It's estimated that up to 129 million Americans under the age of 65 live with a preexisting condition. Obtaining a quality life insurance policy can be challenging for many of these individuals. Fortunately, there are certain steps you can take to set yourself up for approval and achieve affordable rates. The guide below covers some of the most helpful strategies. 

What Qualifies As a Preexisting Condition?

The term "preexisting condition" refers to any medical issue diagnosed prior to purchasing a policy that could impact a person's lifespan. The list includes both chronic diseases, like high cholesterol, asthma, and diabetes, as well as more serious ailments, such as cancer. Since these conditions increase the risk of premature death, insurance companies typically charge higher rates for coverage. 

How to Get Better Life Insurance Rates

Follow Medical Advice

Following your doctor’s advice and making the appropriate changes to your medical care and lifestyle may be able to tangibly improve your health. For this reason, you may be able to lower your life insurance rates by following your doctor's advice closely. Be sure to provide documentation that you're complying with their recommendations. 

Choose the Right Plan Style

There are two main types of life insurance: term and whole life. While term life insurance policies are only effective for a set period of time, they're associated with lower rates. As such, you could end up saving money by opting for a term plan.

Be Selective

Insurance companies determine rates based on risk, but each provider rates preexisting conditions differently. To help you avoid a denial and find the best premiums, be selective with the companies you apply for a policy through. A third party, such as an independent agent, can help you determine which providers give the lowest rates for your conditions. 

If you’re living with a preexisting condition, learn more about your life insurance options by turning to Nicole Gumm Groseclose Insurance Solutions. Boasting more than 16 years of experience, the local independent agent provides a personalized approach to coverage selection and financial planning. Nicole proudly serves the needs of clients across Bath, Clifton Forge, Covington, Fincastle, Lexington, Roanoke, and Waynesboro, VA. Learn more about the agency and the policies they offer online, and request a quote today at (540) 968-1569.