Not everyone is a perfect model of health, and buying life insurance with health problems can prove to be quite the headache.
In fact, some companies might even decline you.
But if you have a pre-existing medical concern, and you’re looking to buy life insurance, we can help you!
We can assist you in finding the right company to work with, get you pre-qualified so you know what to expect, and we’ll even help you place the policy you need.
Life Insurance With Existing Medical Conditions
Life insurance is predominantly based on age and health. Your current age when you apply, matched with your current and historical health, are the ultimate determining factors on how much you’ll pay. If you have an existing medical condition, your life insurance premiums could go up, sometimes by a little, sometimes by a lot!
The term existing medical condition in the eyes of an insurance company is a very broad one. Here are a few of the things they might be looking for:
You can see some of the conditions are very basic, and quite common, while others can be more serious and life threatening, yet more rare in occurrence. The results of your underwriting are largely dependent on the company you apply with, the severity of your condition, and your family history which might affect you.
Each existing condition is viewed differently, and has it’s own set of underwriting guidelines. There is no single route you can take to guarantee the best coverage without exploring the specific category and condition you’re dealing with.
How To Get Approval With Existing Conditions
There are some “best practice” ways of buying life insurance with existing medical conditions to at least give yourself the best chance at the lowest rates for your particular health concern.
Use An Independent Agent
If you went to the grocery store, and there was only one kind of everything, would it make your buying experience a good one? The same goes with life insurance. You need options. Not every product is the perfect one for you, and not every product is priced the same.
When you buy life insurance from us, we seek out the approval from over 50+ companies who are top rated. We have a knowledge of which carrier is likely to work well with you, and we know who is probably not going to offer you coverage. We can also get the premiums ahead of time so you can choose by the lowest premium if you like.
Get A Pre-Screen For Accuracy
If you’ve had any type of health complications, a pre-screen might be a good idea for you to get started off on the right foot. It’s just a questionnaire from us so we can get a better understanding of your exact situation. The more we know up front, the better chance we have of securing you a policy.
Not every health condition needs a full pre-screen, but the more major medical items will. Things like heart, kidney or liver disease would be recommended to have one, but also things like depression, alcoholism or other impairments.
Tell Us What We Don’t Know
Do your best to disclose everything you can in regards to your health, your driving record, and you past medical history. I can’t tell you how many times we’ve come back with a less than agreeable decision, and when told why, a client responds with, “Oh, I didn’t know they looked at that.”
It’s safe to say the underwriters will find out everything about you, so it’s best if we know up front so we can utilize the right carrier to match you. It’s very important you offer us as much detail as you can from the beginning.
Be Prepared To Be Patient
Not all applications take very long to get approved, but the process can be lengthy for others. If you have dealt with a handful of doctors, specialists, and hospitals, there’s a good chance you could see some delays because reports from each one may be required.
Timing Is Everything
The time period in which you apply could make a massive difference also. If you apply too soon, you could be declined if you’ve had a major event, like a heart attack. But, there are other conditions where you may want to apply sooner than later, such as a disease which is progressive. We’ll help you determine which route is best.
If we can help you find the perfect policy, contact us. Life insurance with existing medical conditions is commonplace for us, and we specialize in getting it right the first time.