What is the best life insurance for chronic disease? Many people, especially seniors, usually ask this question today. Thus, we have highlighted all you need to know regarding this below.
A chronic illness can have a catastrophic financial impact, despite the quality of your healthcare coverage. The reality is that dealing with a chronic disease typically necessitates taking time off work for months while average living expenses and expenditures continue to mount. It can take longer to recoup and get back in shape monetarily, even when you recuperate from a chronic illness such as cancer or a major organ transplant.
This is most likely why medical bankruptcies continue to be so widespread. For many households, filing for bankruptcy and getting a new beginning is far easier than dealing with a stack of unpaid medical bills for extensive periods. Surprisingly, one type of insurance can help you avoid the severe implications of becoming terminally sick. Chronic illness insurance is a supplemental insurance product that offers cash to users to cover the bills when they are most needed.
To identify the best insurance for the ordinary consumer, we reviewed some providers who offer this coverage, so continue reading to learn more about them.
What is a Chronic Disease?
According to the Centers for Disease Control and Prevention (CDC), a chronic disease lasts at least a year and necessitates ongoing medical care. It is also a disease that affects your health, limits your daily activities, and lowers your life quality. Heart disease, kidney disease, leukaemia, asthma, and vascular dementia are all major chronic illnesses in the United States. Tobacco and alcohol-related health problems are also classified as chronic illnesses.
Things to consider before getting life insurance for people who have a chronic disease
How you handle your illness, the degree of your sickness and your family history impact your coverage options and prices if you have a chronic illness. When shopping for life insurance, there are also a few things to keep in mind. These include:
- Is the sickness life-threatening? A person with rheumatism, for example, is more likely to get more choices than someone with cardiac problems.
- When you were identified and how you’re doing now: You can typically still receive standard life insurance if your illness is under control and you’re in otherwise good health. It also matters how long you’ve been identified. Overall, the prolonged an illness lasts, the higher the chance of complications, leading to higher mortality rates.
- Age and physical wellbeing: You’re better eligible to qualify for cheaper rates if you’re younger and in relatively good condition. Drinking and smoking habits, for example, play a role.
Best Life Insurance for Chronic Disease
Some excellent options here include:
Aflac (American Family Life Insurance Company)
Today, Aflac is one of the top life insurance companies for chronic sickness. It’s also a good option because you may sign up without answering any health-related queries, and your coverage is assured. The company was created in 1955, but it has had several name changes and ownership changes throughout the years. Continental American Insurance Company underwrites Aflac critical illness insurance.
Aflac critical illness cover is meant to pay out a significant amount if you have severe cancer, cardiovascular disease, dementia, renal disease, lung cancer, or other conditions. If you need surgical intervention or an organ transplant, you can receive the cash payout from your coverage.
Standard assured issue insurance with a $10,000 cover limit is available, but you may increase to a $20,000 extended plan. Also, each dependent kid under your policy is covered at 50% for no extra cost, making this plan a fantastic choice if you’re concerned regarding your child’s welfare.
Mutual of Omaha
Mutual of Omaha specializes in providing chronic illness insurance for a wide variety of diseases. You may also buy more coverage with chosen add-ons to make your coverage even more comprehensive. This insurer has a record of providing life cover, long-term care coverage, annuity, and numerous financial products, founded in 1909.
This company guarantees no disappointments and the possibility to extend your coverage for the rest of your life when it comes to life insurance for chronic illness. Simplified underwriting is also a big bonus because irrespective of how many kids you have, you may add all of your dependents to your plan for a fixed fee.
Surprisingly, this policy also includes reimbursing premiums paid following your demise, which significantly benefits your heirs. Optional extras can also be added to your policy, though the options available to you will vary depending on the location, your age, and other considerations.
The critical illness coverage provided by Mutual of Omaha is unique in that it covers a wide range of ailments. Mutual of Omaha critical illness insurance covers blindness, immobility, incontinence, and other disorders. This is in addition to severe illnesses like tumours and cerebrovascular disease.
Colonial Life Insurance Company
Organizations who wish to provide life insurance for chronic sickness to their employees should check into Colonial Life Insurance Company and everything they have to offer, especially because employee protection is assured.
Employee insurance is also portable, which is a significant plus for personnel who may not remain at the same workplace for the rest of their careers. This supplier has a longstanding experience of delivering exceptional insurance products, having been started in 1937.
This company’s group critical illness coverage has assured issue options and low underwriting, so you could effectively give all your employees this crucial insurance. Health problems, strokes, and kidney failure are all cover, and depending on the plan you choose, more ailments may include.
Employers can add extra coverage to Colonial Life group plans for their dependents, a huge benefit. Employees can also take policies with them if they change workplaces because some procedures are transferable. For added convenience, Colonial Life allows employees to file and monitor claims through the business site.
Liberty Mutual Insurance
One of the most significant life insurance policies for chronic disease offer by Liberty Mutual. When it comes to acquiring a quote and applying online, the company outperforms its competition. In a couple of minutes, you can find out if you’re qualified by answering a few queries, and you can get insurance as soon as you submit your rates and complete the policy papers. Since its inception in 1912, Liberty Mutual has provided a wide range of coverage, investing, and other services.
Diabetes, percutaneous coronary intervention surgery, cardiac arrest, surgical intervention, and cerebrovascular disease are all covered by Liberty Mutual’s chronic sickness insurance. Depending on your state, you may also cover more conditions. Liberty Mutual’s insurance offer sums up to $50,000, more than many rival chronic disease plans provide. You can get insurance for yourself and your household, and upon assessment, you’ll get a lump-sum payment which you can use any way you want.
Critical Care Plus coverage from AIG
With compensation rates up to $500,000, AIG provides some of the most comprehensive life insurance for chronic illness. AIG has a lengthy history of providing life cover and other insurance products for centuries, created in 1919.
AIG chronic sickness policy covers a wide range of illnesses and injuries, including malignant tumours, dementia, cardiac arrest, cancer, kidney problems, and severe injuries. Additional plans for sudden death and injury, as well as an increase in your coverage, are purchasable. If you’re a medical practitioner, you may also acquire an alternative HIV policy.
You’ll also appreciate the fact that you may obtain insurance for up to $500,000, while coverage amounts exceeding $100,000 will need a medical evaluation. It’s also worth noting that you can get insurance for your partner and dependents.
Frequently Asked Questions
Is Chronic Illness Insurance Worth It?
Yes. Chronic Illness Insurance, like any other sort of insurance, can save your life if you choose to purchase it.
What Is Chronic Illness Insurance?
Chronic Illness Insurance, as the name suggests, is a type of health insurance that aims to alleviate the financial burden of hospital bills and other expenditures when you’re ill.
What can make you ineligible for life insurance?
The following are the most prevalent reasons for your requests being denied:
- Incomplete or inaccurate information in the registration.
- Failure to pay deductibles lapse.
- Period of contestability
- Exclusions from the policy.
- Inadequate paperwork.
What diseases does chronic illness insurance cover?
Many chronic illness insurance plans come in when you have a cardiac arrest, cerebrovascular disease, tumour, surgical intervention, or a myocardial bypass. Some policies cover a wider variety of ailments, such as diabetes, deafness, or immobility too.
In conclusion, many persons with chronic illnesses are denied health insurance coverage because they believe they are ineligible. Thus, the highlight above will aid you in accessing the best life insurance for chronic disease. Furthermore, because each insurance provider has its unique set of rules. You should talk to an insurer’s adviser over which one is ideal for you, depending on your medical history.
Nicholas J. Banks has been an expert in the Insurance industry for over 10 years. He is well-versed in all aspects of insurance, and he has worked on Allstate Ins Group since 2006.
He attended the University of Pennsylvania with an undergraduate degree in Business Administration, followed by a Master’s degree from the University of Southern California to further his career in Insurance Management.
His experience working with many different companies has helped him develop valuable insight into how to succeed in this exciting field, which he now shares through our blog “Pro Insurance Info.”