Life Insurance with Pre-existing conditions
Finding the right insurance or any insurance at all can be a daunting task when there are pre-existing medical conditions present. It is oftentimes frustrating to find term life insurance as companies tend to flat out deny those with pre-existing conditions or is there is not denial they are placed in a high-risk policy which is oftentimes more costly. Despite these challenges and frustrations, finding an insurance with pre-existing conditions is not impossible.
In fact, in just about every case, there are plenty of affordable life insurance options. Even applicants with pre-existing conditions are surprised to see how affordable their policy can be.
What is Your Pre-existing Condition?
The type of pre-existing condition is perhaps the biggest consideration when shopping for new life insurance. From one insurer to the next, the types of policies for people with certain conditions will vary. Life insurance companies rate conditions differently based on the level of risk they believe are associated with it.
When considering conditions such as cancer, many insurance companies may not accept that level of risk since there is a not a long life expectancy associated with these types of conditions. Although this is the case, other considerations are factored in such as whether or not it is in remission.
The main thing that insurance underwriters are considering is how threatening the condition is to the life of the policyholder so obviously there are usually multiple variables at play. The good news is that insurance companies are adapting and changing with medical advancements. When it may have been impossible in the past to receive insurance with pre-existing conditions, insurance companies recognize that certain conditions can be treated or slowed due to new research and technology.
Avoid The Fuss With No Medical Exam Life Insurance
Another great option is a no medical exam life insurance policy. If you have not been previously diagnosed with a condition, this may be a great option. Although these types of policies usually run at a higher premium, the coverage is usually guaranteed and the policy coverage varies slightly from a standard term life policy. Despite the guaranteed coverage it is a good idea to disclose any medical conditions you may have.
In today’s market there is far more competition in terms of top rated life insurance companies. Because of this they are oftentimes aggressive in the risks that they take. For this reason it is a good idea to shop around or even work with a professional who can point you in the right direction.
These policies of course usually come at a higher rate but it is a good option still for those who may have been denied by a more traditional life insurance provider.
It’s Best to Compare Between Different Insurance Companies
Perhaps the biggest factor related to a pre-existing condition that there is no way around is the higher cost. Insurance companies need a way to compensate for the additional risk. However, many companies will treat certain conditions differently than other. For example, there are some companies that view conditions like diabetes more favorably than others. With some companies, if you have well-controlled type 2 diabetes, you could get great rates, but other companies are automatically going to skyrocket your rates because of the diabetes diagnosis.
The best course of action is to be proactive with your condition and try to manage it the best way that you can. Insurance companies have been known to consider these types of things and reduce your premium over time as it is demonstrated that you are getting your condition under control.
Thankfully for advances in the medical community it is no longer the case that pre-existing means denial. It is still a good idea to shop around and find the best fit for your particular condition. Spending the extra time up front can save you a lot of money in the long run and the peace of mind that comes with knowing you are insured is invaluable.
The benefits of finding the perfect company are obvious, lower insurance rates. But finding the right company isn’t as easy as that. There are hundreds of different insurance companies that you can choose from. You could spend hours and hours researching different companies, or you could work with an independent agent. These agents don’t represent one company, but instead they represent dozens of the highest-rated companies across the United States. Not only can they represent several different companies, but they are also knowledgeable about the different companies and which one will view your pre-existing condition more favorably.
Getting the Lowest Rates Possible
We just mentioned a great way to get lower monthly rates, by working with an independent agent, but that isn’t the only way. There are several other things that you can do to keep some extra bucks in your wallet every month.
The first thing is to do is improve your health. Sure, you have a pre-existing condition that is going to impact your monthly rates, but there are still some health factors that you can improve to get a better classification from the insurance company.
The best thing you can do is to shed a couple of pounds. The majority of life insurance applicants are keeping a few more pounds than they should, and losing that weight could have an extremely beneficial impact on your insurance plan. If you want to save money, start a healthy diet and exercise program.
Speaking of health, it’s time to kick those bad habits like smoking cigarettes. With your pre-existing condition, you’re already facing higher premiums, but if you’re also listed as a smoker on your applications, you can expect to pay through the roof for your coverage. If you’re a smoker, you can automatically expect to pay double or triple what a non-smoker is going to pay every month.
Deciding how much Life Insurance you need
Aside from finding the perfect insurance company, the next most important decision is determining how my life insurance coverage you’re going to need. Not only is the size of the policy going to impact how much you pay in monthly premiums.
If you don’t have enough coverage, you could leave your loved ones paying for all of those debts you would leave behind. How are you supposed to know if you have enough coverage? There are several different questions that you can ask yourself to ensure that you’ve bought a large enough life insurance policy.
The first question is, “how much debt would I leave behind? “ this is one of the most important questions because the main goal of life insurance is to give your family the money they need to pay off debts. Make sure that you add up your mortgage, car payments, credit card bills, student loans, and anything else your loved ones would be responsible for paying off if you were to pass away.
The other questions that you have to ask is, “how would my family suffer if they lost my salary?” the other main purpose of life insurance is to help your family find a way to replace your annual income. If you’re one of the main income earners, your family could have a difficult time finding a way to permanently replace that income without experiencing serious financial strain.
If you have any questions about life insurance, feel free to contact us at any time. Our agents are dedicated to ensuring that our clients get the best insurance coverage at an affordable price. Life insurance is one of the most important purchases that you can make for your loved ones, but it can also be a confusing and frustrating process, but you don’t have to go through it alone. We are here to help you in any way that we can.