since my policy is a whole life policy, the premiums do not go up each year, either. That is an imprtant part to consider when buying life insurance. The premiums are usually pretty cheap when you are young, and then skyrocket when you get older, unless you buy a whole life policy where the premiums do not change as you age.
I absolutely know where you're coming from, @worldmachine! My husband and I have been shopping around for a private medical health cover (not life insurance) for a while now, and have all but given up because he has a pre-existent condition that falls within the dreaded list. Basically, where we are, we would have to pay into the cover for up to 24 months before my husband can benefit from it. We even offered one company 24 months' worth of instalments upfront, but they told us we'd still have to wait another 24 months in order for him to start using the cover for his doctor's visits, meds and any potential emergencies. It's just ridiculous.
I suppose there are government sponsored life insurance schemes in most countries. We have one called the National Insurance Fund (NHIF) which saved my niece who was born with a congenital condition (a hole in the heart). I should say prayers played a crucial decisive role in his recovery in India. Hope the same will apply to you. Advocacy groups also play a crucial poke in case there is such a discriminative gap.
Even if the insurance does not cover the pre-existing condition for two years, it should cover any other conditions that arise. If you don't get any insurance , you still have to pay for that pre-existing condition , so it seems to me that it would be better to find the best coverage that you can, and once you are past the first two years, then you will at least start having the coverage for everything.
