When purchasing life insurance, there are many different variables that go into consideration by the insurance company’s underwriters regarding whether or not you will qualify for the coverage. One of the biggest of these is your health.
For many people, qualifying for a life insurance policy is fairly straightforward. It is simply a question of completing the information on the application for coverage, and then undergoing the paramedical examination, which entails submitting a blood and urine sample. These samples are tested by the life insurance company for various health conditions that could deem the insurer for certain potential risks of claim.
Unfortunately, though, for some life insurance applicants, qualifying for coverage is not quite as easy. This is because of an adverse health condition. In these cases, going about applying in the traditional manner may result in the applicant being rejected for coverage. The good news is that if you’ve been turned down for life insurance in the past due to bad health, you still have other options.
How Life Insurers Rate Policy Holders
When life insurers review an applicant, they will take into consideration a number of different factors. Certainly, health is included. However, there are other criteria that the underwriters also factor in as well. These can include:
- Height and weight
- Occupation and income
- Marital status
- Prescription medications taken
- Exercise habits
- Smoking habits
- Alcohol habits
- Family health history
- Overall health history
- Foreign travel (if applicable)
- Hobbies (particularly if any dangerous or risky hobbies such as skydiving or scuba diving are undertaken by the applicant)
If an applicant has a particular health issue that puts them into a high risk life insurance category, the underwriters will typically ask more in-depth questions regarding that issue. These questions may include:
- When were you initially diagnosed with your particular health condition?
- Do you take any medications for your condition? If so, what and what is the dosage?
- How are you currently managing your condition? (i.e., with diet and / or exercise, with medication, or both?)
- How often do you see your medical professional regarding your condition?
- Have you had any relevant diagnostic testing performed within the past six months pertaining to your condition?
- Have you had any issues / flare ups about your condition over the past 6-12 months?
Once the underwriters have obtained all of the information regarding your condition, they will be able to make a more informed decision regarding coverage. In many cases – and especially for those who apply for life insurance with bad health – it is likely that the underwriters will need to obtain additional information from the applicant’s medical professional.
Options for Purchasing Coverage
For those buying life insurance with bad health, it may seem like there aren’t many options. But the truth is, there are several ways that you can go when you need this type of protection. One way to do so is to consider the purchase of a no medical exam life insurance policy. These types of policies can make it much easier for those who have bad health to qualify for the life insurance coverage that they need – without having to worry about undergoing a medical examination in order to be approved.
There are a couple of variations with no medical exam life insurance plans. For example, a burial insurance policy has just a few simple health questions on the application for coverage that will help in determining the insurability of the applicant. These questions will usually ask if the individual is a smoker, if they have been diagnosed with HIV / AIDS, and if they currently reside in a long-term care facility.
In most cases, a simplified issue life insurance policy can be issued within just a few days, as versus several weeks – or months – that it takes for a traditionally underwritten policy to be approved.
A guaranteed issue life policy will also not require a medical exam. However, these policies will also have no health questions either. Therefore, once the premium has been paid by the applicant, he or she will be guaranteed for approval and will have life insurance coverage.
It is important to consider, though, with a no medical exam life insurance policy, that because the insurance carrier is taking on higher risk applicants with these plans, the premium that is charged will be higher than for policies that are traditionally underwritten. If, however, this is the only option for obtaining life insurance coverage, it could still be well worth the premium price.
How and Where to Find Life Insurance – Even If You Have Bad Health
If you’re buying life insurance with bad health, it is a good idea to work with either a company or an agency that has access to more than just one insurance carrier. There are a couple of reasons for this.
First, by doing so, you will not be locked into just one insurance company’s underwriting standards. When underwriting life insurance, not all insurers will use identical criteria. This means that while you may be rejected by one carrier, you could be accepted by another. Therefore, by applying with more than one company, you can improve your chances of acceptance substantially.
In addition, applying through multiple carriers can also provide you with the opportunity to compare the different companies’ policies, benefits, and premium quotes. This can help you to determine which will work the best for you, your situation, and your insurance budget.
When comparing life insurance policies, we can help. We work with many of the top life insurance companies in the marketplace today, and we can get you all of the important information that you need in order to make a more informed purchase decision. In order to begin, all you need to do is get a set of quotes by filling out the form on this page.
Should you have any additional questions as you move forward, our experts are here to assist you. We are happy to guide you with any of the information that you need, including:
- What type of coverage is right – term, whole life, or universal life insurance?
- How much coverage will be enough for your survivors?
- Which life insurance carrier will be the best one for your specific needs?
You can reach us directly by calling, toll-free, 877-235-9299. We understand that the purchase of life insurance can be a big decision – especially if you have bad health, and you have been turned down for coverage in the past.
We’re experts at working with high-risk cases – and can point you in the right direction up front, saving you countless hours of time and frustration throughout the entire process. So contact us today, and see how we can help you get the protection that you need, and the peace of mind that your loved ones deserve.