It's no secret: the younger and healthier you are, the cheaper the rate you will pay when you buy life insurance. Companies usually classify buyers into one of several tariff classes based on their health and the risks they represent.
The healthiest buyer receives the preferred rate - the best available there is. Most people qualify for standard life insurance rates, but some people with serious health problems only qualify for the worse, the rate given is below standard, or the worst, application will be rejected.
Even if you have a chronic health problem and you need life insurance, you should not assume that your application will be rejected. It might be easier to find coverage than what you expected, and if you are rejected with your first choice, you can always choose a different coverage.
It is good to be optimistic. Life insurance companies may understand your condition.
Insurance Company Standards
Life insurance companies all have their own guarantee standards. Some companies tend to give favorable conditions to those who are friendly looking even under certain conditions. In general, you will raise a red flag with a life insurance company if you are obese, diabetic, has heart disease, high blood pressure or high cholesterol, depression or other chronic conditions. Cancer and other health problems can cause high rates or even rejection.
But there is good news for your life insurance prospects, as well as your prognosis. Medical progress has improved outcomes for many patients and, in turn, better results in getting rates. If you are in remission, or your chronic condition is well managed, you might be able to get a standard rate or one that is of your choice.
Time is also a factor. Life insurance companies may reject you if you apply immediately after a diagnosis of cancer or heart attack, but you can always reapply, especially if your medical records show that your treatment has been effective.
If you get accepted by an insurance company but are charged with a high tariff, you can request a new medical examination (and lower premium) after your condition is controlled.
Choosing the Right Agent
The right agent can make a big difference in the amount of premium you will pay.
The first step to finding affordable life insurance with preexisting conditions is taking care of yourself. If you have medicine, take it. If you can exercise, do it. Eat responsibly and try to lose weight. If you live a healthy lifestyle besides having a condition, your efforts will be reflected in your premium.
It is important for you to find an independent agent who works with distraction risk specialists. Distraction risk specialists are brokers who will know which insurance company is more likely to provide a good rate for your particular condition. This can save you lots of rejected applications.
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