Getting Life Insurance with Medical Conditions
Finding life insurance with a preexisting condition may seem like an impossible task. Preexisting medical issues make you a high risk to the insurer, and thus affect your insurability as an applicant. Indeed, you may have already been told that you are uninsurable as a result of your condition. However, even with medical issues, it is still possible to get life insurance as long as you take the right steps and research your options.
- Find an agent with experience. To get coverage with a preexisting condition, you will need the help of a life insurance agent with experience with high-risk life insurance, also called impaired-risk coverage. Your agent will help present you in the best light possible to prospective insurers to convince them to provide coverage.
- Put together the documentation. Before you apply for a policy, gather all of the documents relevant to your medical issue. You will need to disclose all of the disorders and/or diseases you've been diagnosed with in addition to any treatments or medications you are taking. The insurer will want the exact dosages of these medications as well as a list of every medical professional who has treated you for the past 7-10 years. Once you have all of the documents compiled, make copies and start a file folder.
- Write a health summary. You will need to create a summary of your health up to this point for the insurance company. Try to underscore the favorable aspects of your health. For instance, you might emphasize that you never drink, haven't smoked for 20 years, and exercise every day. You do not need to include diseases that you have fully recovered from because the insurer will not take them into account at the time of application. However, you do need to include any diseases that are in remission or those for which you haven't been fully cured.
- Be candid about accidents. If you've had major accidents as an adult that have had longstanding or permanent effects, you need to disclose the nature of them on your application. For example, if you have a metal plate in your head from an accident that occurred in your twenties, your insurer needs to know about it.
- Select aggressive underwriters. When you're trying to find coverage with a medical condition, you're almost always better off choosing aggressive, small, and relatively new life insurers. Try to apply to at least three or four companies, as all of them will rate the risk you represent differently.
- Get ready for your medical exam. You will have to take a medical exam when you submit your life insurance application. The best time to take such exams is in the morning when you are fresh and alert. Avoid sugar, alcohol, caffeine, and nicotine at least 24 hours before your exam. Another option to consider would be to opt for a no exam life insurance plan. You may still have to answer medical related questions during the underwriting process and your premium may be higher, but it could get you the coverage you need.