Applying for Life Insurance: Declaring Health Conditions
While the insurance industry provides an important service to society, they’re still in business to make a profit just like the rest of us. For that reason, whether applying for term life or whole life insurance, you must honestly answer questions about all current and past medical conditions and diagnoses. The same holds true for certain addictive behaviors. If you fail to do so, there’s a strong chance that your beneficiaries won’t be able to collect any benefits.
There Are Many Reasons Why Insurers Demand Certified Copies of Death Certificates
Insurance companies demand these documents to do more than just verify that someone has passed away. They also want to review the stated causes of death. Therefore, if you’ve told your doctor that you smoke — be sure to declare that reality when requesting a life insurance policy. Otherwise, problems can arise later if you die of lung disease – and failed to disclose that fact.
The same holds true regarding many other conditions. Here’s a look at some of the numerous ailments often listed on forms that insurance policy applicants must fill out when applying for coverage. Once you see all of the diseases and conditions – you’ll begin to see how profits can be made — since far too many people are tempted to withhold key information.
Medical Conditions and Health-Related Practices Insurance Companies Often Ask About
- Diagnostic testing during the past 12 months for an “unidentified condition.” Fortunately, if you just went for a routine (versus a diagnostic) mammogram – or any other basic test as part of your annual physical, you probably won’t have to declare something here. However, if your doctor suspects some type of growth or cancer, you better think twice about what you disclose – and discuss your proposed answer with your doctor – and your Minnesota attorney. Even a “white lie” could prevent later recovery of benefits;
- Carefully review your past use (for the past five years) of alcohol and illegal drugs. Many life insurance companies now specifically ask about these issues. They even inquire if you’ve ever been “convicted of a felony, DUI, reckless driving” – or treated for any substance abuse. Take these questions seriously since an absolutely staggering number of Americans have addictions (and related convictions) and must disclose them;
- Recent mental health diagnosis or treatment, including care for dementia. Life insurance applications often ask about the past five years of your life – if you’ve ever missed “more than one week of work” due to anxiety, depression, or bipolar disorder. Considering the fact that a large percentage of people suffer from one or more of these ailments, complete candor can be challenging. Always ask your Minnesota attorney about what you need to disclose about your specific medical history;
- Inquiries are also often made regarding a diagnosis of AIDS (Acquired Immune Deficiency Syndrome), HIV infection, cirrhosis, Hepatitis C, stroke, brain tumor, leukemia, or cancer. As you can see, these applications are likely to require disclosures by many applicants. While a company may still offer you a policy, they might insert specific provisions to minimize their potential losses – in keeping with your state’s governing statutes;
- Diabetes. Sadly, the questions about this illness can reach back for about 15 years or more. Ask your lawyer what must be disclosed;
- Central nervous disorders, ALS, lupus, chronic kidney disease, lung or respiratory disorders – or heart or circulatory disorders. Interestingly enough, they’ll often give you “a pass” when you disclose an asthma or high blood pressure diagnosis.
As this information indicates, it’s usually wisest to first apply for a life insurance policy when you’re very young. It doesn’t take long for various “health liabilities” to develop. Of course, some people do succeed in first applying for life insurance past age fifty. However, you can be sure they’re either very healthy – or they’ve probably had to release certain medical records for further scrutiny before being offered a policy.
Minnesota and North Dakota Probate Attorneys
Joseph M. Flanders is licensed to practice law in Minnesota, North Dakota, and Indiana. Flanders Law Firm LLC is a Minnesota probate law firm. Contact the law firm today at: 612-424-0398
