5 Ways to Get Life Insurance if You are Sick
You would be amazed at the life insurance options you have even if you are sick. To begin with, most health conditions, if managed, are insurable. There are carriers that specifically underwrite for people with pre-existing health conditions, too. If you are on the lookout for a plan, check out the tips below and explore your options to get life insurance even if you are sick.
1. Invest time and do your research.
Do not just grab the first plan you see. Shop around for a reputable agent and request for multiple quotes. Take your time and find out the answers to these important questions: what is required for policy approval, if there is a period of time in which death from an illness is not covered, whether premium prices are fixed, if the policy includes any riders with extra benefits while you are alive, and other coverage options.
2. Understand your options.
Each type of life insurance has its own underwriting standards. This refers to the amount of money the insurance policy will cover you for. The most affordable option is often term life insurance, which covers you for a specific number of years and is available with or without preliminary health exams.
3. Prepare for the health exam.
If you are going for a comprehensive life insurance plan, it will entail a thorough health exam. This involves plenty of health questions, a medical exam where they draw blood, take a urine sample, measure blood pressure, and take height and weight measurements. Previous medical records will be requested, too. Based on these findings, an offer will be made based on the assessed risk by the insurer. However, if you are sick or have a shaky medical track record, you can go for a simplified issue plan that requires no medical exam. Health questions, a prescription history check, and medical records check are still required though.
4. Consider guaranteed issue plans.
If you are sick or you simply do not want to deal with any health question or exam, get a guaranteed issue plan. They will give you a policy no matter what – even if you are terminally ill. These plans vary but typically provide a limited amount of death benefit for the first two years of the policy and then full death benefit thereafter.
5. Get healthier.
Manage your condition and your chances of getting better life insurance increase. Your choices over time are evaluated. If you show responsibility and demonstrate competence in keeping your sickness at bay, it will be insurable. Take care of your health and not only will you get life insurance coverage, it will also be cheaper.