Can you get life insurance if you have a health condition?

If you have diabetes, high blood pressure, a heart condition or another health concern, you may assume getting life insurance will be difficult – or even impossible.

That isn't necessarily the case.

Health is an important part of how insurers assess an application, but simply having a medical condition doesn't automatically mean you can't qualify for coverage.

Insurers look at the bigger picture. What is the condition? How severe is it? How long have you had it? Is it being treated and well managed? Are there other health or lifestyle factors to consider?

The answers can affect both the coverage available to you and what you'll pay for it.

Understanding how this process works can make applying for insurance feel a lot less mysterious.

Why does your health affect life insurance?

When you apply for life insurance, the insurance company assesses the level of risk associated with providing you with coverage. This process is called underwriting.

Depending on the type and amount of insurance you're applying for, you may be asked questions about your medical history, medications, family medical history and lifestyle. In some cases, the insurer may request medical records, testing or other information.

The purpose is to give the insurer a clearer understanding of your health and the likelihood of a future claim.

And that means a diagnosis alone doesn't tell the whole story.

Two people with the same condition could receive different underwriting decisions based on factors such as their age, the severity of the condition, treatment, how well it’s controlled and their overall health.

Some health conditions may still qualify for standard coverage

One misconception about life insurance is that you have to be in perfect health to qualify for a standard policy.

You don't.

Many Canadians live with common health conditions that are treated or managed over the long term. Depending on the individual circumstances and the insurer's underwriting guidelines, some people with health conditions may still qualify for coverage at standard rates.

Others may be offered coverage with what's known as a rating, meaning the insurer charges a higher premium to account for additional risk.

An application could also be postponed if the insurer needs more time or information before making a decision. For example, it may want to see the results of medical testing or a period of stability following a recent diagnosis or treatment.

In some situations, an application may be declined.

What’s important to understand is that these outcomes aren't determined simply by checking a box that says you have a particular condition.

How well your condition is managed can matter

When assessing a health condition, insurers may consider how it's being treated and managed.

For example, depending on the condition, they may look at whether you're receiving appropriate medical care, taking prescribed medications, attending recommended follow-up appointments or keeping certain health measures within an appropriate range.

The length of time since a diagnosis or treatment may also matter.

A condition that was diagnosed very recently or is still being investigated can present a different underwriting picture than one that has been stable and well managed for several years.

This is one reason timing can sometimes make a difference when applying for coverage.

Different insurance companies may look at your health differently

Insurance companies have their own underwriting guidelines.

That means one insurer's approach to a particular medical condition may not be identical to another's. Some may have more experience underwriting certain conditions or may assess particular risk factors differently.

This doesn't mean submitting applications to as many insurers as possible and hoping one says yes.

A better starting point can be understanding your health history and identifying insurers whose underwriting approach may be appropriate for your circumstances.

An independent insurance broker can help with this process by assessing the situation before an application is submitted and exploring options from multiple insurance providers.

What if traditional life insurance isn't an option?

Fully underwritten life insurance isn't the only type of coverage available.

Simplified issue life insurance generally involves fewer health questions and may not require the same medical information or testing as a traditionally underwritten policy.

There are also guaranteed issue permanent life insurance products that may offer coverage without medical questions or exams, subject to the product's eligibility requirements.

These types of insurance can provide another avenue for people who may have difficulty qualifying for traditional coverage, but there can be trade-offs.

Depending on the policy, premiums may be higher, the amount of coverage available may be lower, and certain benefits may be limited during an initial period.

That's why it can be worth exploring whether traditionally underwritten coverage is available before assuming a no-medical option is the best (or only) choice.

Be open about your medical history

If you're concerned that a health condition could affect your application, leaving it out isn't the answer.

Insurance applications require complete and accurate answers to the questions being asked. Failing to disclose relevant medical information can have serious consequences later and could affect a future claim.

Instead, provide the information requested and make sure the insurer has an accurate picture of your circumstances.

If you aren't sure how a particular condition could affect an application, discussing it before applying can help you better understand what to expect – and that’s where we can help.

Don't assume a health condition means you can't be insured

It's easy to rule yourself out before you've explored your options.

Life insurance underwriting can be more nuanced than many people realize. Your diagnosis matters, but so can its severity, treatment, stability, overall health and the insurer reviewing your application.

You don't need to figure out how all of those factors will affect your application on your own. We can help you understand how insurers may view your circumstances, determine whether timing could make a difference, and explore which insurers and types of coverage may be appropriate.

Your role is to provide complete and accurate information about your health. From there, we can help you navigate the underwriting process and understand the options available to you.

You may have more choices than you expect.

Have a health condition and wondering what it means for your life insurance options?

An insurance review can help you understand the types of coverage that may be available, how different insurers may assess your circumstances and which approach makes sense for your needs.

Book a no-obligation consultation and insurance review to explore your options.