We all know that life insurance is an important purchase, but it can be hard to find coverage if you have a preexisting medical condition. Life insurance is all about risk, and those with preexisting medical conditions can represent an unacceptably high risk for some life insurance companies. No matter what the nature of the medical problem, those who have preexisting medical conditions often find themselves struggling to get the coverage they need to protect themselves and their families.
The types of medical condition that can present a problem for life insurers run the gamut from heart disease and diabetes to cancer and high blood pressure. In addition those with a predisposition to certain medical conditions can sometimes find themselves on the wrong end of the life insurance game. It is important for those who have been denied coverage, or presented with an unacceptably high premium quote, to research their options and understand how to get the coverage they need.
One of the best places to look is a product known as no medical exam life insurance. While most life insurance companies will require some sort of medical exam for new policyholders and for those raising their coverage significantly, these specialized policies allow individuals to get the coverage they need without submitting to a medical exam. Although the cost of this insurance can be a bit higher than a normal policy, it can be a good choice for those with a preexisting medical condition that would disqualify them from traditional coverage. It’s important to note that even non-medical life insurance policies often require a clean bill of health. Some are more accepting than others so it’s best to have a life insurance broker shop several options.
Guaranteed issue life insurance can also be a good choice for those with medical challenges. As the name implies guaranteed issue life insurance coverage guarantees that the individual will be approved, and this type of coverage can be a good choice for those individuals with preexisting medical conditions. As with no medical exam coverage, these policies tend to be more expensive than traditional coverage as the carriers usually table rate all applicants, but they are guaranteed to provide coverage.
Of course it is important for consumers to shop around for the best price and the best coverage, and it is also important to be on the lookout for waiting periods, exclusions and other things that could affect your coverage. While some policies will begin coverage right away, other policies will require some sort of waiting period before coverage kicks in. It is important to ask about any required waiting periods, as well as any exclusions that may be specific to that policy. By doing your homeowner and understanding your options you should be able to get the coverage you need, no matter what the current state of your health.