Life insurance is not difficult to buy if you are a healthy person, and especially easy if you’re young.
Life insurance for someone who is not healthy could be a little more difficult, but with good research and using the right resources, it’s definitely doable.
Most people with a pre-existing medical condition assume they can’t buy life insurance. Yet, even if diagnosed with something like heart disease, or even certain types of cancer in the past, you may still be able to get affordable life insurance coverage.
Many make the mistake in thinking they can’t get life insurance without ever trying, because they think it operates like health insurance. It isn’t.
Not everyone may be able to buy life insurance at the super-preferred rate, but there are only a small percentage of applicants who actually get the super-preferred rates. Even the healthiest person could be denied the best rating class for something completely out of their control, like their family history.
Keep in mind the main consideration with getting life insurance if you already deal with a medical condition is to keep your health in check as best as you can.
Keeping Your Condition Under Control
A few health problems are likely to disqualify you from getting any type of life insurance coverage, but most conditions still leave you with the possibility of getting a life insurance policy.Some of the more common conditions which life insurance companies may take a closer look at, and in many cases still issue life insurance for, include but are not limited to:
- Heart Disease
- High Blood Pressure
- High Cholesterol
- Chronic Obtrusive Pulmonary Disease (COPD)
- Kidney Disease
Simply having been diagnosed with these conditions, or having been treated for them, does not mean getting life insurance will be out of the question, especially if the condition is well-controlled.
Having patience and flexibility are important when you do have an ailment. A person who recently suffered a heart attack might have to wait for approval because the insurers don’t know if they’ll correct themselves or not. This could even be years, not months. If the insured follows instructions such as stopping smoking, exercising, and dieting, then they will have a better chance at obtaining coverage.
Under normal circumstances, conditions such as sleep apnea, diabetes or depression, are risks which can be insured at reasonable rates. For example, depending on the insurer, a diabetic man who has his HbA1C levels under control and who follows a diet and exercise regimen may even be able to qualify for a preferred rating.
The insurance companies are checking to see if you are following doctors orders, and keeping your medical concern under control. If you show improvement consistently, you’re chances are much better.
More Carriers, More Affordable Options
Having a medical condition makes finding life insurance challenging, it is important to shop your rates among different life insurance carriers.
If you are placed in a high-risk category, you may need to seek out multiple quotes in order to find the best policy. Insurers develop their own guidelines for underwriting, and some are more apt to offer lower rates for certain medical conditions.
Some companies are better at offering life insurance for diabetics, while another company may be better for coverage for breast cancer survivors.
Guaranteed no exam life insurance being another option when you are looking for coverage without medical exams or health questions. The coverage amount offered for guaranteed issue no-exam life insurance though is typically much more limited, the premium will be significantly higher than traditionally underwritten life insurance. Along with that, if you die within 12 to 24 months, your loved ones will likely get only the premium you’ve already paid in return, plus any interest earned.
Buying one of these no exam or guaranteed issue policies can be a tempting option, especially for anyone with a health problem, but there are some serious problems with these plans. Not only will they cost more, but you probably won’t be able to get enough life insurance protection.
With no exam plans, every insurance company has different limits on how much they offer. Most companies cap it at $250,000 worth of coverage, some go up to $500,000. While this sounds like a lot of protection, for majority of families this won’t be enough protection.
With a guaranteed issue policy on the other hand, coverage will be drastically lower than this. For a guaranteed issue plan, you can expect to get to get around $25,000 or less for a one of these plans. These policies are not designed for the average family who has a large mortgage debt and has several people who rely on their income. Before you buy either a no exam policy or a guaranteed issue policy, calculate the amount of coverage your family will need
It is important to get coverage before your condition worsens so you give yourself the choice of saving money on a fully underwritten insurance policy rather than paying for the convenience of a no-exam life insurance policy.
Improving Your Health
Improving your health will save you money on your insurance premiums. Before approval of your life insurance application, the insurance company will require you to take a physical exam. Those results are going to impact how much your insurance will cost.
First, improve your health by cutting out any tobacco products that you may be using. If you’re referenced as a smoker, know that you will pay much more for your coverage. Smoking cigarettes is going to drastically increase your risk of health problems, like a heart attack or cancers. The insurance company will offset that risk by increasing your insurance. Actually, smokers will pay double for life insurance coverage versus that of a non-smoker. To be able to save money on your premiums, it’s time to stop the cigarettes.
Next, you should improve your health by hitting the gym and maintaining a regular diet. Both will help you to lose weight, lower your blood pressure, and help to reduce the risk of any further health issues. Being at a healthy weight can reduce your insurance premiums by 50%.
Another option to save on your insurance is to slow down on your morning commute. When you apply for a life insurance policy, the company will pull your driving record. Having several speeding tickets or accidents on your record, will prompt the insurance company to charge you more for insurance coverage. If you want spend less on insurance premiums, it’s time to take your lead foot off the gas.
A medical exam is a normal requirement when purchasing any sizable life insurance policy, and there are few exceptions to the rule.
The usual way of obtaining medical records (also called Attending Physician Statements) is from your doctor. Even if you don’t regularly visit a doctor or can’t remember the date of your last visit, blood work and other information which has been received from the medical exam can offer further information for the underwriters regarding your health.
It’s hard to not disclose health concerns or other pre-existing conditions, and they will be detected somehow. It is always in your best interest to be completely honest on your application and provide full disclosure. Insurance companies hire underwriters, usually with medical backgrounds, in order to get an idea of how certain ailments affect short and long-term health.
Insurance companies also hire actuaries to calculate statistics on who dies when, and why. It is their job to place you into a risk category with similar people in order to determine the premium you will pay for your life insurance. By being completely open with the insurance company you will be more likely to be able to matched with a policy that meets your needs, as well as budget.
The best thing to do is to contact a licensed independent insurance professional. By having a discussion with the insurance agent about your medical concerns, they will be able to decide what the best plan of actions is.
The insurance agent can often gather some facts from you, and through some research as well as communication with company underwriters, be able to get a pretty good idea of whether you will be able to get coverage before starting the application and underwriting procedure.
If you are suffering from a medical situation it is always best to see what coverage is available sooner than later. Though having a medical condition, getting life insurance does not have to complicated matter.
If you still have someone relying on you financially, you need life insurance, regardless of your health. Take the time to consider your options.
Please feel free to contact us today with any questions you may have. We are more than happy to help find the best rates for your life insurance. It’s our goal to get you the best quality life insurance coverage for your needs.
You do not know what the future holds, so wait no more to obtain the insurance coverage that you and your family will need. Your family will be responsible for a massive amount of debt and other final expenses if you do not obtain insurance coverage on yourself and something happened. Death in the family will never be an easy thing to process, but being responsible for a mountain of debt is going to make the situation a thousand times worse.
We know that it’s hard to think about death, but not planning for the inevitable is one of the worst mistakes that you can make for your loved ones. Contact one of our agents and we can get the life insurance process started.