Americans With Pre-Existing Health Conditions Don't Have Life Insurance

According to a new report from Genworth Financial, a large number of Americans with common, pre-existing conditions don't have life insurance. It is believed that the lack of insurance coverage is due to an inaccurate belief that because of their health issues insurance would be expensive, as well as their doubts over their insurability.

The study found that between 39% and 54% of Americans between the ages of 18 and 64 with common, self-reported pre-existing conditions hold no life insurance.

Some of the common and pre-existing health conditions that the respondents reported to be suffering from included, anxiety, asthma, depression, high cholesterol, hypertension, sleep apnea and weight issues.

In addition, over 118 million adults in the U.S. age 18 and above don't have life insurance coverage, which more than half the adult population (52%).

While many Americans are concerned that their health issues will drive up the cost of life insurance and make it unaffordable, this is not the case.

"We need to redefine the word 'healthy' in the context of insurance eligibility," says Janet Deskins, Genworth senior vice president for product development. "For adults with conditions such as anxiety, asthma, depression, high cholesterol and sleep apnea, life insurance can still be an affordable part of their overall financial plan, especially if they are actively taking steps to manage their condition."

The Genworth study also revealed that:

2012: Entire U.S. Adult Population 18+ (226 million)

    52% are uninsured; approximately 118 Million
    For those with Insurance, $152K is the average coverage amount

2011: Entire U.S. Adult Population 18+ (223 million)

    51% are uninsured; approximately 114 million
    For those with insurance, $155K is the average coverage amount

Within each of the populations identifying with the health conditions below*, a sizable portion is uninsured:

    Anxiety: 15 million total, 8 million (53%) with no insurance
    Asthma: 13 million total, 7 million (54%) with no insurance
    Depression: 17 million total, 9 million (53%) with no insurance
    High cholesterol: 26 million total, 10 million (39%) with no insurance
    Hypertension: 25 million total, 10 million (40%) with no insurance
    Overweight: 24 million total, 11 million (44%) with no insurance
    Sleep apnea: 12 million total, 5 million (42%) with no insurance

Be sure you take steps in getting yourself covered to ensure you are protected and have a financial plan for your future. Take our insurance quiz below to find out how much you know.

*Mid-point averages were used in coverage amount calculations.

Take our life insurance quiz and see how prepared you are at

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