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Pre-existing conditions not always a hurdle to life insurance

Posted On Mon, July 11, 2011

With the passage of the Affordable Care Act, health insurance companies will no longer be able to deny policyholders due to pre-existing conditions. But that rule does not apply to insurers who offer life insurance, which may lead many to wonder if their options will be limited as a result.

"It's a mistake people make, thinking they can't get life insurance [with a pre-existing condition]," said Jack Dewald, who used to serve as chairman for the nonprofit LIFE Foundation, in an interview with Insurance.com. "They may not be able to get it at the ultra-preferred rate, but only 10 percent of applicants get ultra-preferred rates."

According to the website, some ailments may prevent consumers from obtaining life insurance, such as those with high cholesterol, a heart condition, hypertension or diabetes. However, Robert Pokorski, chief medical strategist for the Hartford, said potential life insurance policyholders with one of these should still inquire.

"Many of [these] people are very insurable," Pokorski told the source.

Just as policies and protocols differ from insurer to insurer, life insurance rates also vary. Consumers should shop around for the cheapest life insurance rates before committing to a provider. 

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