Why insurers are wary of term plans for the chronically-ill

Obtaining a term insurance policy can be difficult for individuals with chronic illnesses, as insurers consider them high-risk. Some insurers may reject proposals or demand high premiums. Bajaj Allianz Life Insurance has launched a diabetes-specific term plan, but the industry needs to develop more options for people with chronic diseases. In high-risk cases, group insurance plans or negotiations with insurers through trusted advisors may be options. It is still important for individuals to buy term plans early in life when they are healthy.

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