How to Get Approved for Life Insurance with Pre-existing Medical Conditions
Posted in Life Insurance for Medical Conditions last updated on November 8, 2021How an Expert Can Help Get You Approved
Getting life insurance for pre-existing medical conditions is only slightly more effort than getting approved for life insurance without pre-existing conditions. Having a past or current health condition in your medical record often doesn’t even result in a decline as a result of advances in medical technology.
Of course this depends on what the condition is. An expert with a wide array of carriers to choose from can help you navigate the hundreds of companies available to you. Each life insurance company considers medical history on an individual basis.
To provide you with the best service, an independent agent should have relationships with not just a handful of insurance companies, but dozens. Relationships not just with the nebulous insurance company, but with the underwriters who make the decision on your rate class.
This is particularly important in cases where an underwriter may be on the fence about which rate class to choose. An independent agent who knows the underwriters can often gently nudge them in the direction that turns out best for the client.
An expert provides you with the industry experience and knowledge it can take someone years to learn. From the quirks in the policies to industry trends, you can take advantage of of this expertise. Therefore having someone on your side with inside information can save you hundreds, even thousands, of dollars over the years.
At Abrams Insurance Solutions, our agents are experienced in helping clients with medical conditions get approved for coverage. We will help you apply with the best company for your particular health condition.
Have you Already Been Declined for Life Insurance?
Don’t give up. Many clients who come to us have been declined 1, 2 or even 3 times. It is still possible to get approved if you have already been declined for life insurance. A decline usually happens because you have not applied with the right insurance company.
Contact us with the specifics of your condition. We will let you know if a different company might approve you. If not, we still have guaranteed issue life insurance as an option. You will be approved with a guaranteed issue policy.
Life Circumstances Which Can Affect Your Life Insurance Premiums
Health conditions are the obvious categories to consider when looking at life insurance premiums. Your health directly affects the likelihood that the company will have to pay out a claim. But there are other life circumstances as well that insurance companies take into consideration when estimating your likely lifespan and the chances they will need to pay the claim.
Life insurance for pre-existing medical conditions can take a little extra time as an underwriter examines each particular case. Additionally, some hobbies are considered hazardous and can end up increasing premiums. Sometimes they can be excluded from the policy altogether. Certain occupations are considered hazardous as well.
We are always updating this page as we turn our knowledge into information with less industry jargon. If you don’t see a condition here, please give us a call at (800) 905-0333 so we can answer any questions.
Pre-existing Medical Conditions Which May Affect Your Rates
Autoimmune
Celiac Disease
Dermatitis
Cancer
Breast Cancer
Hodgkin’s/Non-Hodgkin’s Lymphoma
Leukemia
Ovarian Cancer
Prostate Cancer
Thyroid Cancer
Communicable Disease
Hepatitis
HIV/AIDS
Diabetes / Endocrine
Addison’s
Diabetes
Diabetes, Type 1
Diabetes, Type 2
Hyperthyroidism
Gastrointestinal / Digestive
Crohn’s Disease
Inflammatory Bowel Disease
Pancreatitis
Heart
Abnormal EKG
Atrial Fibrillation
Coronary Artery Disease
Myocardial Infarction
Pacemakers
Stroke
Lungs / Pulmonary
Asthma
COPD
Cystic Fibrosis
Sleep Apnea
Miscellaneous
Amputation
Deafness
Fibromyalgia
Genetic Testing
Pregnancy
Neurological / Psychological
Alcohol
Dementia
Depression
Eating Disorder
Epilepsy
Headaches
Multiple Sclerosis
Opiate Addiction
Occupations Which May Affect Your Rates
Lifestyle Choices and Hobbies Which May Affect Your Rates
E-cigarettes
Marijuana – Recreational
Marijuana – Medical Marijuana Card
Smoking Tobacco
Life Insurance Underwriting Questionnaires
Please complete one of our life insurance underwriting questionnaires if you have a medical condition or participate in a risky avocation. The information you put on the questionnaire is private and is not shared with the life insurance company. We will use this information to learn more about your situation. We will then match you up to the life insurance company that will offer the best rate for your circumstances.
If Nothing Else, Guaranteed Issue Life Insurance for Pre-existing Medical Conditions is an Option
If you are too seriously ill to qualify for traditional life insurance, there is still guaranteed issue. It’s fast, simple and you cannot be declined for medical reasons. There no health questions on the application or medical exams to take. Approval comes in a matter of days. Although traditional life insurance for pre-existing medical conditions is available in most cases.
How it works is the insurance company assumes you do not qualify for coverage under traditional insurance guidelines. So instead of a rating from preferred to sub-standard, everyone is in the same rate class. Because there are no medical questions, they don’t have a way to classify people based on their health. So this part of the process is extremely fast. The underwriter looks at your age, requested benefit amount and gives you a premium from his or her table of available rates.
Guaranteed Issue Life Insurance Policies typically have a 2 or 3-year graded benefit. What that means is that if the insured person dies before he/she hits the 2-year mark, there is no benefit. Now before you think, “well that’s a rip-off” many companies will refund all premiums paid during that time. Some of these companies will even refund with up to 10% interest. So it’s important to work with someone who can find you the best possible company for your situation.
There are downsides to Guaranteed Issue policies. They are more expensive than traditional policies. The death benefit has a lower maximum of $25,000 per policy. You can combine multiple guaranteed issue policies to provide coverage above $25,000. Insurance companies design guaranteed issued polices specifically for ill people who may not otherwise have a way to pay for final expenses.
How Abrams Insurance Finds You the Lowest Rates
We have built relationships with underwriters at over 70 life insurance companies. So we know how to get affordable life insurance for pre-existing medical conditions in even the most extreme cases.
We have experience helping thousands of clients with high risk cases, low risk cases and even medial marijuana.
Understanding the situation is one thing, but we promise to handle even the most sensitive situation with the tact, sensitivity and respect that you deserve. We work with underwriters to confidentially pre-screen health condition and other situations which may adversely affect your rates, then pick the most promising companies to show you. Which means you see the best potential offers out of almost 100 companies. That way you don’t have to waste your time sorting through dozens of unreasonable rates to get to the good few.
If you have any questions or don’t see something listed here, please call 858-703-6178. We have a knowledgeable agent standing by to assist you.
