I need life insurance, but I have health problems. What should I do?
It’s no secret, the healthier a person is, the more options they have when deciding to purchase life insurance. But what if you’ve had a major illness? Is there a way to get the coverage you need? In many cases, the answer is yes! Each insurance company has different health underwriting guidelines. Some insurers are willing to take on certain risks and others aren’t. That means they’re willing to insure individuals with certain medical conditions and they’ll decline others. How do you determine which insurer is willing to cover your condition? Working with an independent agent who is knowledgeable about health underwriting will most often help with this determination.
There are a few conditions that will cause an individual to be uninsurable. If you’re terminally ill or live in a nursing home are 2 examples, but many other medical conditions could be covered. Advancements in our healthcare system have increased life expectancies and increased the likelihood of an individual surviving certain illnesses. As a result, many life insurers are willing to cover conditions they would’ve declined a few years ago. If you were diagnosed with cancer but have since been in remission, there’s a good chance you may qualify for coverage.
What kind of medical condition do you have? How long have you been receiving treatment for the condition? Are you currently taking any medications? These are some of the questions your agent will ask when trying to find the right life insurance coverage to fit your needs. It’s important to be honest and forthcoming with your agent to avoid problems. If you withhold information, that could cause the insurance company to deny your claim. Be willing to disclose your medical history and a review of your medical history to determine what kind of rates you would qualify for. It’s not uncommon for the insurance company to request medical records from your doctor, but they’ll need your permission to obtain those records.
Dealing with these kinds of cases can be complicated, but oftentimes people are shocked to find out they can get the coverage they are seeking; it just requires a little more work. The key is working with a competent agent who understands your health situation, will respect your privacy, and has the ability to work with a portfolio of different insurance carriers to get your case approved.
If you have questions about your coverage needs, don’t hesitate to call (205) 705-7482.