Reasons For Or Causes Of Higher Life Insurance Premiums

by Jeff Rose on September 9, 2016 · 0 comments

high life insurance premiumsThe reason why life insurance premiums can be so high will depend on a person’s health.

High or Higher Life Insurance Premiums can be determined by the severity of the health issue and what steps that policy seekers are using to address the issue.

When underwriters see that a person has had long-term health issue with no signs of improvement then there will be higher premium cost since there would be the potential risk of that policyholder succumbing to any debilitating disease. The higher risk that you pose to the insurance company, the higher your rates are going to be.

Getting Discourage By High Priced Life Insurance

Many people have to pay higher premiums ore sometimes are turned away because of health issues that show no signs of abating or being managed. If you’ve been rejected for a life insurance policy, or you’ve been quoted rates that you can’t afford, don’t worry, there are other affordable options.  Life insurance should be a crucial part in any family budget, especially those with bad health conditions. No family should be left in debt and poverty if something happens to the head of the household.

On top of grief, families with no life insurance will have to suffer the extra burden of keeping up with bills and debts, and that is something that no one should have to go through. This is why life insurance is very important, and many are frustrated because they have to pay High or Higher Life Insurance premiums or are sometimes outright denied. If someone’s health has deteriorated throughout the years then that is another factor that life insurance companies consider and may potentially lead to High or Higher Life Insurance Premiums.  Even if you end up with higher premiums than you thought you would, it’s important that you have life insurance coverage. Every year there are countless stories of families that suddenly lost a loved one. While there were going through this difficult time, the mortgage payments, credit card bills, hospital bills, and more were piling up. Most families will be left with thousands and thousands of dollars in unpaid expenses, which will add tons of financial stress to a family that is already suffering from extreme emotional stress.

Life Insurance Ratings

There are four categories that policyholders fall into when getting life insurance. The categories are preferred, preferred plus and standard/substandard. The goal should be to get into the preferred plus which is the highest ranking that will ensure lower premiums. Those with poor health show no signs of improving will most likely fall into the substandard category, which will mean higher insurance rates.  The insurance company is going to look at several different factors when deciding which category that you fall under. They will look to see if you have any pre-existing health conditions, diseases, or chronic illnesses. This is going to be a huge factor in calculating your premiums, but it’s not going to be the only factor. They are also going to look at factors like your weight, family history, tobacco usage, alcohol consumption, hobbies, basic medical information and even your age. Purchasing life insurance at 20 can be a big difference in premium rates from someone purchasing life insurance at 50 years old. If you choose a traditional medically underwritten plan, after you complete the paperwork for the policy, the company will send out a paramedic to do a simple medical exam.   There ways to avoid paying higher premiums by choosing the best life insurance company for your particular condition..

High Risk Health Conditions

For those that have chronic illnesses that are showing no signs of improvement can hold off on getting a life insurance policy and take proactive measures to improve health. If seeing a doctor, find better ways to improve health. Follow the full set of instructions and tips from the doctor.

If a doctor tells a policy seeker to exercise and eat healthier foods then take that advice to heart and start setting a daily exercise routine and buy the foods that will address health issues.  Regular exercise and a healthy diet can work wonders on your health and some serious complications.  Look into organic foods and take vitamin supplements that will address any ailment.

There are great supplements that will improve health for diabetics and those with heart conditions. Always do research and check with a doctor to see if a vitamin supplement is worth taking. Both diabetics and anyone with cardiovascular conditions are going to be considered “high risk”, which means you’re going to pay more every year for your life insurance.  Policy seekers can also set goals to improve their health in a year.

As long as life insurance companies see that a person with a bad health condition is improving then the chances are more likely that a recipient will receive a favorable premium. A person can have the same type of diabetes, but the one who has a history of managing their blood sugar levels will be the one who will avoid High or Higher life Insurance Premiums and still buy affordable life insurance for diabetics.  If you’re an applicant with diabetes, spend several months getting your glucose levels under control using treatments, diet, and exercise. It can have a huge impact on your health as well as your monthly premiums.

Getting the Best Rates

There are several tips that you can use to get lower life insurance rates. Nobody wants to pay more than they have to, especially when it comes to life insurance. If you have a health problem that is causing your insurance rates to go up, follow your doctors orders and manage it properly, but you should also focus on other parts of your health. As we mentioned, the insurance company is also going to look at your weight, blood pressure, and cholesterol. All of these can cause your insurance rates to go up, fortunately, they are pretty easy to improve. A regular diet, exercise, and losing a few pounds can have drastic results on your premiums.

One of the best ways to get lower rates is to find an insurance company that has experience working with similar applicants. Some companies and agents have more experience or are more favorable towards certain high-risk categories. It’s vital that you find the perfect company and agent to help you get through the medically underwriting without paying through the roof for your coverage.

Aside from finding the perfect company for you, you should also get several quotes before you choose the policy that works for you. Each company is very different and all of them have different rating systems and requirements, which means that you could get drastically different quotes from two separate companies. It’s important that you get a quote from all of the top rated companies to decide which will work well for you. You could spend hours on the phone talking to different insurance companies in your area, or you can let us get all of the quotes for you. Fill out the quote for on the side and we will give you the lowest rates for your specific situation. You deserve to have quality life insurance that doesn’t break your bank every month.

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