One very frequent concern with life insurance shoppers is how they can get life insurance with health issues or pre-existing conditions. There are actually several routes to take.
No Medical Life
You should know that no medical exam life insurance is not your free ticket to hiding a health problem from insurers. Most policies will still require a health application, and you have to be truthful in your responses to comply with laws in your state. No medical exam life insurance can, however, save you time because you will not have to schedule a physical exam.
You can learn more about no medical exam term life here.
Guaranteed Issue
There are some no questions life insurance policies which do not require a health application. These guarateed issue policies usually will have these drawbacks though.
- They are only for fairly small death benefits.
- You may have to satisfy a waiting period before the full death benefit will be paid.
- They will probably cost more per unit of coverage.
Fully Underwritten
A fully underwritten policy usually means that you took the time to answer detailed health questions. Sometimes the insurer will ask for a physician’s statement or even require a physical exam. These steps are extra trouble for you, though the insurer usually foots of the bill of any extra requirements they have.
These extra steps are also your ticket to more coverage at cheaper life insurance rates because the insurer is not guessing the worst. They are fully aware of your health situation, and so they can make you their best offer.
Health Conditions
- If you do have a health issue, the insurer considers your ability to control it. For example, many insurers will insure people with controlled diabetes at the standard rate. They may, however, decline an overweight diabetic who also smokes! If they do accept the risk, they will certainly charge more for it.
