Having poor health is something that most people will have to deal with at some time in their lives. The good news is that being ill does not necessarily disqualify you from getting a life insurance policy. Unfortunately there is no way to waive a magic wand that will allow you to get a cheap life insurance policy, but when it comes to life insurance for sick people there are several options. Understanding what the insurance companies are looking for and knowing exactly what category you fit into with the insurance companies. Continue reading to learn more about some of our insurance reviews such as our Metlife Life Insurance Review.
Can I get standard or preferred life insurance with a temporary illness?
Yes you can, but you may have to wait a little while. Insurance companies want to make sure your illness is gone before they issue better rates. The good news is that even people who have had cancer can get life insurance from one to three years after they are declared in remission (leukemia and bone cancer are the exceptions at ten and five years respectively). If you are looking to get preferred rates you will have to wait even longer, but it is a possibility for the future. If you are interested in Veterans Life Insurance or no medical exam life insurance, we have options for you.
What are the insurance companies looking for?
Insurance companies are really looking for any type of illness that would cause a shortening of your life span. So they are also looking at your overall health and your family history. Some of the more common things that insurance companies look for when issuing life insurance for ill people are:
- Overweight/Obesity (there are life insurance policies available for obese individuals)
- High Cholesterol
- Any chronic illness
- Prescription Drugs
- General poor health or poor family health history
As you can see anything that may shorten your life span will be considered in the questionnaire and medical exam that comes with getting a life insurance policy. If you have a habit that could lead to a critical illness then you will probably also get classified as a higher risk. For instance, life insurance for smokers is always a more expensive rate than that of people who do not use tobacco products. Quitting smoking can get you out of the tobacco policies and into a much better rate.
What if I have a chronic illness?
It really depends on what your illness is. Each company can treat your illness differently in the underwriting process. For instance one company would treat multiple sclerosis life insurance differently that a person with cystic fibrosis. We work with people with chronic illness all the time so we will be able to help you shop the right companies for your needs and give you the best chance of finding a policy that is affordable and works for you.
If I get declined because of my condition are there any other options?
Because each insurance company is a little different in how they underwrite each illness it is important to work with an agent who knows what they are doing. If for some reason no one will underwrite you a policy then you can go the route of guaranteed issue life insurance. This insurance is fairly expensive because there is no medical exam and no questions about your health. It is a good option for covering burial and funeral expenses. We see people looking to get life insurance with critical illness purchase these policies pretty frequently.
Through all of this the key is knowing which companies are able to give the best rates to each illness. At InsureNow365 we work with life insurance for sick people all the time and have good relationships with the best life insurance companies. This allows us to help you find the company that matches your needs. To get started with a set of quotes use the form on this page and an agent will be in touch with you shortly.