Do you need life insurance and have a pre-existing health condition?

Have you been turned down for a life insurance policy?

 Don’t know what to do?

 Pre-existing Health Conditions and Life Insurance

 Yes, it can be a challenge if you have been coping with a pre-existing health condition like heart disease, high blood pressure, cancer, diabetes and any other form of health condition.

You might have already applied for a life insurance policy and the company turned you down flat.  There are many people who are in the same boat as you.

 Everyone has a need for life insurance, but people who have a pre-existing health condition can face an uphill battle when it comes to buying life insurance.

What can you do?  I have some tips and advice that I think will help some of you, and I’ll start with the basics when it comes to comes to life insurance and how it works for people who have a pre-existing health condition

 How Life Insurance Companies Rate People with a Pre-existing Condition

Believe it or no there are over 80 different variables which can be considered in the underwriting process when it comes to rating a person for a life insurance policy.

Life insurance is based on the probability of risk.  How risky is it to insure a person.  Even if you are a higher risk, you may still be eligible for a policy.  But, it will cost more for a policy.

Some pre-existing conditions may not be insurable under a standard policy by any company. Other conditions may require a waiting period such as being cancer free for a certain period before they will consider an application. That’s the bad news.

The good news is that not all insurers rate people with pre-existing conditions the same.  Some companies are definitely more lenient than other companies.  So, the first thing to keep in mind is that even if one company turned you down, another company might approve your application.

And, if you still aren’t eligible for a policy at all, there is another option known as Guaranteed Life Insurance which I’ll explain about later on.

In a nutshell, the most important factors which a prospective insurer wants to know include the following:

• When were you first diagnosed with the condition
• How serious is the condition
• What treatment you received
• How well you responded to treatment
• What is the prognosis

Basically, what the insurance company wants to know is whether your condition is one of the following situations:

• Is the pre-existing condition stable?
• Is the pre-existing condition improving?
• Is the pre-existing condition getting worst?

The insurance companies will rate you according to the medical records they request and receive from your doctors/hospital.  They will also base their decision on your medical exam which you might have to take and from their review of the R/x database and MIB or Medical Information Bureau.

If your condition is stable or improving then your odds of being approved for a policy increases.  If the condition is getting worst then it is very likely you will not be eligible for a standard policy and will have to go with a Guaranteed Life Insurance policy.

Not All Pre-Existing Conditions Are Treated the Same

This is another thing you have t keep in mind.  For example, you might think that since you have been diagnosed with cancer, then you’ll be out of luck.

No, just because you have cancer, heart disease or diabetes doesn’t necessarily mean your pre-existing condition will be all lumped into the same category.  Some conditions have a very high rate of being treated successfully such as some types of skin cancer.  However, lung cancer may be a bit more of a problem.

How Do I Find Life Insurance with a Pre-existing Condition?

First, don’t waste your time using instant online sites which claim to be ready to sell you a policy right now.  It won’t work as you are going to undergo a more detailed health investigation by the company.

Since not all insurers are the same, the first thing you should do is to always talk to an independent life insurance agent who specializes in health related issues such as me.  Independent agents have access to dozens of different insurers and I know which ones are going to be more lenient than others.

This not only applies to how you will be rated but how much you will be charged for a premium.  The other issue is that I can discuss your specific health concerns on a one-to-one basis and can provide you with the advice and options you need to know about and consider before you make an informed decision.

What if I Have A Life Threatening Pre-existing Condition?

It is possible you may not qualify for a regular life insurance policy at all.  But, you still have one option left open and that is for a Guaranteed Acceptance life insurance policy.  In most cases you will not have to either answer any medical questions or even have to take a medical exam.  You are basically immediately approved.

The drawback is that these policies have much a lower coverage which mostly won’t be higher than a $25,000 policy.  They are more expensive but still affordable.

There is usually a 2 year waiting period called a ‘Graded Death Benefit’ attached to these policies where the insurer won’t pay the death benefits if you die in the first 2 years of the life of the policy.  Your beneficiary would only receive the premiums (and possibly some interest) you paid up until the time of your death.

Where Can I Find a Life Insurance Policy for a Pre-existing Condition?

You always want to talk to an independent agent like myself.  We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates.  If you have health concerns, don’t let that dissuade you because we can give you valuable advice and help you to find a policy that suits you.

Whatever your needs or questions then please call me direct at 877 – 966 – 9383.

Have you been turned for life insurance because of a serious illness, physical disability or because you are elderly?

If this describes you and you need a life insurance policy, then there is a solution available.

It’s called Guaranteed Life Acceptance and is also sometimes known as a Graded Death Benefit

What is a Guaranteed Life Acceptance Insurance Policy?

This is a type of life insurance policy offered by many insurers where you will be automatically approved for a life insurance policy regardless of the state of your health or age.

There are many insurers who offer this type of policy and the best part is that many insurers, but not all of them, you won’t even have to submit to a medical exam or even be asked medical questions to qualify for coverage.

All you have to do is apply and you can expect immediate approval when you apply.

Who Should Buy a Guaranteed Life Acceptance Policy?

This type of life insurance is suitable for anyone who has been turned down for a policy because of the following reasons:

• Life threatening or terminal illnesses such as cancer, heart disease, or any other form of illness where you cannot buy a traditionally available form of life insurance policy
• Physical disability such as extreme obesity, a genetically inherited disability or a disability which occurred from an injury or accident
• Age such as if you are elderly with or without an accompanying illness or disability

Most insurers that offer this type of policy may or may not only ask you a few basic medical questions.

Are There Any Restrictions?

Some insurers may not cover you if you are terminally ill, have HIV or AIDS, or are residing in a hospital or long term facility.  Other insurers have no such restrictions.

Another restriction is that some insurers require that you fall within a certain age category such as between ages 40 – 80 for example.

You should also be aware that these types of policies also generally come with a much lower amount of coverage than what is available with other traditional policies.

Depending on the insurance company, you can generally find death benefits coverage amounts which range anywhere from between $1000 dollars to as high as $50,000 in coverage although most policies range between $5,000 – $20,000 in death benefits coverage.

Will I Always be Covered?

It depends on the life insurance company.  Most companies sell this policy as a ‘Graded Death Benefit’.  This means that your beneficiary will likely not be entitled to the full death benefits for the first 2 years, although some insurers will pay on the policy in case of accidental death in those first 2 years.

Your beneficiary would only receive an amount equivalent to the premiums you paid up to the time of their death if you should die within this 2 year time frame. (Some insurers may also pay a nominal interest amount such as 5%)(continued on page 2)……..

If you need to buy term life insurance quickly and want to do so with the minimal amount of fuss, we have the solution you are looking for right now.

If you are relatively young, and are in reasonably good health you can buy term life insurance right away and without having to take a medical exam.

You can qualify even if you smoke.  However, non-smokers will get the better rating of Standard Non-Nicotine rates while smokers may qualify for the next best rating of Standard Nicotine.

As a smoker, your monthly premium will be slightly higher but you can still get term life insurance without having to take a medical exam.

How Much Term Life Insurance Can I Get Without a Medical Exam?

If you are between the ages of 18 – 65 and qualify for a quick decision without having to take a medical exam you can buy between $25,000 to as much as a $250,000 term life insurance policy.

What Length of Term Can I Buy Without Taking a Medical Exam?

It depends on your age but it breaks down to as follows

10 Year Term available to those aged 18 – 65

15 Year Term available to those aged 18 – 60

20 Year Term available to those aged 18 -55

30 Year Term available to those aged 18 – 45

These term policies are renewable to age 95.  You may also be eligible for additional life insurance riders such as:

Dependent Child Rider – Coverage up to $25,000 and expires when the child reaches a certain age such as age 23, or you, as the insured, reach a certain age such as age 65.

Accidental Death Benefit Rider – This is generally issued only between the ages of 18 – 60, and you get coverage for between $25,000 and $250,000 with a general expiry at age 80.

How Will a Decision be Rendered?

The company will review the application you submit and you will be advised simply as to whether you are accepted or rejected by the insurance company.

How Do I Qualify?

To qualify you must be a U.S. citizen and provide some nominal proof of your citizenship such as a driver’s license.

You must answer a medical questionnaire such as the following:

You must answer No to the following questions to qualify.

1. Have you been diagnosed as having AIDS (acquired Immunodeficiency Syndrome) or ARC (Aids Related Complex) or tested positive for HIV (Human Immunodeficiency Virus)?

2. Are you waiting for a diagnosis, or have you been advised to have a surgical operation, diagnostic test or medical or mental evaluation that has not been completed?

3. Have you requested or received any Worker’s Compensation or any Social Security disability benefits?

4. Do you currently take more than 2 prescription medications for pain; or do you consume on average, more than 3 alcoholic beverages per day?

5. In the past ten years have you received any treatment, medical advice or medical consultation for:

•  diabetes or elevated blood sugar; cancer (excluding basal cell or squamous cell carcinoma of the skin);
• stroke, transient ischemic attack (TIA or mini-stroke); emphysema; chronic bronchitis or chronic lung disease;
• major depression or anxiety that required psychiatric treatment;
• bipolar disease or mood disorder; schizophrenia, Alzheimer’s disease, dementia;
• rheumatoid arthritis, paralysis;
• and degenerative muscle or nerve disease or disorder; alcohol or drug abuse;

OR any disease or disorder of the following: heart, aorta, coronary arteries, peripheral vascular system, blood, liver, pancreas, kidney (other than kidney stones) brain or connective tissue? continue page 2……