Finding a good life insurance policy at an affordable price is often confusing and stressful enough--the different policies and the multitude of life insurance carriers can make the task rather tedious. And if have a pre-existing health condition, you might just feel like throwing your hands up in the air and accepting that finding a good and affordable life insurance policy is an impossibility.
The good news and the reality is that not only is finding life insurance if you are unhealthy very possible, it also isn't overly difficult either. It just takes a little bit of patience and a little bit of research, as well as a decent understanding of the life insurance system in general. Once you've got that under your belt, you'll be ready to make an informed decision and find a good life insurance policy that you're comfortable with.
For starters, don't be discouraged if your initial search turns up prices that are too high, or even worse, outright denials. Take the time to shop around, and you'll soon find something affordable and befitting of your needs. But keep in mind that it is also better to buy sooner rather than later--wait too long, and not only might your condition unfortunately change, but so might the terms of the life insurance policy you were interested in.
You can be unhealthy but still try to live a healthy lifestyle, which life insurance agents will take into consideration. For example, you should definitely quit smoking if you currently partake of the habit. And, if you show a history of being overweight, which has contributed to weight-related illnesses, it could hurt your chances of finding a better policy. On the other hand, if you can show the life insurance agent that you are trying to make healthy choices and be more responsible in how you are managing your health conditions, it could definitely be in your favor.
The worst thing you can do is lie about your health. The discovery of a lie can result in your life insurance policy being voided. Note: so long as you are honest initially, what you do after the life insurance contract is in effect will not void your policy (although it is, of course, strongly suggested that you still try to maintain a healthy lifestyle and do what you can to manage your health condition.
Being more informed about the different life insurance policies that are available to you, as well as knowing what your future needs are, will enable you to better find a good policy and make an informed decision. Some of the more common life insurance policies you might seek to acquire include:
A very common type of policy--upon your death, your beneficiaries receive a benefit that can be paid out in either a lump sum, a monthly payment, or an annuity. It is one of the more affordable policies, and a good choice if you want to ensure that your family is covered financially after your death. You pay premiums until the term is expired, typically 30 years.
In this policy, a part of the premiums you pay each month is added to the dollar amount of the death benefit, subsequently increasing the total benefit paid to your beneficiaries. This policy typically costs more than term life but does not expire.
Somewhat similar to whole life, but with a few key differences. Talk to your insurance agent to find out more.
Also very similar to whole life, but with the option of changing the premiums and death benefit amount, and even utilizing the cash you've added to the policy to pay the premiums in the future, enabling you to in effect skip making monthly payments. However, the interest rate of the cash value can change according to market rates, which can, in turn, affect your monthly premium. This policy may be beneficial if you feel that your financial situation may change significantly in the future.
The cash value of this life insurance policy is treated more as an investment, and as such, is subject to the changes taking place in the stock market. Fees are typically lower with this type of policy.
A life insurance policy without the need for a medical exam. It is still important to be honest when filling out the application. And the policy is also more expensive than other policies.
Again, no need for a medical exam, and no need to fill out a questionnaire regarding your medical history either. Simply pay the premiums, and you've got life insurance. It's a good option for older individuals, but can also be significantly more expensive as well.
Also known as burial insurance, this policy simply provides costs to cover the expenses associated with your death; namely, funeral costs or final medical costs.
Once you know a bit more about the types of life insurance policies that are out there, your best bet is to speak with a reputable life insurance agent. They will possess the knowledge and experience to better explain your options and help you choose the type of policy that best fits your needs and your budget.