UPDATED: Mar 26, 2020
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If you are young and healthy, plenty of life insurance companies will be happy to issue you an inexpensive term life insurance policy. But not all of us are so lucky. If you have a medical condition, insurance companies will look over your medical history with much scrutiny, and you may end up paying a higher rate.
The good news is insurance companies want to sell you an insurance policy. This means term life insurance is not impossible for you if you have or have had medical problems. There are even agents who specialize in obtaining policies specifically for people with medical conditions ranging from high cholesterol and hypertension to heart disease and breast cancer. Below are some tips for getting term life insurance with medical conditions.
If you have a health condition that you know is going to be an issue during the underwriting process, be upfront about it and disclose everything. The insurer will be receiving your medical records, and if they find that you misrepresented anything about your condition, the life insurance company will terminate your policy.
Control the Condition
If you have dependents, you need life insurance. Remember, it’s relatively rare for a person to be completely uninsurable. An insurance company just wants to see stability to know you are not a risk. Unfortunately, if you are in the midst of cancer treatment or have a terminal illness, you will not be able to get a policy. But if you have a condition such as diabetes and have it under control with medication, many insurers will want your money. Even a cancer survivor can get a decent term life rate after they can demonstrate that they’ve been cancer-free for a certain period.
Another way to improve your chances of being approved is by simply going to the doctor. Showing the insurance company that you’re following doctor’s orders is good evidence that you’re a risk worth taking.
Request a Do-Over
If you’re paying a high premium because of a medical issue and your health has improved, ask your company to reevaluate your health. Say, for instance, you had high cholesterol which is now under control with medication. You can ask the insurance company to review your case and see if you qualify for a lower premium. Your insurance company will be willing to give you a second look because they know you could always go to another company.
It’s important to shop around if you have a health condition that makes getting life insurance a challenge. Insurers have all developed their own underwriting guidelines, and some can offer better rates for applicants with certain medical conditions. Usually, your best option is to go through an insurance broker. Insurance brokers can save you money because they deal with multiple insurers and can choose between companies where as if you deal directly with an agent for one life insurance company, your options for coverage are limited.