Life Insurance for People with Chronic Illnesses

Those who are chronically ill can get life insurance, but life insurance for chronic illness can come with higher premiums. Life insurance rates will vary depending on the coverage you choose, the term of your policy, and the amount of the death benefit. When shopping for life insurance for people with chronic illnesses, consider adding riders to existing policies and compare quotes from multiple companies in order to secure the best rates.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jul 16, 2021

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The Rundown

  • Chronic illnesses are known as pre-existing conditions
  • Life insurance rates for people with chronic illnesses are not always more expensive
  • Terminal chronic illnesses will result in higher rates

What is a chronic illness? Can someone who is chronically ill take out a life insurance policy on themselves? The answer is yes, but rates and policy options can vary.

Read our guide on life insurance for chronic illnesses and learn what are life insurance riders and how they save you money on coverage.

Before diving into life insurance for people with chronic illnesses, type your ZIP code into our free tool above to find affordable life insurance rates in your area.

Can someone with a chronic illness get life insurance?

Many individuals buy life insurance for people with chronic illnesses. However, can someone with a chronic illness take out a policy on themselves?

People with chronic illnesses are approved for major companies’ life insurance policies frequently. Should you receive a terminal diagnosis, however, the insurance company will most likely deny you.

Let’s move on to what form of life insurance for chronic illness would best suit your needs.

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What are the policy options for life insurance for chronic illness?

According to the Insurance Information Institute, term life insurance provides a significant death benefit when the time comes. Furthermore, term life is frequently seen as an affordable option.

Let’s look at a table showing the average monthly rates for 20-year term life policies with different death benefit values.

Average Monthly 20-Year Term Life Insurance Rates by Age, Gender, and Coverage Limits
Age & GenderAverage Monthly Rates for $500,000 Death BenefitsAverage Monthly Rates for $750,000 Death BenefitsAverage Monthly Rates for $1,000,000 Death BenefitsAverage Monthly Rates for $2,000,000 Death Benefits
50-Year-Old Female$71.03$103.64$128.87$250.87
50-Year-Old Male$93.23$136.94$174.13$340.64
60-Year-Old Female$102.37$149.34$189.50$373.49
60-Year-Old Male$138.64$204.05$255.08$504.64
70-Year-Old Female$295.61$440.76$556.17$1,089.38
70-Year-Old Male$444.63$664.29$846.83$1,676.36
80-Year-Old Female$1,375.68$2,061.10$2,573.20$5,086.77
80-Year-Old Male$1,776.11$2,661.75$3,455.01$6,901.88
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As you can see, the higher the death benefit, the higher the rates. This is also applicable to one’s age, regardless of gender.

Permanent life insurance is different from term life in that it does not have a term limit. Essentially, if you pay the premiums on time for your entire life, you’ll see your policy’s value increase over time.

Can I get life insurance riders for people with chronic illnesses?

A rider is an addition to a policy that provides extra protection and benefits. These can be added whether you’re healthy or have a chronic illness.

If you have a health insurance policy, a rider on your health insurance to protect against chronic illness will be your best bet. A long-term care rider can supplement your existing coverage, but limitations will vary depending on your provider and your policy.

Similar riders can also be applied to life insurance for chronic illnesses. For example, a terminal illness rider allows you to extract some of your death benefits should you be diagnosed with having less than a year to live. Another term for this is accelerated death benefit.

In short, you have options for coverage. Just be sure to know how long you want your policy to be active and what protections you want it to provide.

Type your ZIP code into our free and helpful tool below to compare rates for life insurance for people with chronic illnesses from providers in your area.

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