A Kind Of Whole Life Insurance That Cant Turn You Down
Guaranteed-issue life insurance is an option for those ages 50-80.
With Gerber Lifes Guaranteed Life Plan you cant be turned down for health reasons and no medical exam is required. All you need to do is apply. We offer a Guaranteed Life Plan policy with coverage amounts from $5,000 to $25,000.* Its whole life insurance, so youll have lifelong protection as long as premiums are paid, and the policy will build cash value.
We invite you to compare our Guaranteed Life Plan with other options to determine which is best for you and your family. Check out our adult life insurance policies or call us at with any life insurance questions.
*$15,000 in South Dakota.
How To Qualify For Million
To qualify for a million-dollar coverage, youll have to go through the underwriting process. Underwriting is pretty similar to the lending process that you need to deal with when applying for a mortgage. An insurance company collects various information, including your income, job, and medical history, to determine your insurability. Besides, you should complete a medical exam that involves the collection of urine and blood samples.
People with some pre-existing conditions may avoid a medical exam, but they may also be ineligible for some traditional insurance policies, and they may also complete a health questionnaire. If the company discovers a disease during the underwriting process, you may have problems with getting your coverage. Therefore, we recommend that you get your life insurance coverage before undergoing genetic testing because the results may make you ineligible for receiving the desired coverage.
Life Insurance Riders For People With Pre
Insurance riders provide additional coverage that can help your family. If you have a pre-existing condition, you might consider adding a rider that provides coverage for things like critical illness or long-term care.
“A critical illness rider can provide benefits prior to an insured’s death to help pay for medical expenses should a medical condition worsen over time,” Holloway says.
A long-term care rider can offset or completely cover long-term care costs in a nursing home or assisted living facility.
An accelerated death benefit and living benefit are two other riders you might consider adding to your policy if you have a pre-existing condition. An accelerated death benefit allows your beneficiaries to collect your death benefit early if you’re diagnosed with a terminal illness.
A living benefit allows you and your family to collect benefits while you’re still alive if you have a qualifying medical condition. This benefit can be crucial if your pre-existing condition results in a disability that prevents you from working.
One critical thing to remember is that adding these riders to your policy will raise your premium. Talk to your insurance company to get an estimate of the cost. Depending on your budget, the additional expense may be worth the trade-off of more financial security for your survivors.
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Anxiety And Life Insurance
Life insurance underwriters are principally interested in anxiety diagnoses that require medication or might affect your daily life, such as:
Generalized anxiety disorder
Post-traumatic stress disorder
As with other medical conditions, underwriters will evaluate the kind of anxiety you experience, your symptoms, and how you manage those symptoms.
If your anxiety is situationalâe.g., you only need medication for your anxiety when on an airplaneâyou will have more affordable premiums than someone who takes anxiety medication every day.
Getting Approved For Life Insurance
Its important to understand that every insurance carrier assesses risk differently. While one company may turn you down if you have had a heart attack in the past, another may accept you with a table rating. Some life insurance providers are more aggressive in determining risk while others will put you in a better health class.
There are some conditions that make most of the top insurance carriers very concerned. This means that you will have trouble getting life insurance even with a table rating. These conditions include:
- Current kidney failure or kidney disease
- Mental disorder that required hospitalization within the last year
- Stroke within the last year
- Suicide attempt within the last year
- Current pregnancy with complications
If you have any of the above, dont give up hope yet. Contact our office and well give you honest advice about options based on the most current underwriting guidelines in the industry.
Understanding life insurance health class ratings and the factors that affect your rate can help you shop for life insurance.
We are one of the rare independent brokers that ONLY sells life insurance so weve gotten pretty darn good at it. If you are ready to get started, please fill out a quote request or always feel free to contact us with any questions.
We are here to help and will never pressure you in any way .
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Improving Your Life Insurance Health Rating
The best way to improve your risk class is to address red-flag problems like your body mass index, cholesterol levels, and blood pressure. Bringing these numbers within a healthy range through exercise, diet, and/or medication may bump you into a higher risk class.
If you were rated as a smoker, you can quit smoking, wait 12 months, and reapply as a non-smoker to potentially get a better rate on life insurance.
If you are overweight, losing weight before applying for life insurance can get you into a better health class rating.
Keep in mind insurance companies realize that many people attempt to lose weight quickly before applying. This means you will usually only be given credit for 50% of the weight you have lost within the last 12 months. That means that if you have lost 40 pounds in the last year and now weigh 190 pounds, you will be rated as if you weigh 210.
Do what you can to improve your health before the exam but dont delay getting the coverage to protect your loved ones. If your health significantly improves after getting a policy, you can request reconsideration for a better health class and therefore a lower premium. If they turn you down, you can shop yourself to a different company that will recognize the newer, healthier you.
Life Insurance Without Medical Checks
If youre young and healthy, youre unlikely to need a medical check. However, if youre a bit older and a smoker, for example, your insurer might request one.
Policies specifically offering guaranteed acceptance with no medical check are a certain type of life insurance, known as over 50s lifelong protection.
While this might be a suitable option for some, there are downsides, such as you could end up paying in more than your estate gets as a payout.
Also, there will be an initial wait period, typically 12-24 months if you die in this time, your estate will only get back the premiums youve paid in.
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Can I Get Life Insurance If Ive Had A Stroke
If youve had a stroke or a transient ischemic attack , the type of policy you can get will depend on how severe the stroke was, when it happened and how quickly you received treatment.
If your stroke was very recent, your policy might have restrictions. For example, it might not pay out if you die in the first few years after you take out insurance. And the insurance provider could insist on adding a stroke exclusion into your policy. This means that if you died because of a stroke , they wouldnt make a pay-out.
What Can I Do To Lower The Cost Of A Policy With A Pre
Proving that youve taken steps towards a healthier lifestyle could reduce the cost of a life-insurance policy. If you had a heart attack or a stroke that happened several years ago and youve continued to take good care of yourself exercising regularly, not smoking or drinking too much and maintaining a balanced diet then you might be able to reduce the cost of life insurance.
As with all insurance, comparing policies will also help you find a good-value deal.
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Its All About You We Want To Help You Make The Right Life Insurance Coverage Choices
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships dont influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
If youve been diagnosed with a heart problem, diabetes, cancer, stroke, or some other major medical condition, you might be wondering, How does this affect my chances of getting life insurance?
Just because you have a known medical condition doesnt necessarily mean you have to deprive your family of the long-term financial security a life insurance policy can provide. Here are a few things you should know before you apply for coverage.
Can You Get Life Insurance With A Preexisting Condition
The short answer is yes, you can get life insurance with preexisting conditions. However, health issues can cause complications. You might need to undergo additional screening or complete questionnaires to help your insurer understand the nature and severity of your condition. Or you might need to settle for a guaranteed issue policy with a lower coverage amount and a waiting period for full benefits. While the process can feel intrusive or unfair, it may be necessary to get coverage.
Depending on the results of your medical review, you could have to pay higher rates for coverage. Life insurers charge higher premiums when they believe that covering you involves more risk. Alternatively, you may be able to get coverage from an employers plan without having to qualify based on your health, depending on the circumstances. If you already have a term policy, you may be able to extend coverage beyond the end of the term without requalifying for it.
You do not need perfect health to get life insurance. Even with serious preexisting conditions, it may be possible to get coverage at a reasonable rate.
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Which Life Insurance Companies Provide The Best Policies For People With Pre
Since life insurance underwriting guidelines vary by insurance company, it is difficult to provide a list of companies that offer the best policies when pre-existing conditions are present.
Knowing this, its essential that individuals with pre-existing conditions shop as many insurance companies as possible. Fortunately, highly-skilled independent insurance brokers represent most of the highest-rated insurance companies and are familiar with the medical conditions each is willing to tolerate.
When an insurance shopper has pre-existing health conditions, its doubtful that he or she will be able to purchase traditional life insurance from a TV or company agent, so it makes good financial sense to go through an independent agent that has experience placing high-risk cases.
Finally, make certain that any coverage being offered is from a highly-rated company that has demonstrated long-term financial stability and offers outstanding claims service.
How To Improve Your Life Insurance Rates
When you apply for insurance, you need to be honest with the insurer, but you can put your best foot forward. These tips may help you save money on your next purchase:
- Prepare for the medical exam: If you undergo a paramed exam, improve your chances of getting the best results. Get plenty of sleep the night before, stay hydrated, and familiarize yourself with the process to minimize your stress levels .
- Stay healthy: Healthy habits can help you throughout life, and thats especially true as you buy life insurance. With consistent healthy eating and exercise, you improve the chances of getting favorable results on your health review.
- Apply young: Life insurance is typically less expensive when youre young, and you may have fewer preexisting conditions. As you age, conditions may emerge or worsen, making it harder to qualify .
- Manage your conditions: Dealing with health issues can feel like a full-time job, but its crucial to stay on top of your treatment planespecially when you plan to buy insurance. Keeping up with treatments can minimize symptoms and help convince the insurer that youre managing the condition effectively.
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Improving Your Overall Health For Life Insurance
Even when you have heart disease, insurance underwriters consider a variety of other factors when you apply for coverage:
- BMI: Your body-mass index combines your height and weight into a convenient number. A BMI rating over 30 classifies you as obese. By shedding some pounds, you can reduce your BMI and get into a better overall rating category for many insurers. Ideally, your BMI should be lower than 25.
- Exercise: An active lifestyle also can lead to better rating categories and lower premiums. You dont have to join a gym taking the stairs or walking at lunch will step in the right direction.
- Eat better: Fitness apps have made it easier to track calories and keep a food journal. By eating less red meat and more plant-based proteins and cutting back on processed snacks you can reduce health risks.
- Avoid tobacco: This is a huge factor. Even healthy people with active lifestyles, low BMI numbers, and no heart conditions will pay significantly more for life insurance if they smoke or use other forms of tobacco.
As well discuss below, not all types of insurance will require a medical exam. But even some no-exam policies can ask some detailed health questions.
Its nice when you can give answers that steer you into a healthier pool of applicants.
Tips For Buying Life Insurance With A Pre
Be mindful of when you apply. An insurer will likely turn you down if you apply shortly after a cancer diagnosis or a heart attack, but you can always reapply, especially if your medical records demonstrate that your treatment has been effective.
Take advantage of improvements in your health. If you are accepted but are being charged a high rate, you can ask for a new medical exam once your condition is under control.
Focus on the things you can control. The first step to finding affordable life insurance with a pre-existing condition is to take care of yourself. If you have medication, take it. If you can exercise, do it. Eat responsibly and try to keep your weight down. If you lead a healthy lifestyle outside of your condition, your premiums might reflect that.
Find the right agent. Its important that you look for an independent agent who works with an impaired risk specialist. An impaired risk specialist is a broker wholl know which insurance companies are more likely to provide a good rate for your particular condition. This could save you a lot of denied applications.
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Get Serious About Serious Illness Cover Or Income Protection
If you plan on staying at work, you should look into Serious Illness or Income Protection. With Serious Illness, youll get a payout if you get sick with any of a list of specific illnesses usually the really bad ones like cancer or a stroke.
Income Protection kicks in if you cant work for any reason for longer than a certain length of time and will pay you up to 75 per cent of your income which youll be glad of if you end up out of work for more than your measly work-allotted three days.
See: its not all bad.
Dont Just Rely On Group Or Employer Life Insurance
But what about life insurance provided by an employer? If your company offers free life insurance, then sign up for this free benefit but don’t stop there. Many companies offer their employees a certain amount of insurance for free, but this is usually not enough.
Usually, you can purchase supplemental insurance through your company’s benefits, but this insurance does not travel with you if you move jobs unless your company allows you to pay an expensive premium price to take your policy with you. So, if you want to fill in any gaps in coverage and make sure you can take that coverage with you if you change jobs, an individual term life policy might be worth checking out.
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Can You Get Life Insurance With Pre
Does it mean youâll be denied life insurance coverage or stuck with astronomically high premiums if you have a pre-existing condition? Not at all. Every insurance company has different underwriting guidelines and standards for evaluating these and other medical conditions. Depending on your treatment plan and the insurer you get coverage from, itâs entirely possible to find a life insurance company that will cover pre-existing conditions and offer you affordable premiums.
For instance, one insurer might offer better rates for people with a family history of cancer, while another will treat a condition like high cholesterol more favorably in their underwriting. Thatâs why itâs important to compare rates across multiple insurers, particularly when youâre concerned about how your health could affect your insurance coverage.
Researching and buying life insurance can be daunting, even for those who are in great health. There are dozens of insurance companies to sort through, and itâs not always easy to understand insurance jargon.
If youâre shopping for insurance with a less-than-perfect health record, the following steps could help you find better rates: