Life Insurance For People With Health Problems

Life Insurance For People With Health Problems

Life insurance for people with health problems is more difficult than traditional coverage.

High risk life insurance is basically life insurance for people with health problems of many different kinds. It ranges greatly in how severe a persons condition is, but requires a more detailed underwriting process.

In order to get accurate quotes, you need to use an independent life insurance agent to ensure you’re matching yourself with a suitable company.

We will do this for you.

Finding the right company is not only key to getting accepted, but life insurance for people with health problems can get very expensive if you don’t choose the right carrier.

Life Insurance For People With Health Problems

If you’ve found this page, you’re in the right spot if you’re looking to buy a life insurance policy and your health is sub par. We have the knowledge and resources to help you secure the best rates so you can rest assured knowing your family is covered.

Finding life insurance for people with health problems is what we do, and we use over 50 companies and our experience to not only find all the carriers who are willing to offer coverage, but sort through those who might be most aggressive in issuing you coverage.

A person applying for coverage may be at a higher risk if they have:

  • Heart Disease
  • Diabetes
  • Hypertension
  • Cancer
  • Asthma
  • Overweight
  • Criminal Record

… and the list continues.

A persons health problems could be not only something they deal with currently, but any issue which they’ve had in the past, whether acute or chronic. Life insurance for people with health problems is solely dependent on your ability to qualify based on all factors, so if you have more than one health condition, the points against you stack up pretty quick. This means current and past health, driving record, criminal record and more.

What Are Your Options?

You have several routes you can go, depending on your personal situation. If you are looking for the most affordable coverage you can find, you are best of looking for a cheap term life insurance policy, or a life insurance contract which is simply small in coverage amount, like $5-10,000.

  1. Term life insurance for someone in poor health is probably your best option to get a decent amount of coverage at a premium which isn’t out of this world. You also have many more options because you can select from an annually renewable term up to a 30 year term policy. There are also many more carriers offering coverage in this category, so there is steeper competition for your business. This helps to drive rates down for you.
  2. If you need something longer, such as a permanent policy which never goes away, you can apply for a guaranteed universal life insurance policy, and they can stay in force up to 121 years of age. The price point will be higher than term per thousand, but generally you won’t need as much coverage if it’s a permanent policy. After you retire and pay off debts, your insurance need drops substantially.
  3. The last option, if your health is really forbidding you to find cheap life insurance, is to go the guaranteed issue route, which means it’s a guaranteed acceptance life policy. As long as you can pay the premium, you can have the coverage. The payout is graded, meaning it pays out less than the full death benefit in the first couple years, but you’d still get back any premiums plus interest if you died earlier than projected.

Life insurance for people with health problems isn’t always hard to find, though. We specialize in finding low cost coverage for all types of different health conditions. We have helped clients find coverage when they were already denied, and have helped clients lower their current premiums by finding a more suitable carrier.

What To Watch Out For

There are several insurance commercials and advertisements you see offering coverage starting at just $1 per month, or guaranteed rates per age group. Don’t fall for this trap.

Is it insurance? Yes.

Will it cover you? Yes.

It worth it? No.

You’re basically signing up for an introductory rate, and after a certain time period passes, your rates will start to sky rocket. Not only this, but if your health starts to deteriorate, you now won’t be able to get traditional term life insurance. Of course it sounds good while you watch the commercial, but when it sounds too good, it probably is.

In addition, if you have health problems, never consult just one agent from one company. You need to use an agent who has access to multiple companies. An agent who works with just one major insurance company is forced to offer his company’s policy, not another. Even though the company and agent may be reliable, it doesn’t mean you’re getting the best deal.

If you have questions, please contact us and we’ll be happy to help you secure affordable life insurance today.

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About Jason Fisher

Jason Fisher+ is a life insurance specialist and co-founder of Waterway Financial Group, LLC, an independent agency in South Carolina. He is also co-founder of The Life Insurance Blog and MortageLifeInsuranceRates.com as well as a frequent contributor to many finance and insurance related blogs.

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