Term life insurance with a pre-existing condition: hurdles and options for those affected

Term life insurance with a pre-existing condition: hurdles and options for those affected

According to a report by www.ak-kurier.de,

Taking out term life insurance is often difficult for people with previous illnesses. This is due to the financial and underwriting risks that insurance companies see in this target group. People with diabetes, COPD or other pre-existing conditions have a harder time finding adequate insurance because insurance companies consider the risk of premature death due to these illnesses to be increased. This usually results in higher premiums or rejection of the application.

In the case of pre-existing illnesses, policyholders must be particularly attentive and truthfully provide all relevant information in the health check. Incorrect information can lead to the loss of insurance cover and the surviving dependents' right to the insured sum.

However, there are ways to avoid rejections. For example, an anonymous preliminary risk inquiry can be made, in which the applicant's personal data is anonymized so that the insurance company cannot draw any conclusions about the identity. This makes it possible to compare different offers and find the right insurance without being contacted by insurance companies.

It is therefore possible to check in advance which insurance company an applicant has the best chance of taking out term life insurance with. This can be an important option, especially for people with pre-existing conditions, when it comes to finding the right insurance coverage. In the future, the industry will have to adapt more closely to the needs of this target group in order to give these people access to adequate insurance protection.