I’m Sick, Can I Get Life Insurance?

-Life Insurance for Everyone-
Getting a quality policy can be a difficult process for anyone, let alone someone who’s already sick. As anyone with less than perfect health can attest, providers aren’t typically looking to take on individuals who already have documented health problems. Fortunately, just because you may have an illness doesn’t mean you’ll be left out in the cold. No matter what your health situation looks like, there are policies available everyone. Here’s a look at some important information to remember when looking for a plan:

Getting Life Insurance if You’re Sick

• As with any type of coverage, you should always shop around in order to get the best rates, especially if you already have a documented medical condition. The internet has become a great tool for exploring thousands of different companies, many of which are only available online.
• Keep in mind that every company is different. That means you shouldn’t get discouraged if one company doesn’t approve you for coverage or wants to charge you very high premiums. Just continue to apply for coverage or get quotes, there’s a company for everyone out there.
• Have you been deemed a high risk by a life insurer? While this could make getting a policy more difficult, it shouldn’t stop you from trying. There are actually many companies out there that specialize in providing coverage to people with established medical conditions.
• Unfair as it may seem, you might want to prepare yourself to pay much higher rates than other individuals. In general, individuals who are already sick will not receive the lowest premiums. Providers see you as a high risk and ask that you pay higher rates to cover their risk of insuring you.
• If you are able to get approved for a policy while ill, keep in mind that the benefit may come with some restrictions. Depending on the provider, the death benefit may not be paid out for the first 1-2 years of the policy or it may only pay out if you pass away for reasons other than your illness.
• Still can’t find a plan at a reasonable rate? Remember that insurance companies use a variety of factors when determining the cost of your policy, not just your health. Your best bet may be to try and improve the factors you can control. For instance, many companies take your credit score into consideration, so do everything you can to improve your score before applying.