We’ve all heard a lot of talk these days about pre-existing medical conditions for health coverage, and at first glance, life insurance policies are no different.
One of the first considerations an insurance provider looks at is how “high risk” you are.
That doesn’t mean however that if you are in a high risk bracket you’ll be denied a policy.
The only real difference is if you have a clean bill of health or not.
If you do have pre-existing conditions, it’s best to work with a high risk life insurance agent, also called an impaired risk specialist.
In this post, we’ll look at some of the issues related to health risk factors when it comes to shopping for and selecting the right life insurance policy.
Personal Health and Sub-Standard or So-Called “Table” Ratings for Life Insurance
While most generally healthy individuals fall into the categories of “Preferred” or “Standard”, those who have pre-existing health conditions and are considered to be a higher risk and as such will most likely receive a “Sub-Standard Rating”.
These are also sometimes referred to as “Table Ratings” which involve a fairly complex scoring system combining a complex set of letters or numbers.
This is not something you should concern yourself with. But generally, the lower the number, the lower the price of the policy.
High Risk Life Insurance and Medical Conditions
Since its inception, BestLifeQuote.com has been focused on helping people in all walks of life to get the right life insurance policies for their needs.
We have been successful in assisting scores of clients considered, “high risk” and with “pre-existing medical conditions” get approved for life insurance, and do so on favorable terms.
Many well-known and well-publicized conditions and ailments that may put you into a high risk category do not necessarily disqualify you from getting insured.
Far from it in fact. But there’s no question that suffering from a serious condition you need to consult with an independent high risk broker who can properly represent you and your interests, and get you the widest possible spectrum of quotes from leading insurers, as well as be knowledgeable as far as which companies are more likely to approve you for coverage.
The fact is that clients with a wide range of common health or neurological conditions including the following do have a shot at getting a plan issued:
- Barrett’s Esophagus
- Chronic Ailments
- Chronic Back Pain
- Crohn’s Disease
- Criminal Record
- Elevated Liver Function
- Elevated PSA Levels
- Foreign Nationals
- Heart Disease
- Hepatitis B
- Hepatitis C
- High Blood Pressure
- High Cholesterol
- Long QT Syndrome
- Multiple Sclerosis
- Sleep Apnea
- Sjogren’s Syndrome
- Weight Loss Surgery
Have You Ever Been Declined?
If you were ever declined an insurance policy in the past, this doesn’t mean that you will be declined again.
Perhaps it was not the right insurance company, or the representative you were working with didn’t have experience in helping people with pre-existing conditions get approved for coverage. The point here is, even if you were ever refused a policy, it probably had more to do with the company or people you were dealing with, than the reality of the industry.
Don’t take the easy way out; the policy for you is available, regardless of your situation or current state of health, is to work through an independent broker. Independent brokers provide a big advantage in that they can give you access to the largest selection of companies and policies, and put the odds of getting insured and finding the right plan very much in your favor.
Part of the challenge for your average insurance policy buyer is the fact that Insurance companies differ on the type of risk they are willing to insure. But that doesn’t mean another company won’t insure you and possibly even on better terms.
BestLifeQuote.com specializes in “high risk” cases and boasts a long and successful track record working with clients with pre-existing medical conditions. Casting the net as widely as possible, and helping you sift through the catch, we bring your terms to over 30 life insurance companies nationwide.
In the process, we look for the right match for you and your particular situation. Every insurance company is different, and it’s good to find the right fit. We will find you the company and the policy that best suits you, your family and your needs. If for whatever reason you are further declined, there remain plenty of options to get you and your family insured including policies under the categories “Guaranteed Acceptance” or “Graded Benefit Life Insurance“.
No Medical Exam or Guaranteed Acceptance Insurance Policies
If a carrier has not approved an application before because of your health, there are still several options to get insurance coverage.
Nobody should have to go without the insurance protection that their family needs. One option for coverage is to purchase a no medical exam plan. These plans will allow you to get insurance coverage forgoing a med exam apart of your application.
There are several advantages to these plans to be mindful of as you search for a life insurance policy.
The biggest advantage is that anyone can purchase a no medical exam plan or a guaranteed issue policy, in spite of health or any pre-existing conditions. No family should be left with debts and bills, and these plans can give you peace knowing your survivors can pay off any final expenses.
Another benefit of these plans is the approval period is way faster than you would be approved without a traditional insurance plan. With traditional life insurance the waiting period could be months long, but with no medical exams, you receive insurance protection in days. If you’re wanting to be approved as quickly as possible, a no exam policy is the best option for you.
There are several pitfalls to these policies to understand, and the biggest one is monthly price compared to other life insurance options. When the company fully underwrites a policy it gives the team a clearer understand of your health situation. Without the medical exam, the carrier is taking a larger risk to give you life insurance, which is going to translate into higher monthly premiums for your plan.
Limitation of face value is another reason that these no medical exam plans may not be the choice for you. If you need more coverage than this, you’ll have to buy two policies or look at a traditional plan.
While no exam and guaranteed issue plans are a great option for coverage, you should always consider these plans a last resort for life insurance. Even if you’ve been declined previously, we can help you be approved for a traditional term insurance policy. Every company has various medical underwriting requirements, which means that every company is going to view your application differently. It’s important that you find the perfect company for you. It could decide whether your application is declined for life insurance or getting an affordable plan.
Consider Term Life Insurance for High Risk
In our experience, the way you approach searching out a quote or policy can play a decisive role in getting the right plan or policy. For example, there are certain cases when we recommend a Term Life Policy instead of a Permanent Life Policy as it may help widen the options amongst firms competing for your business and keep costs low for those considered high risk.
Working with over 30 life insurance companies, and many known for their handling of “High Risk” cases of people with pre-existing conditions, such as:
amongst others, BestLifeQuote will help you get the best selection of options, and choose just the right policy for you.
Nobody wants to think about dying. It’s a morbid thought, but it’s something that you can’t avoid, and not planning for it is a risky decision. Would it be difficult for your survivors to live the same lifestyle they’re accustomed to if you were to pass away?
Accidents by definition are unplanned. So start formulating a plan now to protect your loved ones for the future. Being high-risk is okay, but it also means you should talk to experienced brokers who understand coverage options in the insurance space.
Our agents have lots of experience working with high-risk applicants, such as smokers and our research proves we will fight for you to get approved for coverage. Don’t waste your time on the phone calling dozens of companies, let us do all of that work for you.
To receive a custom quote fill out the form on this page or call us at 1-888-552-6159.