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Life insurance for people with a chronic illness: What you need to know

How much you pay for life insurance depends on the severity of your diagnosis and your insurer. Shop around to find an insurer that will offer the lowest rates.

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By

Katherine MurbachEditor & Licensed Life Insurance AgentKatherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.&Amanda ShihEditor & Licensed Life Insurance ExpertAmanda Shih is a licensed life, disability, and health insurance expert and a former editor at Policygenius, where she covered life insurance and disability insurance. Her expertise has appeared in Slate, Lifehacker, Little Spoon, and J.D. Power.

Edited by

Antonio Ruiz-CamachoAntonio Ruiz-CamachoAssociate Content DirectorAntonio is a former associate content director who helped lead our life insurance and annuities editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.
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Reviewed by

Maria FilindrasMaria FilindrasFinancial AdvisorMaria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

Updated|6 min read

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

Policygenius content follows strict guidelines for editorial accuracy and integrity. Learn about our editorial standards and how we make money.

Can you qualify for life insurance if you have a chronic illness?

Having a chronic illness doesn't immediately disqualify you from getting life insurance. A chronic illness is a condition that lasts one year or longer and either requires ongoing medical attention, or limits activities of daily living, or both, according to the Centers for Disease Control (CDC). Six out of every 10 adults in the U.S. live with one chronic illness, and 4 in 10 have two or more. [1]  

Your coverage options and how much you’ll pay for your policy will depend on the type of chronic condition you have, its severity, and the kind of treatment you’re following, in addition to other risk factors like your age, gender, overall health profile, habits, and hobbies.

Life insurance terms you should know
  • Beneficiaries: The people you name on your life insurance policy to receive the lump sum of money — also known as the death benefit — when you die.

  • Cash value: The portion of a permanent life insurance policy’s monetary value that grows tax-deferred over the life of the policy.

  • Death benefit: The amount of money the life insurance company will pay your beneficiaries when you die.

  • Face amount: The dollar amount, or death benefit, your beneficiaries receive if you die while your life insurance policy is active.

  • Insured: The person who is covered by the insurance policy.

  • Policy: The legal document that includes the terms and conditions of your life insurance contract.

  • Policyholder: The person who owns an insurance policy. Usually, this is the same person as the insured.

  • Permanent life insurance: A type of life insurance that lasts for the rest of your life and usually includes a cash value account.

  • Premium: The amount you pay your insurance company to keep your coverage active. Premiums are typically paid monthly or annually.

  • Riders: Add-ons to a life insurance policy that provide more robust coverage, sometimes for an extra cost.

  • Term life insurance: A life insurance policy that lasts for a set number of years before it expires. If you die before the term is up, your beneficiaries receive a death benefit.

  • Underwriting: The process where an insurance company evaluates the risk of insuring you and determines your final rate.

Which chronic illnesses can affect your life insurance options?

These are some chronic conditions that may affect your life insurance eligibility and rates:

  • High cholesterol

  • Diabetes

  • Sleep apnea

  • Depression or anxiety

  • Alcoholism

  • Cancer

  • Digestive diseases

  • High blood pressure

  • Asthma

  • Atrial fibrillation

  • Arthritis

  • HIV

How does a chronic illness affect your life insurance options?

A chronic condition can affect your life insurance options because it has the potential to increase your chances of dying while your policy is in effect.

In order to determine your eligibility and rates, insurers will take a holistic look at your health, chronic condition, and treatment plan. 

The insurance company will make an assessment of your overall risk and assign you a health classification, which, in turn, will determine how much you’ll pay for your policy. The lower your insurance risk, the better the health classification you’ll receive — and the lower your rates will be.

Health classifications range from Preferred Plus — which comes with the lowest rates — to Substandard, or table ratings — which offers the highest rates.

Plenty of people with a chronic condition can qualify for a Standard health classification, which comes with average life insurance rates. However, the cost of your policy will depend on your specific health condition and the kind of treatment you may be following.

If your condition significantly impacts your daily function or ability to work, your application for traditional life insurance might be declined.

Health classifications, explained
  • Preferred Plus offers the most affordable premiums. It’s usually assigned to people who have no or one well-controlled or resolved minor health condition and no family history of conditions like heart disease or cancer.

  • Preferred offers the second-lowest premiums. It’s usually assigned to people with one or two well-controlled or resolved minor conditions and no family history of conditions like heart disease or cancer.

  • Standard Plus offers the third-lowest premiums. It’s usually assigned to people who may have well-controlled or resolved mild-to-moderate conditions and who may have one death from heart disease or cancer in their immediate family.

  • Standard offers the fourth-lowest premiums. It’s usually assigned to people with well-controlled or resolved moderate health conditions and who may have more than one immediate family member who died of heart disease or cancer.

  • Table Ratings are assigned to applicants with more serious health conditions and are divided into 10 sub ratings — table 1 has the lowest premiums and table 10 the highest.

  • Tobacco/Smoker ratings are assigned to people who currently use tobacco or nicotine products or have in the past 12 months. These ratings can also be applied to frequent marijuana users. There are usually three categories for people in this rating: Preferred, Standard, and Table Ratings.

What do life insurance companies consider when you're applying with a chronic illness?

Here are some examples of health conditions and follow-up questions insurers will likely ask if you’re applying for coverage with that condition.

  • Diabetes: The insurance company will ask for the age at which you were diagnosed with diabetes, the type of diabetes you have and its severity, and how you treat and control it.

  • High cholesterol: How much you pay depends on your overall cholesterol levels and the ratio of your “good” cholesterol to your total cholesterol levels.

  • Sleep apnea: Insurers evaluate severity and whether it’s caused by (or causing another) health condition, like heart disease, to determine rates. They’ll ask when your last sleep study was and your most recent oxygen saturation level. 

  • Depression or anxiety: How much you pay will depend on the date of diagnosis, your prescription or therapy history, the severity of your diagnosis, and whether you’ve been hospitalized.

  • Alcoholism: You’ll likely have difficulty finding affordable premiums up to five to 10 years after quitting drinking, if you’ve had even occasional alcohol consumption as a former alcoholic, or if you have a recent DUI or DWI. Insurers will also look for signs of long-term health issues associated with alcohol abuse, such as stroke or liver disease, when determining your rates.

  • Cancer: If you were recently diagnosed with cancer or are currently being treated for cancer you’ll likely not be eligible for traditional life insurance. Typically, after five years, you may be eligible for coverage, but the insurance company will want to know about your diagnosis and treatment history.

  • Digestive disease: Crohn’s disease, irritable bowel syndrome, celiac disease, or other digestive conditions can sometimes lead to higher life insurance rates. But if your condition is under control and you haven’t had any recent flare-ups, you may be able to get affordable premiums.

  • High blood pressure: The age of onset, severity of your condition, and whether you treat it consistently by managing your diet, exercise, or stress all impact your rates.

What types of life insurance are available if you have a chronic illness?

The right type of life insurance for you will depend on your budget and coverage needs. Here are some of your options.

Term life insurance

Term life insurance is the best choice for most people because it’s affordable and comes with few tax restrictions or limitations. It provides financial protection during the time you need it the most — when you have your largest expenses, such as paying down a mortgage or raising children — usually up until retirement age. 

In most cases, term life insurance will be available if you have a well-managed chronic illness. 

Permanent life insurance

Permanent life insurance lasts your entire life, as opposed to a set term, and usually has a cash value savings component that grows tax-free over time. Because of this, it’s significantly more expensive than term life.

Permanent life insurance options, such as whole life insurance, are usually a good fit for high-net-worth individuals and people with long-term financial obligations or dependents who require lifelong care.

A chronic illness won’t automatically disqualify you from applying for permanent life insurance, either. It may just contribute to even more expensive premiums. 

Final expense life insurance

Final expense life insurance, also called burial insurance, is a type of policy that doesn’t expire and is meant to cover end-of-life expenses, such as a funeral or medical bills.

Final expense life insurance can be a good option for older adults, people who need less than $50,000 in coverage, or people who have health conditions that might disqualify them from getting term insurance.

Guaranteed issue life insurance

Guaranteed issue life insurance is a type of final expense coverage that offers near-certain approval odds. It can provide some financial protection if you don’t qualify for traditional coverage, and you don’t have to take a medical exam for approval.

Group life insurance

If you’re able to work, many employers offer group life insurance coverage for free or at a subsidized rate to their employees as part of a benefits package. While coverage amounts are low and you lose coverage if you leave your job, these policies generally have fewer health requirements for approval.

Life insurance riders

The main reason to buy life insurance is to provide financial support to your beneficiaries after you die. 

However, you can also add living benefits riders to your life insurance policy, which offer supplemental coverage under special circumstances. For example, some of these add-ons can provide funds if you receive a diagnosis for a terminal illness, or if you’re in need of critical care after an unexpected medical event, like a heart attack.

Generally, you add riders to your policy at the time of application. Here are some of the most common living benefits riders.

  • Accelerated death benefit: It’s a rider that allows you to request a portion of the death benefit if you’re diagnosed with a terminal illness or condition. The accelerated death benefit comes free of charge with most term policies.

  • Critical illness rider: This add-on allows you to request a portion of the death benefit if you’re in critical condition as a result of a health event, including ALS, heart attack, stroke, and major organ failure.

  • Chronic illness rider: Provides benefits if you can no longer perform at least two of the six activities of daily living: bathing, dressing, using the toilet, transferring (to or from bed or chair), caring for incontinence, and eating. [2]

  • Long-term-care (LTC) rider: A long-term care rider covers nursing home care, home health care, and other long-term care expenses for people who are no longer able to perform at least two of the six activities of daily living.

The best way to find the right coverage option for you is to do some preliminary research about how insurance companies will evaluate your medical history, and to work with an independent insurance agent or independent broker. They will help you identify the best and most affordable policy for your situation. 

At Policygenius, our experts are licensed in all 50 states and can walk you through the entire life insurance buying process while offering transparent, unbiased advice.

Ready to shop for life insurance with a chronic illness?

Best companies for life insurance if you have a chronic illness

No one life insurance company is best for every person with a chronic illness, but certain insurers may consider your condition a lower risk than others. Our evidence-based analysis can help you get started, but a life insurance agent can help you find the right company for your specific situation.

We use industry data, pricing from Policygenius carrier partners, and ratings from third parties like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.

Methodology

Why you can trust our picks

Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.

Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.

Read more about our reviews methodology

Best overall life insurance for chronic illness: Lincoln Financial

award icon

2024 Policygenius award winner

Lincoln Financial

Lincoln Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.

Pros and conschevron icon

Pros

  • Affordable rates

  • Good for many existing health conditions, including depression, stroke, and heart conditions

  • Good for marijuana users, including daily users

Cons

  • Term life not available in New York

Our analysis found that Lincoln Financial offers better rates than other insurers to people with chronic or pre-existing conditions. In particular, Lincoln Financial is known for offering affordable options to people with histories of arthritis, cancer, mental health diagnoses, and stroke, among other health problems.

We found that Legal & General America, which also does business as Banner Life and William Penn, offers a wide array of coverage options to people with a number of chronic illnesses, such as diabetes and asthma. 

It also offers affordable premiums in general — if you get assigned a health classification associated with higher-than-average rates, you’ll still pay less with Legal & General America than with other insurers under the same health classification.

Best term life insurance for chronic illness: Pacific Life

award icon

2024 Policygenius award winner

Pacific Life

Pacific Life logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

No-medical-exam option

Why we chose itchevron icon

Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.

Pros and conschevron icon

Pros

  • Extremely affordable across age brackets

  • Affordable guaranteed universal life insurance option for people who need lifetime coverage

  • Favorable underwriting for many health conditions

Cons

  • Traditional term life not available in NY

  • There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy

Our top choice for term life insurance for people with a chronic condition is Pacific Life. The company offers affordable rates across many health classifications and offers especially affordable rates for people with various chronic conditions, such as sleep apnea and diabetes. Pacific Life also has more flexible guidelines when it comes to some higher-risk chronic conditions, such as HIV.

Best life insurance rider availability for people with a chronic condition: Foresters Financial

Foresters Financial

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.3

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

For people under age 55 and in relatively decent health, Foresters Financial's Your Term policy is a solid choice for a term life policy. You can get it without a medical exam and coverage can be offered within 24 hours.

Pros and conschevron icon

Pros

  • Accelerated death benefit rider includes coverage for critical, chronic, and terminal illnesses

  • Includes several no-cost riders that aren’t available through other insurers, including Family Health Benefit Rider and Charity Benefit Provision

  • No-medical-exam option available for people up to age 55

Cons

  • Not available in New York or Maine

  • People with complicated health histories will likely find their best rates elsewhere

Our analysis found that the best option for people with a chronic condition looking for living benefits riders is Foresters Financial. The company includes a series of unique riders in its policies at no extra cost, including the accelerated death benefit rider as well as chronic, critical, and terminal illness riders.

Comparing the best life insurance companies for people with a chronic condition

Insurer

Policygenius rating

Best for

AM Best rating

Legal & General America

4.9/5 ★

Affordability

A+

Lincoln Financial

4.8/5 ★

Best overall

A

Pacific Life

4.8/5 ★

Term life

A+

Foresters Financial

4.3/5 ★

Living benefits riders

A

Learn more about the best life insurance companies of 2024

Ready to shop for life insurance with a chronic illness?

How much does life insurance cost if you have a chronic illness?

A 30-year-old non-smoker with a well-managed chronic illness can expect to pay less than $39 per month for a term life insurance policy with a $500,000 death benefit payout and a duration of 20 years. Your final rates will depend on your specific illness or condition. 

20-year term life insurance rates for people with a chronic illness

Age

Gender

Non-smoker

Smoker

20

Female

$33.82

$74.34

Male

$42.64

$102.27

30

Female

$34.41

$83.92

Male

$43.11

$110.73

40

Female

$53.51

$150.37

Male

$67.19

$201.96

50

Female

$121.88

$350.72

Male

$156.80

$477.29

60

Female

$292.85

$805.79

Male

$408.84

$1,110.30

Collapse table

Methodology: Average monthly rates are calculated for male and female non-smokers in a Standard health classification obtaining a 20-year, $500,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 05/01/2024.

What to do before you apply

  • Determine how much life insurance you want to purchase. Consider your financial obligations — do you have a spouse, children, or a mortgage? These factors will help inform how much coverage you need. Most financial planners recommend 10 to 15 times your income as a rough estimate. 

  • Compare quotes from multiple insurance companies. This will help you confirm you’re applying with an insurer that’s likely to give you the best rates for your health history and circumstances. Keep in mind that your quote could differ from your final offer, which is when you’ll know your final rates.

  • Talk to a licensed life insurance agent about the details of your specific health history. A licensed agent will be able to provide a personalized recommendation based on your unique profile. At Policygenius, we can do the shopping for you because we work with over 10 different insurers.

Other health concerns that can affect your life insurance

Certain pre-existing conditions and other health-related concerns can affect your life insurance options or costs. A Policygenius expert can help you find the right policy for your needs.

References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. Centers for Disease Control

    (CDC). "

    About Chronic Diseases

    ." Accessed May 01, 2024.

  2. LongTermCare.gov

    . "

    What is Long-Term Care?

    ." Accessed May 01, 2024.

Authors

Katherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Amanda Shih is a licensed life, disability, and health insurance expert and a former editor at Policygenius, where she covered life insurance and disability insurance. Her expertise has appeared in Slate, Lifehacker, Little Spoon, and J.D. Power.

Editor

Antonio is a former associate content director who helped lead our life insurance and annuities editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

Expert reviewer

Maria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

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