Choosing A Life Insurance Company

Shopping For a Life Company When You Have Existing Health Issues

Shopping for life insurance with existing health issues can be a bit tricky but not impossible. Take advantage of some helpful tips to navigate the process.

Shopping for a Life Insurance Company

Pre-existing health conditions

If you have health issues, you may think getting life insurance is impossible. You want to protect your family with the financial security they'll need when you die, but may have written off that life insurance is only for the healthy. Before you go another day without getting the coverage your family may need, do a little homework and shop around for a life insurance company that's willing to provide you with some options.

Whether you have high blood pressure, are being treated for diabetes or a more serious health concern, you still may be able to get life insurance. Here are some life insurance shopping tips that may be able to help:

  • Don't take the first “no” as an answer. Every life company has different underwriting criteria and there isn't a single hard and fast rule that says just because you've been turned down by one insurer that others will do the same. Shop around and get as many quotes as you need.

  • Be open and upfront about your health. As you're shopping for life insurance quotes, be honest and upfront about your health issues. You may think that tiptoeing around the subject will soften the blow or give you some time to explain your situation, but all it does is waste valuable time that you can use to shop more carriers. If a life company isn't going to offer you coverage -it's better to know as soon as possible.

  • Find out what you DO qualify for. There are multiple factors that life companies use when considering someone for a policy. Working off of actuarial tables that are drawn from the company's claims history, an underwriter will place you in a risk class based on your condition. This means you may still be offered a policy, although at a more costly standard or substandard rate. You may also be table rated, a process where a life company matches your condition with a specific risk. Every insurer uses different table rating criteria, but generally speaking each table rating typically adds another 25 percent to a standard rate. Table ratings are indicated as numbers or letters, such as Table A or Table 1.

Getting life insurance when pre-existing health conditions are involved can be challenging, but not necessarily impossible. The most important thing to remember is to find out what's available and determine how much you can afford. Often paying a higher premium can be worth the peace of mind for you and protection for the people you love.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

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