Buying life insurance is a pretty simple now days. Well, that is if you’re young, healthy and don’t work in the circus for a living!! Now, if you’re a bit older or you’ve been diagnosed with or treated for one or more medical conditions, you will have a harder time obtaining life insurance at an affordable price. Insurance for Diabetics or other Medical Conditions is more challenging to navigate and requires a specialist independent agent/broker and to guide you to your best options.
That does not mean you should give up your hunt to acquire affordable coverage either. It just means you might have to find an high risk specialist to guide you thru all your options for coverage.
To give yourself the best possible chance of an approval from a life insurance company, here are 10 good tips that should be considered before speaking to any broker or agent.
Know And Understand Your Medical Condition
Make sure you are clearly familiar with your health and medical history. You will be in a far better position to make a strong case for your application’s approval and best rate.
You should be asked these questions by a good agent, but be sure to advise your independent agent or broker that you follow a work-out,exercise routine and/or have a healthy diet if that is the case. It can make a difference in the outcome of your application.
Make sure you are visiting your doctor regularly for up to date testing. If you have not had a physical in the last one to two years, be sure it is completed. Be sure all recommended testing is complete before any applications for life insurance.
Outstanding testing will postpone any decision on life insurance. Make sure all referrals by your doctor are followed.
Compare Several Life Insurance Companies
This is key advice for anyone looking to buy insurance. You may have already heard this, but it’s most relevant for people who need life insurance but have a tough medical history.
Every life insurance company out there has a different set of criteria for evaluating life insurance applicants. While one or more insurers may decline a particular applicant, another may offer pleasantly reasonable rates for that same applicant.
Another way of putting this… how one insurer views your condition may very well differ from how another insurer views it. Shop around and gather quotes from several insurance companies before you make any application anywhere. Don’t assume you have to accept the first quote you receive. A special, high risk expert will be your best avenue to shop these companies quickly for the best offers and best life insurance quote advice.
Honesty is the Best Policy
Some of this goes without saying, but make sure you do not withhold information requested by and insurer to evaluate an application. If you’ve been taking cholesterol medication for five years, admit it if you’re questioned. If you’ve had a couple heart attacks in the last five years, don’t tell the insurance company you had one.
It might be tempting for some to do, but don’t do it!! No sugarcoating or withholding facts the insurer or agent/broker is requesting. It can and does come back to bite.
The insurance company evaluating your application is going to review your medical records. If they discover any misrepresentation, you will probably be declined.
It is to your advantage to give the insurance company all medical information you have. The better record they have, the less concerned they tend to be about issuing a policy. The insurer is able to make an informed decision.
When questioned, the name of the game is “full disclosure.”
Wait for things to smooth over and stabilize
It was suggested earlier that some health issues may cause you to have to sit tight for a few months (or even a year) until an insurance company will agree to sell you a life insurance policy.
As a result, if you’ve only recently undergone treatment or surgery or some other procedure related to a particular condition, or if you’ve just started taking medication for an injury or illness, consider letting a little time pass before you apply for life insurance.
Again, be sure to use the assistance of an independent agent/broker who has experience with situations like yours or at least has access to multiple life insurance companies
That said, if you do have a condition or ailment that is not under control or stabilized, the companies will almost always postpone until it is under control or stabilized.
Prove that you’re healthy
This tip is closely related to the one above, as it’s often important when you have a questionable medical history to show an insurer that your illness or condition is under control before they’ll offer a plan to you.
So, do what you need to do to prove that you’re taking steps to improve your health and that you’re a risk worth taking. That may mean taking medications as prescribed, or it may mean exercising, eating better, losing weight by following a healthy, long term weight loss “diet.” One that is sustainable over the years. You can read what Harvard Health has to say about a low-fat or low-carb diet here. The best thing to do…is all of the above.
Do You Have Access to A Company Group Life Insurance Plan?
This is an option for some people. There are no real health questions to answer in this case. The company plan covers everybody in the group regardless of health.
You can try to obtain life coverage thru an association or professional organization as well. These typically do not have health questions to answer either.
Consult With A High Risk Life Insurance Expert
A High Risk Agent or Broker is a life insurance specialist who know which life insurance companies tend to be more liberal towards people with certain medical conditions. High Risk Specialists will also have a network team that can help you find the best solution to your situation.
If the independent agent you’re currently working with isn’t very experienced or isn’t willing to go out of the way for a solution for your diabetes, take your business to an independent agent who does.
Be sure to take your business to a professional who has access to dozens of life insurance carriers. Many people have been declined by the local State Farm agency and get excellent rates with a top shelf life carrier with a independent professional who specializes in high risk life insurance.
Simply Ask Your Doctor
Ask your doctor if he/she feels you are healthy enough to apply for life insurance. Some of your conversation may enter your actual records which may be influential in a life insurance underwriters interpretation of you as a good risk. Your doctor is going to be objective about your personal situation like an life insurance underwriter will be. Their advice, though padded with their individual bedside matter, can give you a good expectation of the outcome of any traditional application for life insurance. If they feel you are going to be around for a good number of years, you can bet there are insurance companies that will accept your special risk.
Take A Deep Breath and Don’t Assume Anything
Although there are certain health issues that are just not going to be insurable under standard underwriting methods, there are many other medical conditions that are easily insurable with several of even the best life insurance companies.
Even with controlled Type I diabetes, obtaining excellent coverage at a affordable price is reasonable.
If there are other conditions combined with the diabetes, be sure to discuss those with your life insurance advisor. In certain circumstances, Guarantee Issue Coverage may be you only option depending the total risk factor involved.
Anytime you’ve been diagnosed with or treated for diabetes, cancer, heart issue, and many others, any life insurer is going to take a closer look at your application than they would a younger, healthy fitness guru. Don’t take it personal. Treatments themselves do not imply that you will be declined or that a life insurance policy will be very expensive. In fact, keeping your condition in control is a main concern of any life insurance underwriter who determines your eligibility and a top tip to remember.
Consider Guaranteed Acceptance Life Insurance Only If All Else Fails
“Guaranteed acceptance” or “guaranteed issue” is fall back, high risk life insurance at its purest form. It costs quite a bit more and offers death benefit amounts that are considerably limited compared to medically underwritten permanent life insurance.
In addition, as the last option to consider, guaranteed acceptance life insurance has a minimum 2 year waiting period for death due to natural causes. Your beneficiary will receive a 7-10% interest rate compounded during the waiting period in addition to all the premiums paid. The interest rate depends upon the insurance company’s policy.
Of course it is better to have a plan in place then none at all. Never feel like you can’t request a review from your agent if your health improves.
If you are age 80 or higher, we recommend self insuring if a guaranteed issue policy is required. It becomes very, very expensive at these ages for this kind of coverage.
In Conclusion:
If you are young and healthy, take advantage of the best rates while you can. Life insurance does nothing but go up in cost every year you wait to get the coverage. Medical Conditions just drive the rates even higher. No time better than now to get it done before it costs more.
If you have Diabetes or another medical condition, make sure you use these 10 tips to save money and find the best policy for your specific situation.
We are here to help you. Special Risk Life a high risk life insurance specialist with access to a huge portfolio of top shelf life insurance companies. Let our team if experts go to work for you.
Call us with any questions at 269-230-3464
