If you have had a health condition crop up, it might make you think more closely about getting life insurance. But this can be one of the hardest times to get accepted for a life insurance policy, since the insurance companies may not want to take a risk on an individual who has shown signs of poor health. But there are a few ways that you can potentially get coverage during this time.
Find a Good Agent
The first thing to do in this situation is to find a great agent in your area. They may have the insider details you need on insurance carriers that would be willing to accept a higher-risk insurance candidate. And they may have discounts on certain insurance policies, which can help to reduce what might be a higher-than-average insurance payment.
Renegotiate for Lower Premiums
You might find that insurance premiums are high if you start out with an existing condition. But don't fret-- you might be able to get a second opinion later. If your insurance company has lower rates that hinge on an acceptable medical inspection, you might be able to get a reevaluation at a later date and have your premiums reduced.
Keep Accurate Medical Records
Since there is a possibility of getting lower rates in the future, it's very important that you seek active medical treatment and get everything documented as you go along. If you are able to show that you are getting great health care and your condition has improved as a result, this is the key to getting good rates.
Consider Guaranteed Life Insurance Plans
You might not want to go for an insurance plan that requires a health evaluation at all. Some insurance companies offer a guaranteed life insurance plan that is granted without a health evaluation.
Consider Group Life Insurance Plans
Another possibility is to look for a group life insurance plan. These are offered by many employers, so they do hinge on staying employed with the same company. They may also have lower payouts than other types of life insurance premiums; for instance, a payout of two times your yearly salary is a typical limit on a group life insurance plan. But they are certainly worth considering when your insurance options are limited after a serious health condition. In short, there are many possible routes to life insurance coverage, so shop around and ask an agent which options apply to you.