Being diagnosed with a chronic illness can be life-changing but that doesn’t have to mean you can’t buy life insurance. At MiWayLife, we believe everyone deserves financial security and many of our policyholders have chronic health conditions like diabetes and HIV as well as those who have a higher risk of developing cancer. Your eligibility will always depend on several factors including the type of illness, its severity and how well you’re managing your health.
 
For the record, as October puts a spotlight on breast cancer, the most common cancer affecting women, you might want to read about how life insurance can ensure you’re financially prepared.

Life insurance when you have a chronic illness

Having a chronic illness doesn’t necessarily exclude you from getting life cover. In many cases, life insurers will still offer you a policy, however, you’re likely to have a loading fee applied to your cover. This means that your premiums will be slightly higher than a healthy individual as the risk to the insurer is higher.

Let’s use HIV as an example. If you’re HIV positive and can prove that you’re managing your health, you could still be a good candidate for a life insurance policy. To assess this, your insurer may ask you to disclose your CD4 count. (This reflects the number of infection-fighting white blood cells in your body.) The higher it is, the healthier your immune system is and, if you keep it that way, your insurer might reduce or even remove the loading. The same can be said for individuals who have been diagnosed with cancer but have been cancer-free for several years.

Never hide your health status

 

Getting life insurance while you're young and healthy is always ideal as your premiums will be lower and qualifying is easier. Also, even if your health changes down the line, your coverage remains in place, providing a safety net for your loved ones. However, if you want to buy life insurance and have already developed a chronic health condition, you must disclose this upfront so your insurer can assess your situation accurately. Hiding it could lead to denied claims when your family needs it the most. Remember, insurers want to help you find the right coverage, not turn you away.

MiWayLife can give you full peace of mind

If you qualify for life insurance with MiWayLife, you’ll be offered a set amount of coverage that’s paid out in a lump sum to your beneficiaries in the event of your passing. All our policies are “4-in-1”, meaning they include a terminal illness benefit, funeral benefit and funeral cover for you and your family members – all for one premium!

Our terminal illness benefit is accelerated, meaning it pays out fast. If you’re ever diagnosed with a terminal illness and are likely to pass away within a year, you’ll have the option to immediately claim 50% or 100% of your life cover amount, subject to a specialist confirming the prognosis.

The bottom line

Don't let a chronic illness prevent you from protecting your family's future. It might take a bit more effort and potentially a slightly higher premium, but the peace of mind is priceless. Get a quick quote from MiWayLife today and rest easy knowing that your loved ones' financial well-being is taken care of, no matter what life throws your way.

Did you know:

You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.