How is a "pre-existing condition" defined in life insurance?

A "pre-existing condition" in life insurance refers to a medical condition that existed before the policy was issued. This definition is crucial because insurance companies assess the risks associated with pre-existing conditions when determining eligibility for coverage and setting premiums. Typically, if an applicant has a health issue that was diagnosed or treated prior to applying for life insurance, it will be categorized as pre-existing, and the insurer may impose certain restrictions or exclusions related to that condition. Understanding this definition helps applicants be aware of how their prior health issues may influence their insurance coverage and costs.