Why is it that people that are born with a disease cannot obtain life insurance of any kind later in life?

Question

I have a disease and i would like to know why someone with a prexisting medical problem cannot get life insurance. Details Please.

Answer 1

Because insurance is to insure the risk of an unknown loss.  Once the loss is known it is no longer insurable.  For example:  Can you purchase car insurance after you've had an accident?

Answer 2

It's simple. You really have to understand life insurance agencies... they want to make money. They take money from people based on their % chance of dying. In a perfect world they would want people who live forever to take their insurance policies so they can take their money and never have to pay the insurance.

Since you have a disease they consider you MUCH more likely to die soon. Therefore you are a very risky investment and they don't want to risk a lot of money on you.

Answer 3

You have to understand this from a business stand point. If you own a life insurance company, would you insure someone who is already known to be sick and can die at any moment? Life insurance companies don't want to take on big risks. They prefer to cover people who are healthy and can live very long.

There are some life insurance companies out there that will cover anybody, but you better read the fine prints in the life policy and check the financial strength of those companies.