It’s an uphill battle to find maximum life insurance coverage when you have certain health ailments, but it can be even more difficult to find life insurance with multiple health conditions such as conditions like COPD.
Depending on the combination, in some circumstances, it may only be prudent to seek a guaranteed issue policy.
But you may be surprised at what you can find when more than one health condition is at play. Some health concerns are only minor and have little affect, so affordable prices are still available, while some health issues you may not even think about, such as a high BMI affecting your capability to receive a good rate on coverage or certain things listed on your medical history such as thoughts of suicide, making you a “high risk” candidate for coverage.
Continue reading below for some examples and scenarios of how finding affordable life insurance with multiple health conditions is still possible if you utilize the right agent and right resources. If we feel a no medical exam is best to find you coverage, then we can explore that option as well.
Life Insurance With Multiple Health Conditions
It’s not uncommon for someone to have more than one health condition, such as liver disease, kidney disease or diabetes, present throughout their life, and this can make finding the right insurance company to apply to a cumbersome job. Fortunately, there are plenty of carriers who are completely willing to offer great coverage at reasonable premiums. While this isn’t the case for all insurance companies, you’d be surprised at how many are using liberal underwriting guidelines. Did you know you could get life insurance while pregnant? Keep reading to learn what options you have.
Getting an accurate quote is often the hardest part of the process. Many agents are not well versed in underwriting guidelines for multiple companies, so they’re unsure of where to apply for the best chances of approval.
Our process is very different. While it may take an extra day up front to obtain precise quotes, we pre-screen anyone for life insurance with multiple health conditions and seek out offers from many different carriers at once to see who will be the best option, or who we will definitely not consider applying to.
Understanding How Underwriting Works With Two Or More Concerns
Typically, having a single impairment listed on your application means you’ll be subject to the guidelines on that particular illness. For most carriers, they have pretty specific data on what they are willing to cover, and at what cost for a single condition.
Let’s say, for example, someone COPD. If it’s a mild case, they might get standard, a moderate might yield them a table 2 or table 4, and a severe could be lower or a decline. Given your basic information along with all the details of your COPD, the underwriter can make a pretty accurate rating based on these limited variables.
But if you also had diabetes, there is now a second guideline to match data to.
For diabetes, depending on all the different factors explicitly attuned to diabetes, you could see just as wide a range of variables as with COPD. However, having the two in conjunction with each other is not as simple as adding 2 + 2 and getting 4.
The underwriter now has to consider how the two might co exist with each other, if they can worsen each other, and how much of an additional risk or probability there now is of deteriorating health based on multiple health conditions as opposed to just one.
What This Means For Quoting Accurately
While some combinations conditions are relatively easy to quote, getting accurate life insurance quotes with multiple health conditions is a little trickier.
A professional, high risk life insurance agent will be much more familiar with what can be quoted immediately, versus what should be pre-screened from the beginning. Why does it matter so much?
- Different companies provide different results; no agent knows all the rules!
- An agent who is estimating could be precise or way off, but how will you know otherwise?
- An agent who goes directly to guaranteed issue might be costing you money!
Just because we can offer you a more accurate quote up front does not, however, guarantee you will get that rate. You’ll still need to apply with the pre-screen information and go through the entire underwriting process, including but not limited to, a physical, medical records being sought out, motor vehicle history information and data from any specialists.
If you’d like more information, please contact us and we’ll be happy to assist you through our process to see what may be available for you.