Not everyone is a perfect model of health, and buying life insurance with health problems can prove to be quite the headache. When you apply for life insurance coverage, the insurance company is going to review dozens of different factors to decide how much they are going to charge you for your life insurance protection.
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 is one of the most important purchases that you’ll ever make for your loved ones, but if you’ve been diagnosed with a pre-existing condition, then you might assume that you can’t get affordable life insurance protection.
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.
Every life insurance company is different, and all of them are going to give you different rates based on their medical underwriting and rating system. Some insurance companies specialize in working with high-risk applicants while other companies have stricter guidelines for their applicants. If you want the best chances of getting an affordable life insurance policy, it’s important that you get dozens of quotes before you decide which one is going to best for you. Instead of wasting hours and hours calling different companies, let one of our agents do all of the hard work for you. It’s our mission to ensure that you’re getting the best life insurance policy possible.
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.
If you’re wanting to get life insurance as quickly as possible, then you can purchase a no exam life insurance plan. As you can guess from the name, these plans allow you to purchase life insurance without having to take the medical exam. Without the medical exam, you can be approved for life insurance much faster than you can with a traditional insurance policy.
With a traditional insurance plan, it could take you several weeks or even a month to get life insurance coverage. With a no exam plan on the other hand, you can be approved for insurance coverage in a matter of days.
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.
How Much Coverage Do You Need?
Aside from getting a life insurance policy, it’s important that you get enough life insurance coverage. Not having enough life insurance protection is one of the worst mistakes that you could make. If something were to happen to you, and you didn’t have life insurance coverage, your family would be stuck with all of your debts and other final expenses, and if your plan were too small, your loved ones wouldn’t have the money that they need to pay off those bills. Before you apply for life insurance, you need to calculate how much coverage that your family will need.
The first number that you should crunch is your debts and other final expenses. The primary goal of your life insurance policy is to give your family the money that they need to pay off your mortgage, student loans, business loans, and any other final bills. Make sure that your life insurance coverage is large enough to pay off any of those debts.
The next number that you should look at is your salary. The secondary purpose of your life insurance coverage is to replace your paycheck if you were to pass away. If you’re one of the main income earners in your home, your family would struggle without your income. Life insurance coverage is one of the best ways to ensure that your family will have the money that they need without your monthly check.
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.
If you have any questions about getting life insurance as an applicant with a pre-existing health condition, please contact one of our agents today. We would love to answer those questions and connect you with the best life insurance plan available. It’s our mission to ensure that your family has the insurance protection that they will need if something tragic were to happen to you.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance coverage that your family deserves. If something tragic were to happen, and you didn’t have life insurance coverage, your family would be responsible for all of your debts and other final expenses.