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Can I Get Life Insurance if I Have a Health Condition?
Getting life insurance has always been difficult, if not impossible, for people who have existing health conditions or a history of medical problems. Nowadays, however, it is getting more and more possible to do so, because of effective insurance underwriting, proper planning, medical advances, and a few special insurance packages that favor even those in the high-risk category who want to obtain life insurance. If you are one of the many insurance seekers who have a medical condition that prevents them from obtaining regular life insurance, here are some options you could look into.
Build a strong case, and then argue it with the help of specialists.
Independent experts in insurance underwriting can help you get life insurance coverage despite your medical condition. The process is challenging, but the reward comes in the form of a regular life insurance policy that would have been unavailable otherwise. Start by getting your medical records in order. Ask help from your physicians in drafting a positive medical history. For instance, they could back your claim that therapy for your condition has promising results and that you are now looking at a short period to full recovery. They could confirm that your surgery has been completely successful and that the risk factor hindering your insurance has actually been eliminated. Next, maintain your health or take action to speed up your recovery even further. Demonstrate this to your prospective insurance provider. Call attention to the lifestyle changes you have made, such as quitting smoking and drinking, that may have contributed to your current, relatively healthy status. Persuade them that you are undergoing modern, effective treatment programs that make your condition less risky than what they assume. You can do many things to overturn a regular insurance company's perception of you as an uninsurable person. Throughout this process, the help of impaired-risk or special-risk experts would be invaluable in presenting your case to various prospective insurance providers.
Don't give up easily; previous rejections won't matter if you finally get insurance coverage today.
The insurance industry has evolved. Years ago, a serious health condition would have effectively diminished your chances of obtaining coverage from any insurance company. Now, with all the medical advances and underwriting expertise described, many high-risk individuals like you are finding it easy to engage the services of many insurance providers that specialize in life insurance for those with health conditions. However, these companies differ greatly in the policies and payment schemes they offer. Being accepted easily by several of them is one thing; shopping around for the best policy is another, as it takes time, resolve, and in most cases, expert advice. With help from impaired-risk professionals, not only will you find the most flexible insurance provider willing to hear you out, but you will also find the most suitable and affordable policy.
Get life insurance through the company you work for.
The law mandates employers to give benefits to their workers aside from regular pay. These company benefit packages usually include life insurance, and employees are eligible regardless of their medical condition. In this scenario, a health issue that will immediately disqualify you from a private insurance provider's coverage will not be a hindrance to getting the same or similar policy through your company's benefit program, if available. On the other hand, such a policy will usually yield a less than the desirable amount of coverage. In addition, it would only be in effect as long as you stay with the company.
Try a guaranteed insurance policy
Because it does not require any medical screening, this option ensures that you will get life insurance coverage even if you have an existing health condition. It can also be used for a distinct purpose, such as the so-called "mortgage life insurance," which covers your mortgage after your passing. The disadvantage of this type of policy, as is often the case, is that you will have to pay more for premiums. In fact, you will have to pay up to five times more than what you would for regular life insurance coverage. Again, careful planning and shopping around might help lessen the cost if you find the right insurance company that addresses this matter.
As a last resort, join a risk pool in your state.
Apart from you, regular insurance providers turn down numerous other prospective life insurance policyholders on grounds of medical or health conditions. To address the plight of this group, many states adopt a risk pool or group insurance program. In a risk pool, high-risk or "uninsurable" people, particularly those still in the job market, will benefit from customized life insurance policies. As with any other special coverage program for people with health conditions, risk pool coverage requires higher pay. Furthermore, this insurance program is not available in all states.
The common hitch in these solutions is the costly premiums that you would have to shoulder in exchange for the insurance provider disregarding or going easy on your health condition. In many cases, you would just have to acknowledge that this arrangement is better than having no coverage at all to protect you and your family.