Life Insurance for Cancer Patients

Can’t find life insurance because you have been diagnosed with cancer?

There are life insurance policies available even if you are currently being treated for cancer.

Most people will not be approved for traditional life insurance policies if they are currently undergoing treatment for cancer.

What Type of Life Insurance is Available for Cancer Patients?

If you currently have cancer and are receiving treatment, or have been recently diagnosed with cancer, there is one life insurance option available to you.

It is called Guaranteed Issue Life insurance which just about anyone can qualify for regardless of their health, age or physical disability.

In most instances, you will not even be required to take a medical exam or even answer a medical questionnaire. You simply apply and in the majority of cases, you will receive immediate approval.

How Guaranteed Issue Life Insurance Works

Guaranteed life insurance is designed specifically for people in your situation as everybody should have the opportunity to buy life insurance to protect their loved ones financially.

This type of policy is available in both the form of a term insurance policy and a whole life policy.  The term life insurance policy is more affordable because it pays out death benefits only. A whole life policy also contains a cash accumulation feature so it is more expensive.

Does Guaranteed Issue life Insurance Cost More?

The answer is yes, but it is not as expensive as you might think.  The main reason that this type of policy costs more is that the life insurance company is insuring you without the benefit of a medical examination.  Because their information is much more limited in how they rate a person, they are taking more of a risk to insure you.

Another thing to keep in mind is that there are usually much lower coverage amounts available then what you would otherwise be able to buy.  Depending on the insurer, you can buy coverage amounts usually ranging from a minimum of $ 1,000 in coverage up to as high as $50, 000 in coverage.

Most insurers top out their maximum coverage at around $20,000 or $25,000 dollars.

Sample Quotes for Guaranteed Issue Life Policies

I did some research and have provided some sample quotes for males in the age range of 50 – 80 years of age for different coverage amounts ranging from $5,000 to $20,000.

Guaranteed Acceptance Life Insurance Quotes for Male Aged 50 – 80

Monthly Rates

Age                            $5,000 Policy       $10,000 Policy        $15,000 Policy       $20,000 Policy

50 Year Old Male             $21.46             $40.66                          $59.87                   $79.07
55 Year Old Male             $24.21             $46.16                          $68.12                   $90.07
60 Year Old Male             $27.90             $240.00                        $79.21                  $104.87
65 Year Old Male             $33.01             $63.77                          $94.52                  $125.28
70 Year Old Male             $40.62             $78.98                          $117.35                $155.72
75 Year Old Male             $51.62             $100.99                        $150.31               $199.73
80 Year Old Male             $67.52             $132.79                        $198.05               $263.32

(Disclaimer: These quotes are good as of April 2, 2013)

…(continue to part 2)

Frequently Asked Questions About Life Insurance

Many people have questions about life insurance.

I have put together some of the most common questions that people ask about life insurance along with the answers.

If you’re wondering what life insurance is all about and how it works, then this FAQ is a great place to start.

Why Should I Buy Life Insurance?

Life insurance is purchased by people for a variety of reasons.  The following is a sample of some of the most common reasons why people buy life insurance, but there are many more:

·         Income replacement for lost wages if you’re the major breadwinner

·         Paying off a mortgage or personal debts such as credit cards and loans

·         Funeral, burial and medical expenses

·         Retirement and savings

·         Money used to fund your child’s education

·         Estate reasons, trusts and charitable donations

·         Business reasons

What Types of Life Insurance Policies Can I Buy?

There are 2 types of life insurance policies which you can buy and they include term insurance and permanent insurance. Permanent insurance is broken down further into whole life, universal life and variable life.

How much Life Insurance Do I Need?

This is dependent on your individual situation and actual needs.  Ideally, most experts state you should get 10 times your annual gross salary. It also depends on your reasons for buying life insurance. You need to take into account your current savings, investment plans and other assets plus any other plans such as what you might receive from your employer or Social Security.  Then, consider what you might consider the financial shortfall for your situation and you can use that as a guideline.

What is Term Insurance?

Term insurance policies cover you for life but are purchased for a specific length of time such as 5, 10, 15, 20, 25 or 30 years.  These policies cover lump sum, non-taxable death benefits only.  The premiums for the term you select are fixed for the term you select. These policies are also renewable or can be converted into a permanent policy, often without having to take a medical exam

What is Whole Life Insurance?

Whole Life insurance has both death benefits and a tax sheltered cash value accumulation feature.  Premiums and the rate of return on the cash value accumulation are guaranteed. These policies have a higher premium initially than a term policy, but the coverage is for your lifetime.  Whole life premiums can be paid-off in a limited number of years.

What is Universal Life Insurance?

Universal Life insurance is similar to whole life as it has both death benefits and a tax sheltered cash value accumulation component.  You have more flexibility with this type of policy as you can change your death benefits and how you pay the premiums.  Some policies allow you to choose your investment options.

Is Life Insurance Tax-Free?

Yes, in most instances your named beneficiary will receive a non-taxable lump sum payment on your death benefits.  However, if you name your estate as beneficiary, or buy a policy as a third party, there may be possible tax implications at both the state and federal levels.

Can I Change My Beneficiary?

Yes, and all you would have to do is contact your insurance company or agent and request a ‘Change of ‘Beneficiary’ form.

Can I Pay My Life Insurance Premium By Installments?

Yes, you can pay your premium as a lump sum, and most companies allow you to choose either monthly, quarterly, semi-annual or annual payments.  Payment options may vary from company to company.continue page 2……

How life Insurance for Sole Proprietor Works?

In the U.S. there are several million people who operate a business as a sole proprietor.

It’s great to be independent and run your own business, isn’t it? But, what’s going to happen if you were to die unexpectedly?

What happens to your sole proprietor business if you are no longer there to run the business?  Are you aware of the financial problems you could be imposing on your family and the financial mess you could end up leaving behind?  This means your family.

The sad fact is that far too many of you who operate a sole proprietorship aren’t looking at the big picture.

A sole proprietorship is a unique form of business enterprise.  It can consist of a single individual such as a painter or can be a store owner who has a number of employees and anything in between.  You might make $5,000 a year or maybe over $500,000 per year.

Why a Sole Proprietor Needs Life Insurance

Life insurance is vital to have if you run your own business as a sole proprietor.  If you don’t think so, then I’m going a toss a little bit of reality at you so you can see why life insurance is so vital.

Here’s where you stand.

The Business Costs of Being a Sole Proprietor

Step back and take a clear look at what you’re involved in doing with your sole proprietor business.  As a sole proprietor, you may have clients or customers where you have contractual obligations.  You may have suppliers that you owe money too or have an existing line of credit.  You could have a business owned vehicle, pay rent or a mortgage on a location.  Additionally, you could have business credit cards, personal and business loans with bank, and other debts.

And, of course there’s the IRS and everyone’s favorite – Taxes!

Who’s going to cover all these business expenses and debts if were to suddenly die?  The answer is quite simple – your estate! And who’s going to be responsible for your estate? It will be those who survive you!

And, these are just the some of the expenses you could be running up as a sole proprietor.

Here’s the other side of the coin.

Business Income of a Sole Proprietor

You can be either a partial financial contributor or you may be the sole bread winner of your family.  If you die unexpectedly, where is your family going to find that replacement income if you’re gone and you didn’t have any life insurance?

What Happens to a Sole Proprietor Business When They Die?

Now, what happens to a sole proprietor business when the owner dies? Well, here’s what happens;

  • The creditors will be the first to appear to demand payment of all existing and outstanding loans
  • Clients will be pressing for their contractual obligations or seeking compensation
  • Even if there is a transfer of ownership to a family relation, the new owner will have to pay the transition costs
  • The business must still be dissolved
  • Federal and state taxes are still owed and must be paid
  • Employee wages must be paid along with any obligatory payments such as Workers compensation, Social Security etc.

Then, there is still the lost income that has to be replaced so the family can pay the bills and survive financially.  They also have to pay for the burial and funeral expenses, and all your own personal debts have to be paid. This financial mess will be your legacy..(continued on page 2)

Getting Life Insurance with High Cholesterol

Buying life insurance and are concerned because of your cholesterol levels?

If you have high cholesterol, or even if you are taking medication for high cholesterol, the first thing you should know is that not all life insurance companies are the same.

The underwriting requirements used by different life insurance companies vary considerably.

So, don’t be discouraged if you’ve had problems when applying for life insurance.  I’ll give you the scoop on how life insurance companies treat people who have cholesterol issues.

What do the Cholesterol Numbers Mean?

Many people are confused in how their cholesterol numbers are interpreted.  Life insurance companies are concerned about your cholesterol scores and especially if you happen to taking medication to control the levels.

Since cholesterol is usually expressed as LDL, HDL and Triglycerides, I’ll explain what they mean first since many people aren’t really sure.

LDL Cholesterol – LDL stands for low-density lipoprotein and is often known as ‘bad cholesterol’.  With LDL, if you score less than, or between 100 -129, this is considered optimal.  Anything more is considered too high and ideally you want to score less than 70.

Most Doctors prefer your numbers come in at less than at least 100

HDL Cholesterol – HDL stands for high-density lipoprotein and is considered the ‘good cholesterol’.  A score of 60 or more is considered optimal.  For males, a score of less than 40 is considered a high risk, and a score of less than 50 for females is considered a high risk for heart disease.

Triglycerides – These are the fats which are transported in the blood after we consume food which then become triglycerides and are stored in the fat cells.  Less than a 150 score is considered normal.  Anything more puts you into the higher risk category.

The majority of doctors prefer that your total score for all 3 levels be no more than 200.  For those people who have cholesterol numbers which put them at risk, there are a variety of specialized medications that doctors can prescribe to control and lower these numbers.

It is also vital that people look at their nutrition intake and help the process of lowering their cholesterol numbers through dieting, exercise and eating healthier foods.

Many, if not most life insurance companies are most concerned with both the LDL and HDL levels, but a few life insurance companies focus just on HDL levels.

What if Are Taking Cholesterol Medications when Applying for Life Insurance?

You might be wondering how life insurance companies react if you have already been prescribed medication to control your cholesterol.  The first thing I have to tell is never to lie to the insurance company and say you are not taking medication.  Life insurance companies routinely research Rx (prescription) data bases so they will know about your medication.

How the life insurance will view you if you are taking medication will depend on the type of medication you have been prescribed, the length of time you’ve been taking it, and the dosage.

I’ll be quite frank and say that some companies will shy away from you completely when reviewing a life insurance application, while other companies will rate you higher which means a higher premium.  However, the good news is that there are plenty of companies that have more tolerant underwriting approaches when it comes to cholesterol.….(continued on page 2)

Life Insurance Approval with Sickle Cell or Sickle Cell Anemia

sickle cell anemiaIf you’ve been turned down for life insurance due to sickle cell anemia or sickle cell, there is hope.  We represent some carriers who will offer affordable coverage to certain individuals, depending on age of diagnosis, history of complications, and they type of sickle cell you have.

As medications and treatment plans have improved recently, individuals with sickle cell or SS now have markedly better life expectancies into their 60’s and beyond.

Best Case Scenario – Sickle Cell Trait or Sickle Cell

With merely the trait, no penalty will be applied to your health classification.  You can qualify for preferred rates, in fact.  If you have sickle cell (SC), and you have a mild to moderate case, you may only get a mild substandard rating.  To get an idea of the premium you’ll pay, just run some quotes at Standard class and add approximately 50% to the premium.  Not too bad.

Mild to moderate sickle cell would be defined as current Hb readings 10 or more, and HCT more than 32%, with only mild history of complications.  Severe cases will be declined for traditional types of insurance, but policies with graded death benefits may be available.

As you know, some complications of sickle cell disease may be painful crises, lung scarring, thrombosis, necrosis of the bones, and leg ulcers.  Obviously, the absence or minimization of these affects will increase your odds of approval.

In a best case scenario, if there is no evidence of any history of anemia or crises, you could qualify for the best preferred classes.

Sickle Cell Anemia (SS)

With sickle cell anemia, and we’re talking adults here (as children under 15 will be declined due to elevated risk), again, it will depend on your Hb and HCT levels being high enough.  If they are, you’re looking at a substandard case, such as Table D.

If you would like a personalized quote, it will be important for us to collect information on the history of your painful crises.  Although almost everyone with SS or SC has experienced a painful crisis, the severity and frequency varies greatly among patients.  Some individuals can go years without experiencing an episode.

Your best scenario is it’s been more than a year since your last episode, and if your symptoms have never been so severe as to land you in the hospital.

After Bone Barrow Transplant

You still may be able to qualify for life insurance if you’ve needed a bone marrow transplant or stem cell transplant in the past to control your sickle cell anemia.  In fact, you can be a mildly substandard case as early as 6 years post treatment, assuming no complications and Hb consistently over 10.

Other Medical Conditions

Obviously, the presence of other health issue presents a problem.  Just because you may qualify for, say, a Standard rate with controlled sickle cell disease, does not mean you will still qualify for Standard if you’ve also had a history of heart disease or obesity, for example.

Since smoking is so bad for people with sickle cell, it will be nearly impossible for you to be approved if you also smoke, so don’t do it!

Controlling the Complications

Your goal as someone who suffers from SS or SC, and who wants life insurance, should be to be compliant with every recommendation your doctor makes.  If you are supposed to drink 8 glasses of water every day, and take Hydrea, antibiotics, or whatever else is prescribed to you, a life insurance underwriter is going to want to see that your medical records reflect you are following those orders to the tee.

For a personalized quote with sickle cell disease or any other impaired risk case, please call us at 877-996-9383.  If you liked this post, please like it on Facebook or share it on Google +1.  Thank you!

Life Insurance Approval with Congestive Heart Failure

If you go to your run of the mill agency like State Farm or Farmers Insurance, you won’t have a chance at being approved for life insurance with congestive heart failure.  We have, however, obtained many successful approvals with this heart condition and many other types of impaired risk cases.

Two Types of Approval

An individual with congestive heart failure may qualify for two types of insurance:  traditional life insurance or graded death benefit life insurance.  Traditional coverage will require a medical exam and is usually much less expensive.  You will need to be in better health to qualify for this type.

The key to a traditional policy approval will be a recent echocardiogram, treadmill stress test, or cardiac catheterization showing that the heart is not overly enlarged, and the left ventricular ejection fraction (LVEF) is still within acceptable levels.

The ejection fraction measures how efficiently the left ventricle pumps the blood.  Normal is around 50% to 60%.  But in people with heart failure, the ejection fraction drops, sometimes into the 40’s, 30’s or even 20’s.  It will need to be in the 40’s to have a chance at a traditional policy.

Your odds are also better of being approved if you are a non smoker, at a good weight, with no other health issues, such as diabetes.  The insurance carriers will expect that you will be on medication to control your blood pressure, so that’s okay.

Graded Death Benefit

If your heart failure is in later stages, your ejection fraction may be lower than this, and your only option will be to apply for a graded death benefit type of policy.

This type of life insurance is far easier to qualify for.  As long as you haven’t been confined to a nursing home or had a heart attack or transplant in the past 2 years, or currently hospitalized, you can potentially qualify for this coverage.  There are other qualifying questions related to other medical conditions, but those are the only conditions as it relates to your heart.

A graded death benefit policy works a bit differently than traditional, in that you don’t need to have a medical exam, and they won’t order your medical records, so it’s much quicker.  However, it is also more expensive than the traditional variety.

The term “graded death benefit” is also very important.  It means your death benefit is reduced during the first 2 years of the policy.  For example, if you have a policy with a $50,000 death benefit, the benefit might only be $5,000 in the first year, $10,000 in the second year, and then $50,000 thereafter.  The most popular and reputable company offering graded death benefit life insurance is Fidelity Life Association.

Types of Life Insurance Offered by Fidelity

One of the nice things working with Fidelity’s impaired risk products is they have their graded policy, which is a whole life policy, which builds cash value.  But what is unique is they also offer a lower cost type of insurance called term, which keeps the premiums fixed for the duration of the term.  For example, they offer 10 year term, 20 and 30 year term policy, which also has the first 2 years as a graded benefit.

To get started with a life insurance quote with congestive heart failure, simply fill out our quote form on the right, and tell the representative who contacts you about your entire health history.

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Life Insurance Approval with History of Blood Clots

It is not impossible to be approved for life insurance after having a blood clot, although many variables must be considered.  At Huntley Wealth Insurance, we specialize in life insurance for impaired risk cases such as blood clots, so if you want a personalized quote, call us at 877-996-9383.

Of course, the main concern with blood clots is that a piece may break off, flow to the brain, and cause a stroke.

Standard of Better Approvals

In the best case scenario, if you had just one occurrence of a blood clot, small, which was treated with a blood thinner such as Coumadin.  In many cases the clots dissolve after 6 months to a year.  Once your doctor confirms the clot is gone, you may be able to qualify for preferred rates, and possibly the best health class rating as soon as 2 months after the clot is confirmed gone.

If your clot was treated with a clot buster, a catheter-directed thrombolysis, or thrombectomy, which is the surgical removal of a clot, you can still qualify in many cases 2 months after successful treatment.
The good news is that blood clots are among the most preventable types of blood conditions, so if you manage the risk factors, the insurance carriers are willing to take a fair look at insuring you.

The next best scenario is if your clot has not yet resolved, but is a small clot, and in a safer location, such as a clot in the Leg, Arm, or Pelvis.  The most common client I get with a history of clotting had a clot in his or her leg.  While there are few companies willing to make an offer with a current clot, there are insurance carriers who will consider.

Best Chance for Life Insurance Approval

You’ll be a much better life insurance prospect if you exercise regularly and are in good shape.  That’s because obesity and lack of physical activity are two key risk factors for venous clots.
Another risk factor is smoking cigarettes, so non smokers are more likely to be approved with blood clot history.  Of course, a person with well controlled blood pressure and good cholesterol levels are also lower risks than those with elevated levels.

Blood Clot in the Lung

When a piece of a deep vein thrombosis that starts in the leg, or less commonly the arm or pelvis, breaks off, it flows through the circulatory system until it gets lodged somewhere.  It commonly stops in the lung, known as a pulmonary embolism and is life threatening.

No insurance companies will offer insurance until it has been dissolved, except perhaps a graded death benefit policy.  Even if it has been dissolved, it may be difficult to be approved for life insurance if you have had multiple clots.

Managing the High Price of Life Insurance

If you do get insurance after multiple clots, the cost may be very high, particularly for a permanent type of policy such as universal life or whole life insurance.  You might consider purchasing a shorter term solution in this instance, such as 10 year term or 15 year term to keep the cost down, with the goal being that the longer it has been since your last clot dissolved without reoccurrence, you may be able to qualify for a better rating down the line.

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3 Essential Tips for Buying Life Insurance on Your Parents

In most cases, you can purchase life insurance policies for your parents with their knowledge and approval.

But how do you go about doing this, and what is the appropriate amount and type of coverage?

We will cover these questions and more in this article.

The most popular types of policies for parents are term life insurance, whole life insurance, and second-to-die policies.  See below to determine the best type of coverage for your parents.

Essentials for Buying Life Insurance on Your Parents

1.  Is Buying Life Insurance on My Parents a Good Deal?

Prior to age 85, it seems life insurance can still be purchased for a relatively affordable premium.  As you can see, the older your parents get, the higher the cost for the same coverage.

Here are a few quotes for $100,000 of coverage:

60 years old $72 per month
65 years old $132 per month
70 years old $229 per month
75 years old $395 per month
80 years old $767 per month

Please note the quotes above are for a 10 year term policy for a healthy male, who can qualify for non tobacco rates, and are accurate as of 6/10/2013.  Actual rates will depend on your parents’ health.

…Ok, back to question #1 – “Is it a good deal?”

Obviously, life insurance can still be quite affordable if your parents are in their 60’s or 70’s, and they’re only getting $100,000 of coverage, as in the example above.

But let’s say you need more coverage than that, and they are over age 80…  Is it still worth the cost?

For example, you would pay $14,560 per year for an 83 year old mother in good health for a $250,000 policy guaranteed for life with North American Co for Life and Health.

If we assume our 83 year old has a life expectancy of 10 years, you will have paid $145,600 into the policy after 10 years.  If she were to pass away at any point before that, it seems to be a great rate of return on your premium.  You certainly wouldn’t be able to match that kind of return in any alternative investment.

If your parents are younger than 80 and in good health, life insurance is an incredible leveraging tool, and makes even more sense than in the example above.

Honestly, life insurance loses leveraging power after age 85 and is pretty expensive.  See the quote form on the right for an instant quote.

Quick “Life Insurance for My Parents” Video Tips


Ownership of Policy: One of the first things I ask the child when he/she calls me is who would be the owner and payor of the policy.  In some cases, children are simply calling on behalf of their parents who are not internet savvy, and are doing nothing more than helping their parents, who don’t know how to buy life insurance, with the quoting and application process, but that the parents will be paying for the policy.

In other cases, you have children who will be the owner of the policy, pay the premiums, and also be the beneficiary of the death proceeds.  Usually this is okay as long as the child can prove an insurable interest. This is 100% legal, but will require approval by the insurance company.

An insurable interest means that the child would be somehow financially affected by the death of his or her parents.  So if your parents have a big mortgage on their home, and you don’t want to inherit their debt, life insurance may be in order.  Or if you are responsible for your parents funeral and burial arrangements, life insurance may be used for this…(continue to part 2)

Life Insurance Approval after Heart Transplant

Heart Transplant Life InsuranceIf you’ve had a heart transplant, and have been shopping for affordable life insurance, you’ve probably found that your options are quite limited.

In most cases, all your traditional life insurance companies will decline your case as if you’re terminally ill.  It is truly unfair, considering that 50% of heart transplant recipients live more than 10 years after the surgery.  In recipients who live at least one year after the surgery, the prognosis is even better.

Our Insurance Solution for Heart Transplant Survivors

We have affordable options for heart transplant survivors, who have had the surgery more than two years ago.  Yes, it’s okay if you’re on the immunosuppressants, such as Rapamune.  This is expected.

As long as you can answer the following questions no, coverage is available in most states:

1. In the past 2 years, have you had a heart attack or stroke?

2. In the past 2 years, have you had or are you now awaiting an organ or bone marrow transplant?

3. In the past 2 years, have you been advised by a licensed medical professional to be admitted to a nursing home, hospice, extended care, or other special treatment facility, or are you now hospitalized?

There are a few other questions you have to be able to answer “no” to in order to qualify, but these are the major ones relating to your heart.

Life Insurance Quotes after Heart Transplant

Below please find quotes for a *graded death benefit, 20 year term policy, which organ transplant survivors can potentially qualify for if they can answer the questions above “No”.

Age                                          $50,000                         $100,000

Male Age 30                         $63.51                             $122.67 per month

Male Age 40                         $102.22                          $200.10 per month

Male Age 50                         $178.96                          $353.57 per month

Male Age 60                         $299.41                           $594.47 per month

*Quotes above are as of 12/8/11 and are subject to change.  Graded death benefit means the a percentage of the death benefit will be available during the first 2 years.  After 2 years, 100% of the death benefit is payable.

Also note that during the first two years, the full death benefit is payable if death is accidental, but not if death is caused by natural causes.

Available policies are 10 year term, 20 year term, and whole life insurance.

How to Apply for Heart Transplant Life Insurance

For the full questionnaire, to be sure you can qualify, give us a call at 877-996-9383.  If you can qualify, the application is simple.  It’s just a handful of questions, and no medical exam is required.  We can usually have your policy issued within just a few days.

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How to Find Affordable Coverage with Pre-Existing Conditions

Impaired Risk Life InsuranceWhile we are generally very good at Huntley Wealth Insurance with helping individuals with various life insurance needs, our specialty is impaired risk life insurance.

“Impaired Risk” simply refers to the elevated risk a life insurance applicant demonstrates due to medical issues, or occasionally other risk factors.

Life Insurance with Health Impairments

The most common type of impaired risk life insurance is for medical reasons.  So if a 47 year old man has a history of heart disease and was treated with a triple bypass surgery, that would be an impaired risk.

The reason it’s important to use an independent life insurance agent who specializes in impaired risk cases is so you deal with an agent who knows where to place your case.

Most people, when shopping for life insurance, make the first call to their local insurance agent, who probably specializes in home/auto or business insurance, NOT life insurance.

This agent will have no success trying to write a life insurance case with a high risk medical history, not because he or she is incompetent, but this agent simply does not have the required experience to place a tough case.

Try telling your local Farmers Insurance agent you are 6’0 and weigh 280 pounds, and take insulin for diabetes.  He’ll probably tell you he can’t help you.

Or try calling your State Farm agent to see what the cost of life insurance is with multiple sclerosis, or after having a kidney transplant, or if you smoke marijuana.  He might laugh at you.

And yet, we help individuals with impaired life insurance needs obtain coverage like this every day at Huntley Wealth Insurance.

How Much Does Life Insurance Cost with Medical Problems?

Your life insurance premiums will depend on the severity of your health impairment, your age, gender, and then of course, the amount and type of coverage you are applying for.

But generally speaking, the cost of impaired risk life insurance depends more importantly on what type of policy you are able to qualify for.  I recommend my clients try to approve for the cheapest type first (duh), and then if my client can’t qualify for that, move on to the more expensive alternatives.

The four types from most affordable to most expensive are traditionally underwritten life insurance, simplified or jet issue life insurance, graded death benefit, and guaranteed life insurance.

Traditional Coverage – Simplified Issue / No Exam – Guaranteed Issue

  1. Traditionally Underwritten Life Insurance – Unlike income protection insurance, requires a medical exam and application with full medical disclosure.  The insurance company will also access your motor vehicle report, MIB report, and all relevant medical records.  Since the insurance company knows just about every detail about your health in this type of underwriting, if they can make an offer to you, it will most likely be more affordable than the next two options.
  2. Simplified Issue – This is sometimes referred to as jet issue, or no exam insurance.  In this type of underwriting, a medical exam is not required.  The company may still have a lengthy application forcing you to reveal every health detail about your history, and they’ll check your answers against an MIB report and pharmacy report they’ll pull on you, but they won’t make you take a medical exam.  Sometimes, no exam policies are good for people with minor health risks, as the underwriting is quicker and simpler.
  3. Graded Death Benefit – These policies won’t require a medical exam either, and the applications are noticeably shorter than options 1 and 2.  For example, you may only have to answer a half dozen medical questions.  As long as you can answer No to their questions, you qualify.  This type of policy generally costs significantly more than options 1 and 2, because typically only people who can’t qualify for the first two options would apply for graded death benefit life insurance.
  4. Guaranteed Issue – No medical questions on the application.  No health exam.  Just about everyone qualifies, even if you have been diagnosed with a terminal illness.  It’s called guaranteed for a reason.  For people with severe health impairments, guaranteed issue may be their only option.  It is the most expensive of the four.

Perhaps You are “Impaired Risk” Due to Lifestyle Reasons

There are non-medical reasons some people may be classified as “impaired risk”.  These would include, but are not limited to, working in a dangerous occupation, participating in hazardous activities, or traveling outside of the United States.

How to Get an Impaired Risk Quote

If you have a medical condition, call us with the details, and we’ll shop your case out for you.  We know which companies are the most lenient on which medical risks, so your best chance of finding affordable coverage is using Huntley Wealth Insurance.  For a personalized quote based on your health condition, call us at 877-996-9383.

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