We’ve Got The Answers: Can I Qualify for Life Insurance with a Pre-Existing Condition?

Posted on July 26, 2017 and updated January 22, 2019 in Life Insurance Canada News 2 min read
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Today’s Question: Can I qualify for Life Insurance with a pre-existing condition? 

The short answer is, yes you can definitely qualify for coverage. However, the type of plan and the company will depend on the type of pre-existing condition and the severity of that condition.

 
Conditions such as cholesterol or high blood pressure are generally considered very mild, ergo; you should be able to qualify for a fully underwritten plan.
 
With more severe conditions, such as insulin dependent diabetes, stroke, or cardiovascular disease, you may want to look at a simplified issue policy, which has no medical tests and a series of health questions. The more questions you can answer no to, the better because you will be able to qualify for a plan this is likely to have no waiting period on the death benefit. It is also going to have lower rates and you are going to be able to get coverage at a higher level.
 
So in short, again, you can certainly qualify for a policy with a pre-existing condition, although there are some extra steps to be taken. If you are unsure about how your condition may conflict your coverage, it is best to speak to a Licensed Broker who knows all the different plans and companies. This way, you can ensure you get the best coverage for your individual needs.
 
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