Wondering how to get life insurance for pre-existing conditions?
Are you struggling to find a life insurance policy that meets your needs?
If you’ve decided you need life insurance and you also have a pre-existing medical condition, it may seem like an impossible task to find a policy. However, it is possible to find life insurance as long as you know how to take the right approach.
Luckily, we’re here to help. Below we’ll give you our top 7 tips for finding the perfect life insurance policy even if you have a pre-existing condition.
1. Try Working With an Independent Insurance Agent
When you’re looking for a life insurance policy with a pre-existing condition the best thing that you can do will be to find an insurance agent. Looking for life insurance all by yourself will make the process much more difficult than it has to be.
By having an independent agent on your side you’ll easily be able to get guidance into what all of the available options are. An agent will be knowledgeable about the different policies and will be able to help you understand how they all work. They’ll use your personal history and requirements to help you find the best policy.
Look for the most reliable and trustworthy insurance agent that you can. You may want to ask friends and family for recommendations or do your research online to make sure you’re choosing one that you can rely on.
2. Get Your Documents Together
Early on in the process of looking for life insurance, you should learn as much as you can about what your options are. You’ll want to take time to research what types of policies you may eligible for and what documents may be required. Ideally, do this before even speaking to an agent.
You’ll also want to assemble any documents you’ll need such as information about your prescriptions and any official documents or letters regarding your health condition. Having the most detailed information, documentation and history readily available will make it easier to work with your agent and help them with finding a policy for you.
3. Know Your Policy Options
When you’re looking for life insurance you’ll want to think about your needs carefully and know what types of life insurance may be available for you to choose from. Your options will be limited a bit if you have an existing condition.
Fully underwritten policies may be an option but will be more difficult for you to get with an existing condition. To get a great term policy it will likely require an exam, background checks, prescription checks, and several other things.
A graded benefit life insurance policy may also be an option and will have lower requirements than fully underwritten policies.
The final choice you have is to get a guaranteed acceptance life insurance policy. These policies will have significant limitations and will cost you more money. However, you won’t be able to be denied for this type of policy.
4. Be Honest
When searching for a high-risk life insurance policy you need to make sure that you’re being honest with your agent. An independent agent won’t work for the insurance providers but instead will work for you to get you the best policy you can possibly get. However, they’ll have a hard time doing this if they don’t have the most relevant and up-to-date information on your condition and your medical history.
Be sure that you provide your agent with all of the information that you can. If you do, it will be more likely that the agent will be able to find a great policy for your needs.
5. Check With Your Doctor
You’ll also want to check with your doctor when you’re looking for an insurance policy.
Keeping open communication with your doctor early on in the process will help you to have the easiest time when it comes time to apply for insurance. You’ll be able to ensure that your medical records are up to date and that everything is as accurate as possible.
Giving your doctor a heads up will also make it more likely that they’ll be quick and responsive when they’re delivering paperwork or an attending physician’s statement (APS) to underwriters.
6. Consider Taking a Medical Exam
If you have an existing condition sometimes the best thing that you can do is to take a medical exam. This can help you get the best policy options and rates as it will provide an insurance company with the largest amount of information about you and your current health. If the medical exam turns out well you’ll be able to get cheaper rates and better death benefit amounts.
On the other hand, if your medical exam doesn’t go as hoped for you’ll still have access to no medical exam insurance and other policies with less stringent requirements as well.
7. Get Some Quotes
When working with an independent life insurance agent, you’ll be able to get quotes from many different providers. After you’ve spoken with your agent at length about your medical condition and provided them with all of the most relevant information they’ll be able to help you look for a policy that meets your needs.
After they discover the best potential providers and policies for you they’ll share them with you and will be able to walk you through what each one entails. Make sure you don’t go with the first policy you come across but instead compare your options thoroughly so that you can make sure to get one that meets your needs.
Successfully Finding Life Insurance For Pre-existing Conditions
While the task of getting life insurance for pre-existing conditions may seem daunting, it’s not impossible. By using the tips above you’ll have the best chance at getting an insurance policy that will be right for you.
Thinking about getting a guaranteed life insurance policy? Click here to learn more about guaranteed life insurance and why it may be the right choice for you.