When you’re shopping for insurance coverage, the insurance company is going to review dozens and dozens of different factors to determine how much they are going to charge you life insurance and your chances of being approved. One of the biggest factors that they are going to look at is your overall health and any pre-existing conditions that you may have.
With any type of health disorder, it could become more difficult to qualify for life insurance coverage – even something as seemingly non-threatening as chronic back pain. This condition could be caused by any number of either internal or external sources – and it could also lead to other more serious health related issues that are concerning to life insurance underwriters.
If you suffer from chronic back pain and you’ve been turned down for life insurance coverage in the past, it is possible that you just weren’t going through the proper channel. By working with a life insurance company that specializes in higher risk cases, you can significantly improve your chance of approval for getting the coverage that you need – oftentimes at a very competitive premium price.
Life insurance is one of the most important investments that you’ll ever make for your let ones. It’s one of the only ways that you can ensure that your family has the money that they need, regardless of what happens to you.
This article is going to explore the different problems that you’ll run into when you’re shopping for insurance protection and how you can get the most affordable life insurance policy possible.
What the Insurance Underwriters Want to Know
Any time an applicant for life insurance has been diagnosed with a particular condition, the insurer will typically require additional details regarding the individual in order to determine the amount of risk that the person will pose in terms of potentially filing a claim.
Therefore, when applying for life insurance with chronic back pain, the underwriters will want to know more in-depth information about your condition. The questions that you will be asked will usually include:
- What is your actual diagnosis?
- In what ways, if any, are you limited due to your chronic back pain condition?
- How long does an episode of your back pain typically last?
- How often does an episode of your back paid usually occur?
- When did you first start experiencing chronic back pain?
- Have you had any surgical procedures for your condition, and if so, when?
- What medications are you taking for your condition?
In addition, the underwriters will also want to know more details about how the medications you are taking for your back pain are affecting you, as well as their potential for over-medication, addiction, or depression.
The underwriters will also want to know if you are taking any steps to help in controlling your condition. For example, do you perform any type of regular exercise or receive massage treatments that help to ease the back pain? If so, this can help your chances of being approved for coverage.
It is also likely that you will be required to take a medical exam as a part of the underwriting process. This typically consists of submitting a blood and urine sample. These samples will help the underwriters to determine other types of health conditions that you may have that could pose a risk to the insurance company in terms of potentially filing a claim.
On top of your condition-related information, the life insurer will also review information such as your:
- Height and weight
- Occupation and income
- Health history and family health history
- Amount of any other life insurance coverage already in force
How Much Will Your Life Insurance Policy Cost?
After all of your information has been reviewed, the underwriters will be better able to make a determination as to whether or not you qualify for life insurance coverage. If so – and if it is deemed that your chronic back pain is well controlled (and you have no other adverse health conditions) – then it is likely that you can qualify for a Standard rated policy. This means that you are considered to have an average life expectancy, and you will therefore pay the average premium rate.
If, however, it is determined that your chronic back condition presents a higher than average risk to the insurer, then you may still qualify for life insurance coverage, but it may be at a Substandard policy rating. This means that your premium will be higher than average in order to compensate for the higher amount of risk that is being posed to the insurance company.
Have you thought about final expense life insurance? We can also help you with this type of insurance and many others.
Final expense life insurance policies are going to offers a small amount of coverage, around $20,000. These plans are designed to for applicants that can’t get approved for a traditional life insurance plan. Because these policies are a lot smaller, they won’t require a medical exam and the company isn’t going to ask any health questions.
These policies are an excellent option for anyone that doesn’t have a massive amount of debt, and they are looking for ways to save money on your insurance coverage. If you’re looking to get life insurance protection as quickly as possible, these final expense plans are a great way to do that.
Another option is a no exam plan. These plans are similar to a final expense policy, but they are going to give you much more coverage. With a no exam policy, you can purchase up to $250,000 worth of coverage. If you need more than a final expense plan offers, then a no exam policy could be the best option. No exam plans won’t require you to take the medical exam, but the insurance company will ask you dozens and dozens of health questions before they accept your application. There are several advantages and disadvantages to these policies that you should be aware of when you’re shopping for insurance coverage.
One notable drawback of these plans is that they are going to be more expensive per a coverage dollar versus what you would pay for a traditional plan with a medical exam. If you’re looking to get the most bang for your buck, then a no exam policy is not going to be the best option. The purpose of the medical exam is to give the company an idea of your overall health, but without those tests, they are taking a great risk. They are going to offset that risk by charging you much higher premiums.
Regardless of the cause of your chronic back pain, there are several options for quality and affordable life insurance that you can choose from. More than likely, we can help you find an insurance company that will approve your application for a fully underwritten plan. This will save you money and give your family the protection that they need.
How to Improve Your Chances for Policy Approval
In order to improve your chances for policy approval, it is always best to work with an agency that specializes in high risk cases. These professionals are much more familiar with which insurers are more likely to accept various risks, and can point you in the right direction.
They can also assist you with any of the additional details or paperwork requirements that are needed up front. This can help to avoid time consuming delays with underwriting, essentially getting you the coverage that you need much more quickly and conveniently.
If you want to know which insurance companies are the best, we can answer your questions and help you get the coverage you deserve.
Our independent insurance agents have years of experience working with dozens of highly rated companies across the nation, which means we can bring all of the best life insurance plans directly to you. Every insurance company is different, and all of them are going to view your chronic back pain differently. If you want to ensure that you’re getting the best rates for your policy, you’ll need to compare dozens and dozens of plans.
You never know what’s going to happen tomorrow, which means you shouldn’t wait any longer to get the life insurance protection that your family will need. If something were to happen to you, and you didn’t have life insurance, your family would be stuck with all of your debts and other final expenses.
You can request a quote by filling out the form on this page, or by calling us at 888-552-6159.