Life Insurance for Chronic Illness (Discounts & Rates)
When it comes time to buy life insurance for chronic illness, there are a few things you should know. Someone with a chronic illness is able to buy their own life insurance, and riders can be added. However, if the individual receives a terminal diagnosis, the life insurance company will almost certainly decline their coverage.
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...
Farmers CSR for 4 Years
UPDATED: Feb 27, 2024
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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Feb 27, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Chronic illnesses are seen as pre-existing conditions in the eyes of insurance companies
- Life insurance rates for chronic illness are not necessarily more expensive
- A terminal chronic illness will result in higher rates
Since you’re here with us, you must be wondering whether or not you can get life insurance for chronic illness.
We’ll answer those questions as well as detail coverage options and show you some unique and traditional life insurance policy riders.
Before diving into a review on life insurance for chronic illness, type your ZIP code into our free and helpful tool above. With it, you’ll find life insurance quotes in your local area.
Can I get life insurance for chronic illness?
What is a chronic illness? According to the Centers for Disease Control and Prevention, a chronic illness is a condition that lasts a year or more and requires consistent medical attention.
So, can someone buy life insurance for a chronic illness as pre-existing condition? The good news is life insurance companies frequently approve individuals with a chronic condition. (For more information, read our “Life Insurance With Pre-Existing Conditions“).
However, if the chronic illness becomes terminal, a life insurance company will almost certainly deny coverage. Let’s move on to the options on the table for someone with a chronic illness who is approved.
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Life Insurance Options for the Chronically Ill
As far as policy options go, term life insurance is one of the most popular. Term life insurance provides a significant death benefit. Furthermore, term life insurance is frequently seen as an affordable option.
Let’s look at a table showing the average monthly rates for 20-year term life policies with different death benefit values.
Male Average Term Life Insurance Rates by Age and Policy Value 2021| Age | $100,000 Policy Average Monthly Rates | $250,000 Policy Average Monthly Rates | $500,000 Policy Average Monthly Rates | $1,000,000 Policy Average Monthly Rates |
|---|---|---|---|---|
| 20 | $9.03 | $12.90 | $19.69 | $34.62 |
| 30 | $9.03 | $13.11 | $20.12 | $38.27 |
| 40 | $10.92 | $19.01 | $32.68 | $58.48 |
| 50 | $22.27 | $40.85 | $74.39 | $143.96 |
| 60 | $53.23 | $110.28 | $205.97 | $406.54 |
| 70 | $207.52 | $411.85 | $804.87 | $1,546.62 |
As you can see, the higher the death benefit, the higher the rates. This is also applicable to one’s age, regardless of gender.
Permanent life is different from term life in that it does not have a term limit. Essentially, if you pay the premiums on time for your entire life, you’ll see your policy’s value increase over time.
Let’s now wrap up with an explanation of riders and how they can help you.
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Life Insurance for Chronic Illness Riders
What is a rider? Life insurance policy riders are an addition to an existing policy. It provides extra protection and benefits to the policyholder. A rider can be added even if the policyholder has a chronic illness.
For someone with a chronic condition, a terminal illness rider would be the best option. This accelerated death benefit allows you to get part of your death benefit early if you receive a terminal diagnosis.
In short, there is life insurance for people with chronic illnesses. Just be sure you know how long you would like your policy to be active and any further benefits you want to be attached to it.
Now you know all you need to find a life insurance company for chronic illness. Type your ZIP code into our free tool below to find affordable life insurance quotes for chronic illnesses in your local area.
Your one-stop online guide for life insurance quotes. Get free quotes now!
Secured with SHA-256 Encryption
Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...
Farmers CSR for 4 Years
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.