How To Get The Best Life Insurance Rates

In this article, we will give you the breakdown of how to get the best life insurance rate for yourself.  It is often more complex than life insurance consumers realize.  Pulling all together may seem to be easy but there are a lot of considerations that are more often than not, overlooked.

In this article, we will give you the breakdown of how to get the best life insurance rate for yourself.  It is often more complex than life insurance consumers realize.  Pulling all together may seem to be easy but there are a lot of considerations that are more often than not, overlooked.

Don’t assume that a preexisting health condition, such as heart disease, high blood pressure, diabetes or cancer will mean you will be denied life insurance.  If you do have definite health challenges, it is vital you work with a independent, high risk life insurance specialist.  Someone very familiar with obtaining a good offer regardless of having a special risk situation will ensure you best life insurance rate.

This type of agent knows how to find life insurers that will best suit your needs and what type of policies to consider.  They will also know how to effectively communicate with the underwriters that will be determining your acceptance and premium.  They will know the tricks of the trade, ensuring you get the fairest offer available.  Below are seven simple tips to help you smooth out the process if you have any medical conditions in your history.  Following these guidelines will help you obtain the best life insurance that meets your needs.

7 “Take Charge” Tips to Your Best Life Insurance Rates

1. Research Carefully 

Buying life insurance is no fun.  It isn’t free and it’s understandable you might want to just be done with it.  However, if you have a previous medical condition, it’s important to be patient, because obtaining high risk life insurance will likely necessitate more work for both you and your agent.

After you know your options, be sure to understand what you need to do next and what questions you’ll be asked about your health condition. Requested documentation often includes prescription information, medical letters explaining your health issues or perhaps more detailed information.  Your independent agent/broker may want to get quotes from a battery of life insurance carriers.

Before you even talk to an independent agent, gather specific information regarding your condition. You will likely want documentation and the original date of medical diagnosis and/or treatments.  Have the name, doses and frequency medications you take.  Having this info at your finger tip will reduce the guesswork of your agent so he can shop you case with for portfolio of carriers best for you.

2. Reach out to a Seasoned, High Risk Specialist Agent

An independent agent can actually contract with an unlimited amount of life insurance companies.  This enables an independent the ability to provide rates from potentially numerous companies to you.  However, a good specialist will know there are specific companies that are the go to companies to handle high risk cases.

Working with a specialized independent agent not only allows you to see all of the policies available to you, but it eliminates you calling around trying to speak to all the different carriers and their agents.  You see, your high risk independent agent is able to quote a multiple companies and transact with them on your behalf.

Now, on the flip side, a captive agent works with a single insurance company.  A specialist will be able to zero in on which companies will better suit you and have proprietary ways of presenting your personal situation.  This results in better assessments which yield a better offer to you and likely your best life insurance rate.

Your independent agent will help guide you to the carrier at which you’ll qualify for the lowest premiums based on past and current health. The agent should be knowledgeable about how best to present your case. This can mean drafting cover letters, seeking preapprovals or even helping you choose between carriers based on medical examination requirements.

Finding a trustworthy agent is a process of elimination. Most people start by getting a referral or searching online for a local broker. However, if you have a medical condition, be sure to look for someone with expertise in medical conditions, or at least an agent who specializes in high-risk policies.  High risk cases are not for rookies or captive agencies.

You do want someone who understands your personal situation and is committed to getting you the best offerings, right?

3. Be truthful and upfront about your condition

Be as open as possible when speaking to your agent. Know that he or she is on your side and working on your behalf, but the agent’s actions will be based on the data received from you. Even the best agent can act only on the information you’ve supplied.

Answer every question you can in detail. Having proper dates of diagnosis, treatments and tests can help a lot. Knowing medications, doses and information from previous lab results can aid as well. You should bring to the table anything you can regarding your condition.

4. Get quotes from multiple insurance companies

Utilize your specialist agent’s expertise and ability to shop around for the best policy. The key is to make sure you get quotes from several companies, not just one. This is especially important for high-risk cases, because health impairments may be evaluated differently from one carrier to the next.

When you get your quotes, ask your agent about the insurance companies he or she presents to you in case you’re not familiar with them. You want to choose a company you’re comfortable with.  Bigger name does not mean “better” though.  Your agent should also be able to answer any questions or concerns you have with each individual carrier and help you compare them on more than just price.  Remember, your independent specialist will be trying to get you the best life insurance rate.

5. Choose the proper policy type

When you have certain medical conditions, you may be limited in the kinds of life insurance policies you can apply for.

For instance, full medical underwritten policies require a complete medical questionnaire, a paramedical exam, background and prescription checks and typically a physician’s statement, too (APS).  None of this is done at your expense.  However, with some preexisting conditions, you may not be able to qualify for a fully underwritten policy, so a traditional term life insurance option (covering you for a specific amount of time) would be off the table. In addition, some benefits or riders, like a waiver of premium rider that protects you in case of disability, may not be available to those with certain impaired risks.

A graded benefit life insurance policy requires just few health questions and no exams. This would allow someone in moderately poor health to still get life insurance.  The cost would be higher and the benefits would be limited for natural death the first 2-3 years.

A guaranteed acceptance life insurance policy assures you can’t be turned down and has no medical questions or exams. While it sounds great, you’ll be significantly limited by how much coverage you can buy and you’ll pay the highest costs per thousand.  Rarely is this type of coverage needed.

As with a graded policy, this type of life insurance will not offer full benefits for two 2-3 years. These policies should be your last resort because of the high costs.

Something to note… most graded and guaranteed issue life insurance policies are typically permanent.  Whole Life insurance or Guaranteed Universal Life

6. Take the medical exam if you can 

The best life insurance rates are reserved for those who complete the medical exam. That’s because the less the life insurance company knows about you, the more it needs to charge to offset its risks.

Most people with preexisting conditions should take the exam because it’s their best shot at getting the best life insurance with enough death benefit to meet their needs and with significantly cheaper rates. If, for some reason, the medical doesn’t go as planned, you can always pivot to a no-exam life insurance policy.  Underwriting is much more relaxed.  It may cost a little more, but it’s better than a decline.  Of course, if your policy doesn’t require an exam, you will not need to take one.

7. Communicate with your doctor

Anytime a preexisting health condition is present, insurance company underwriters are going to request an attending physician’s statement, or APS, from your doctor to evaluate the notes in your medical record. They can also request information from any other medical professionals you’ve seen regarding your condition.

You want to speak to your doctor to ensure accuracy and efficiency. Not only do you want to make certain your file is correct and up-to-date, but you also want to notify the doctor’s office in advance so they can send the medical file to the proper location promptly.  This can greatly reduce the time required for an offer from the life insurance company.

Having any sort of health impairment in your medical history can lead to challenges when you shop for life insurance. But an investment of your time upfront can save you time and money on obtaining coverage.


Obtaining the best life insurance for you requires more than just the low quote.  While that may be a part of getting started, there are several elements which go into obtain the best life insurance rate possible.

Hope this article has given you a road map to follow.  Use it.  Yes, it will keep more money in your pocket in the short and long term.  In most cases, people are generally shocked.

If you have any questions or need help, don’t hesitate to get in touch with us 269-230-3464.