Searching for impaired risk life insurance can be challenging without understanding many of the guidelines which go into the underwriting of a life insurance policy. It is important to understand the unique challenges which go into applying for life insurance with a medical condition, or a history of health issues.
This is a unique niche of life insurance, but when working with a experienced independent life insurance agent who specializes in impaired risk life insurance you be sure you are getting the best chance at a life insurance approval.
If you have any health issues, like diabetes, high blood pressure, kidney disease or heart disease, you may know the difficulty in purchasing life insurance, since life insurance carriers will often times not take on certain levels of risk, or charge very high premiums. Many people get declined from one life insurance company and think they have no additional options.
This is not always the case, as different life insurance companies will take on different types of risk, so coverage may still be an option. Because of this many people stop searching for coverage, leaving their loved ones without the financial protection which a life insurance policy provides. Conditions like COPD, MS, sarcoidosis, breast cancer or testicular cancer can all be insured in most cases, largely depending on company applied to.
Impaired risk life insurance is different than traditional life insurance simply because of the health history of the applicant. Life insurance rates are based on age and health, too, so younger and healthier applicants will pay much, much less.
While it is best to purchase life insurance when you are young and healthy, it is still possible to obtain coverage even if you have a history of health issues.
However, it can be more challenging and expensive based on many specifics such as the type of medical history, severity, and any recent health concerns. Here are some more conditions we may be able to help with: obesity or those after bariatric surgery, blood clots, celiac disease, gout, osteoporosis and more.
Typically when someone who does not have any health issues applies for life insurance they will just apply with the company who has the lowest premium for their desired coverage amount. Impaired risk life insurance is slightly different because you may be paired with a company who specializes in insuring people who have a certain health history. This requires a knowledge of underwriting and company preferences, which is hard to obtain if you are not an experienced agent.
Patience is key when purchasing impaired risk life insurance because it is a process which will typically take longer than 3-5 weeks which is the average turnaround for a traditionally underwritten policy. This is due to an increase in the amount of doctor’s records which will be requested, and the detail in which the underwriters will comb through your records to determine if you are a risk in which they may be willing to insure.
Many people have a tough time with the patience behind impaired risk life insurance. Even after the underwriting process is complete from one company it may also be beneficial to shop your rating among carriers to ensure you are getting the best life insurance deal.
Being completely honest and open is also crucial when applying for impaired risk life insurance. We will need to ask you specific questions get the best understanding of your unique situation. This guides us selecting a company, and a policy which is best suited to obtaining you affordable coverage. The last thing we want is to find out information after we submit the application. This leaves both us, and you in an uncomfortable situation. Being upfront with any medical issues is best practice when looking to obtain impaired risk life insurance.
Once you have determined this is the route which will give you the best chance at an approval, the next step is starting the quoting and application process. Since your specific case is considered impaired risk life insurance, than the traditional methods of applying for a quote are not the most preferred. It does not do any good to check out top of the health ratings as they do not apply in this situation.
The best way to receive quotes for impaired risk life insurance is through an experienced independent life insurance agent. We will be able to ask the right questions which will help determine what will be best company to go with. This will help you get a policy quickly and efficiently. Please give us a call so we can help you evaluate your options.
Here is our complete list of physical health conditions we cover.