Getting Life Insurance When You're Sick: A Comprehensive Guide
Here at American Eagle Insurance, we understand that life insurance is a crucial financial safeguard that offers peace of mind by providing financial security for your loved ones in the event of your passing. However, obtaining life insurance can be challenging if you have pre-existing health conditions or if you're sick or have a pre-existing condition. The good news is that there are avenues available for securing life insurance even in such circumstances. Here's your comprehensive guide on how to navigate this process:
Understanding Your Options
- Guaranteed Issue Life Insurance: This type of policy is available to almost anyone without requiring a medical exam or health-related questions. While it offers coverage, keep in mind that it might have limitations such as lower coverage amounts and higher premiums.
- Simplified Issue Life Insurance: This policy requires answering a few health-related questions but skips the medical exam. Coverage amounts might be more substantial than guaranteed issue policies, but premiums could still be relatively higher for individuals with health issues.
- Specialized Insurers: Some insurance companies specialize in providing coverage to individuals with specific health conditions. These insurers might be more willing to underwrite policies for people with certain illnesses. For example, Foresters Financial specializes in people with diabetes.
- Group Life Insurance: Check if your employer or any association you're part of offers group life insurance. These policies often don't require a medical exam or have less stringent health checks.
Strategies for Securing Coverage
- Work with an Independent Insurance Agent like American Eagle Insurance Agency: Agents dealing with multiple insurers can assist in finding policies more tailored to your needs and health circumstances.
- Show Evidence of Stable Health: Providing medical records and evidence of treatment compliance, especially if your health condition is stable or improving, can strengthen your case.
- Consider Waiting Period or Graded Benefit Policies: Some insurers offer policies with a waiting period before full coverage begins or graded benefits where coverage increases over time for high-risk individuals.
- Transparency is Key: Being honest about your health condition is crucial to avoid issues with claim payouts later on.
- Premiums May Be Higher: Understand that premiums for those with pre-existing conditions may be higher due to the perceived increased risk by insurers.
Securing life insurance when you're sick, disabled or have a pre-existing condition may seem like a tall task but it's not impossible to overcome. Exploring various options, being transparent about your health, and seeking assistance from our Agency can significantly increase your chances of finding a suitable policy that provides the necessary coverage for you and your loved ones.