Lots of people who don’t buy life insurance have had a conversation with a major insurance company and got discouraged.
Some were ultimately turned down because of some pre-existing condition. Or they just thought that insurers wouldn’t offer them good rates for their life insurance, because of something on their medical record, and just never applied.
Some did a little early shopping, and were so sensitive that when a company rep asked a question, they felt threatened and hung up!
Among the various reasons that people who need life insurance don’t have it, this type of situation ranks as one of the easiest to solve. It’s one of the areas of coverage where a little shopping goes a long way. The good news, for many, is that if you feel like you’re just not insurable, for one reason or another, you may be wrong.
New Life Insurance Underwriting
One big issue in today’s medical world is that some of the traditional health conditions that pushed up life insurance premiums aren’t as big of a deal as they used to be.
Basically, as the medical industry finds ways to prolong the lives of patients with chronic disease, the life insurance industry is responding.
Where in past decades, things like cancer were deal-breakers for so many life insurance underwriters, major insurance companies are now more willing to work with the applicant to offer coverage pricing that works, simply because they’re less likely to have a payout over a given time period.
Health Conditions and Life Insurance
Another big aspect of getting life insurance involves managing daily health, something that’s important for all of us to do, regardless of what our medical histories look like.
Just like you may have to cut out some of those unhealthy habits like tobacco and alcohol, getting good life insurance coverage may mean going to the doctor and getting treatment for chronic issues like hypertension or high cholesterol.
This is another ‘sticking point’ where some people may not want to do the work, but in the end, will benefit from getting to a place where their medical histories don’t disqualify them for insurance coverage.
You want to make sure you don’t wait though, as you age, life insurance gets more expensive.
This and other articles show how important it is to go through an experienced insurance broker who knows the market. When you have one of these professionals on your side, they will do a lot of the heavy lifting in terms of researching different companies and communicating with underwriters and others about your policy options.
That’s one reason why the broker’s role is so important for people who have less insurable medical records — someone who knows the market can get in there and find those options that you might not be able to find on your own.
So while most of the kinds of scary chronic diseases we deal with are not going to be an automatic deal-breaker, there are still other barriers to get through before you can be offered a policy.
Final Thoughts on Life Insurance and Poor Health
There is the idea of filling out applications, making return calls to your insurance agent, and waiting impatiently for the insurer to get back to you about their ultimate decision. Frankly, this process is just really hard for a lot of average people.
When you have a job to do, a family to care for, and a house to maintain, you don’t always feel like you have time for all of this paperwork and back-and-forth. But it’s truly a shame to give up when you really need something to provide for your loved ones in a worst-case scenario.
By getting an insurance broker who knows how to navigate the market, you can go about your daily life and let a qualified professional move your process forward in the background, so that eventually, you get the life insurance policies that you need.
Don’t use the excuse of procrastination and a frantically busy lifestyle to miss out on something that could be a lifeline for your family.