Finding Life Insurance Coverage When You Have Health Issues
Can You Buy Life Insurance When You Have Had Health Issues?
You can buy life insurance when you have had health issues. However, finding life insurance coverage when you have had health problems can be a challenge.
Let’s Put a Plan Together
Contact a Life Insurance Specialist at Decision Tree Financial
Life insurance companies tend to offer the best priced policies to individuals who are healthy and can rate or outright decline individuals who have had health issues.
If you have had health issues, there are ways Decision Tree Financial can help you find life insurance coverage.
Understanding All of Our Carrier’s Underwriting Guidelines.
Decision Tree Financial has access to hundreds of life insurance companies. By understanding what health issues you have, we can discuss your situation with these companies in order to discover which ones might accept you and which ones can give you the most favorable underwriting rating.
so what are some options you may have.
Buy a Guaranteed Issue Life Insurance Policy – If we are unable to find a life insurance company who will underwrite you for a life insurance policy, Decision Tree Financial has access to multiple life insurance companies that provide guaranteed issue life insurance policies.
These policies typically require the named insured to live a certain length of time (2 or more years) before they pay the stated death benefit, however, if the insured passes away before that time, the insurance company will refund to the estate or policy owner the total amount of premium paid.
This takes away the risk of purchasing a guaranteed issue life insurance contract.
Table Shaving Programs – If you have had health issues but can still be underwritten for coverage a “table shaving” program might be a great solution to help you obtain whole life or universal life insurance coverage.
Buying Accidental Death and Dismemberment Policy – Accidental death and dismemberment policies pay death benefits ONLY when an insured passes away due to an accident.
It is important to understand that accidental death and dismemberment policies will not pay a claim if death is determined to have been caused by natural causes such as a heart attack or cancer.
Accidental death and dismemberment insurance policies are typically guaranteed issue and have premiums that are a fraction of what a life insurance policy would be. They are an alternative to give you death benefit coverage for some of life’s risks.
Group Life Insurance Coverage – Many times, group life insurance coverage is a form of guaranteed issue life insurance and has competitive term life premium, especially when you have health issues.
We can help you review any group life insurance coverage you may be eligible for. If you are a business owner, we may be able to help you to establish a cost-effective group life insurance plan that will allow you to obtain coverage as well.