Life Insurance for People with Chronic Illness (Discounts & Rates)

A chronic illness is a long-lasting condition that lasts for a couple of months to a lifetime. Life insurance for people with chronic illness can cost at least 25 percent more than average. However, your rates will vary based on your age and lifestyle. A chronic disease that affects your life expectancy may disqualify you from traditional life insurance, but there are other options.

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D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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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 insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Apr 21, 2021

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The Highlights

  • Chronic illness doesn’t automatically disqualify you from life insurance
  • There are three types of fees that life insurance companies use to determine rates for people with chronic illness
  • The average cost of life insurance is $9/mo but increases as you get older

Can someone with a chronic illness get life insurance? The short answer is yes. Life insurance for people with chronic illness is more expensive than average. Some life insurance companies may even deny you a policy if you’re chronically ill.

Don’t worry – we’re to help. Chronic illness won’t disqualify you for life insurance. So how do you get life insurance quotes for people with chronic illness?

Read through this short guide to learn how to buy life insurance for people with chronic illness, how much life insurance costs, and what life insurance policies are recommended for people with chronic illness.

Why wait for life insurance quotes for people with chronic illness? Enter your ZIP code in the free comparison tool above to compare your local area’s best companies.

How much are life insurance rates for people with chronic illness?

Your health is one of the significant factors that determine life insurance costs. Therefore, chronic illness affects life insurance coverage.

Life insurance companies use various classes based on the nature of your chronic illness.

Super Preferred and Preferred classes generate the cheapest life insurance rates. However, standard and substandard classes produce higher premiums.

Let’s look at the cost of life insurance from the best insurance companies.

Average Monthly Life Insurance Rates and A.M. Best Rating by Company
CompanyAverage Monthly Life Insurance RatesA.M. Best Rating
Banner Life$9A+
Principal$9A+
Protective$9A+
Guardian Life$10A++
MassMutual$10A++
Haven Life$11A++
New York Life$11A++
John Hancock$11A+
Mutual of Omaha$12A+
Nationwide$13A+
State Farm$15A++
Allstate$15A+
Prudential$16A+
Northwestern MutualN/AA++
Pacific LifeN/AA+
PrimericaN/AA+
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These are preferred term life insurance rates for policyholders under 45 years old.

People under a substandard class could pay at least 25 percent more for life insurance.

Each company is suitable for many customers but are they the best life insurance options for people with chronic illness?

Continue reading to learn more about life insurance coverage options for people with chronic illness.

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What types of life insurance policies are available for people with chronic illness?

Most chronic illnesses aren’t terminal. It’s possible to live a full life with a chronic disease, but life insurance companies still want to ensure your health through a medical exam.

If a medical exam is satisfactory, this opens the door to several life insurance options. Here’s a list of life insurance policies you can buy once you pass a medical exam:

You can customize your life insurance policy with riders. Life insurance riders are add-ons that cover specific areas that life insurance doesn’t cover initially.

For example, a return of premium rider can give you back all the money you spent on monthly term life insurance rates.

What if I’m denied a life insurance policy because of chronic illness?

If you’re denied a policy, you can shop around for guaranteed-issue life insurance, burial insurance, or no-exam life insurance. These policies are more expensive and lack the capabilities of permanent life insurance plans.

Why do life insurance companies deny a policy for people with chronic illness?

The life insurance company often denies a chronic illness that affects life expectancy. The life insurance company may see it as a financial risk.

What is a chronic illness?

It’s a long-lasting condition that lasts for a couple of months to a lifetime. Heart disease, diabetes, and cancer are some of the most dangerous and known chronic illnesses.

Chronic illness can have financial and emotional impacts on the patient and caregiver alike.

According to Family Caregiver Alliance® (FCA), 17 percent of caregivers say their health has gotten worse since they’ve accepted caregiver responsibilities.

Life Insurance for People With Chronic Illness: What’s the bottom line?

Let the life insurance company know that you have a chronic illness. You’ll still need to take a medical exam, though.

If you happen to have a manageable chronic illness, your life insurance won’t be any different than any other policyholder.

However, a life insurance policy that affects your life expectancy will affect your rates and whether you’re eligible to receive a policy.

Now that you’re ready to start the conversation about life insurance for people with chronic illness, use our free online quote tool to compare the best companies near you.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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