It is without a doubt that the younger you are, the healthier you are. However, nobody stays young forever. Eventually, we all come to a point when we have to start thinking about our future. At some point, we will begin to think about our life insurance. Companies would have the habit of grouping buyers into classifications based on their health as well as the risk they represent – but what if you are ill to begin with? Is there a way to find life insurance for someone with poor health? If so, how?
Life Insurance Options for Unhealthy and Ill People
One thing is for sure, the healthiest normally do not have trouble shopping for life insurance. In fact, they even receive some of the best rates available. However, for those with serious health problems, they can only qualify for the worst life insurance, substandard rates, or may even be denied altogether.
Are Life Insurance Companies Really Understanding?
If this is the case, do not lose hope. This article will serve as your ultimate guide to finding great life insurance despite your health condition. The truth is some life insurance companies can be very understanding of your condition. They sometimes provide life insurance for someone with poor health, and even issue life insurance policies for people with pre existing conditions too.
Life insurance companies have their own underwriting standards. They can reconsider things depending on the condition of the individual. However, if you have diabetes, obesity, high blood pressure, high cholesterol, depression, or other chronic conditions, you'll still be able to raise red flags.
Luckily, medical advances have drastically improved outcomes for a great number of patients. As a result, it had led to better rates. If you are in remission or even if you have a well-managed chronic condition, you can still score standard rates.
Why do Insurers Use a Mortality Table?
First and foremost, we should define what a mortality table is. This is a mathematically complex table that displays the possibility of death for the members of a particular population within a certain period of time. Most of the time, the mortality table of men is separated from that of the women.
Learning about the mortality table can go a long way as to understanding your chance of getting standard rates. Life insurance companies heavily rely on mortality tables as well as the U.S. Social Security Administration.
Finding the Right Agent that Can Make a Big Difference
It is important to note that your first step to finding a good life insurance plan is to find the right agent for you. Of course, you need to do your own research but the right agent can pave the way to a better rate. We can connect you to life insurance agents who are perfect for your situation and can help you get the policy you need, Furthermore, another obvious step towards a better rate as someone who is ill is to take care of yourself. Drink your medicine religiously, exercise, and eat responsibly!
What Can You Do to Find a Life Insurance Despite Being Ill?
Now that you have a general idea as to what your options are in looking for life insurance despite having health conditions, here are additional tips on landing a good rate:
- Do Research - Shopping for life insurance is never fun. Indeed, nobody wants to accept that their time here on Earth is only finite. However, this is necessary. If you have a pre-existing condition, it can get annoying but it is important to be patient. All of the materials you have gathered will be proven useful to you in the future.
- Work with an Independent Agent - In addition to what was explained earlier, an independent agent can act as a life insurance broker. They can present different rates from more than one carrier. As a result, you'll be able to see all of the policies that are available to you. It also eliminates the struggle of constantly looking around and calling a bunch of agents. Independent agents can transact on your behalf.
- Be Honest about Your Condition - It is important that you become honest with your agent regarding your health condition. Your agent is on your side. Great agents happen when they know full well the condition of their client.
- Shop Around for the Best Policy - It is better to consider a lot of options than settle for one because you were not open to other policies by other providers. Make sure that you do your research on the life insurances provided by several companies as health impairments may be reviewed differently.
- Choose the Right Policy Type for You - By now, you would have known that having a health condition limits your life insurance policies. However, if you know the various policies available, you can choose one that has less health-related questions. For example, a fully underwritten policy requires a medical exam, prescription checks, and a physician's statement. You would have a better chance at a graded benefit life insurance policy since they have very few health questions and no exams whatsoever.
Finding the best life insurance policy for you can be tiring. However, it is important to be patient despite experiencing scrutiny as you shop for life insurance. In the end, having an investment as early as today can save you a lot of trouble down the line.