When someone applies for life insurance coverage, only three things can happen:
1. The policy is approved. This means you can start paying for your premium and avail of the coverage once needed.
2. The policy is issued, but on a rated basis. This means that the insured is approved, but the premiums are higher due to health or lifestyle issues.??
3. The application is declined. Once again, this would be related to health or lifestyle issues, but in this instance the insured is denied insurance completely.
Because life insurance companies need to look at your insurability before providing you with coverage, they are adamant about medical exams and reviewing your medical history. Some of them might even ask for more extensive examinations, link an X-ray or EKG. Your blood and urine samples will also be tested for any sign of disease, including HIV, cholesterol level, and any indications of lifestyle diseases such as diabetes, obesity and other problems. The samples could be also screened for the presence of nicotine and certain medications as well as for illegal drugs. That said - your current health situation is a big factor in determining your insurability.
For people who have pre-existing health conditions, people may have come to let you believe that either it is difficult to get cover for yourself or your application will be rejected. Truth is - as many insurance providers continue to improve their underwriting process and product offerings, it is not impossible to find coverage even if you have pre-existing medical condition.
While the definition of what a pre-existing condition may vary from provider to provider, it is generally defined as any illness or injury that you have been receiving medical attention for, for a prolonged period of time and has existed before you apply for insurance coverage.
Whether you have asthma or diabetes or cancer, anyone living with a health condition is bound to feel disadvantaged at some point. However, what is unknown to these individuals is that there are certainly options out there you!
Here are some useful tips you should note before buying life insurance:
1. Identify what type of life insurance coverage you need. Before you start canvassing on the different insurance policies available in the market, it helps when you sit down first and list the things you want included in your policy. This includes the type of policy you want and the length of coverage you need since this will affect the cost of your premiums. It also helps to note how much you're willing to shell out for this recurring expense month on month.
2. Research the policies of different insurance providers. Insurance providers may offer similar insurance products, but that does not mean that they have similar features, coverage, and limitations. If one insurance provider does not cover your pre-existing medical condition, it does not mean that other providers will do the same. It pays to do your homework and thoroughly review the policies of different insurance providers to know whether or not exclusion for your pre-existing medical condition is placed on their specific offerings.
3. Consult an insurance specialist. If you have difficulty sorting through the different policies, it is wise to book a meeting with an insurance broker who will walk you through the policies in detail. A good insurance broker is someone who is in contact with a large network of insurance providers so that he will be able to give you lots of options and quotes from different insurance companies.
4. Attach a letter from your doctor. Some may be tempted to hide details of their previous health conditions from the insurance company in order to get the cost of coverage down. However, this practice is not encouraged at all, since it can easily backfire in the long run. It helps to attach a letter from your doctor, so you exhibit full disclosure right from the start. This is especially helpful if you have a curable medical condition. Be sure that you include all the necessary information in your letter such as your current medications or treatments. This will give the insurance provider an idea whether your condition is getting stable or improving. This will also help them assess your condition and make accurate estimations.
If you are plagued with any kind of disease, there is no need to worry. You can get yourself covered even if you have a pre-existing medical condition. Just make sure you do your homework first before shopping around. Also, make sure to be completely honest about your situation. Never even think about lying, as it will cause your application to be rejected when your insurance provider finds out that you did not disclose all critical information. Even if the insurance coverage is initially approved, failure to disclose your pre-existing health conditions could result to cancellations in your plan and forfeit of your premiums in the future.
You can even ask the help of an insurance agent to help you get a good deal. Just be precise in giving all the critical information regarding your health or medical history in order to avoid problems in the future!
1. The policy is approved. This means you can start paying for your premium and avail of the coverage once needed.
2. The policy is issued, but on a rated basis. This means that the insured is approved, but the premiums are higher due to health or lifestyle issues.??
3. The application is declined. Once again, this would be related to health or lifestyle issues, but in this instance the insured is denied insurance completely.
Because life insurance companies need to look at your insurability before providing you with coverage, they are adamant about medical exams and reviewing your medical history. Some of them might even ask for more extensive examinations, link an X-ray or EKG. Your blood and urine samples will also be tested for any sign of disease, including HIV, cholesterol level, and any indications of lifestyle diseases such as diabetes, obesity and other problems. The samples could be also screened for the presence of nicotine and certain medications as well as for illegal drugs. That said - your current health situation is a big factor in determining your insurability.
For people who have pre-existing health conditions, people may have come to let you believe that either it is difficult to get cover for yourself or your application will be rejected. Truth is - as many insurance providers continue to improve their underwriting process and product offerings, it is not impossible to find coverage even if you have pre-existing medical condition.
While the definition of what a pre-existing condition may vary from provider to provider, it is generally defined as any illness or injury that you have been receiving medical attention for, for a prolonged period of time and has existed before you apply for insurance coverage.
Whether you have asthma or diabetes or cancer, anyone living with a health condition is bound to feel disadvantaged at some point. However, what is unknown to these individuals is that there are certainly options out there you!
Here are some useful tips you should note before buying life insurance:
1. Identify what type of life insurance coverage you need. Before you start canvassing on the different insurance policies available in the market, it helps when you sit down first and list the things you want included in your policy. This includes the type of policy you want and the length of coverage you need since this will affect the cost of your premiums. It also helps to note how much you're willing to shell out for this recurring expense month on month.
2. Research the policies of different insurance providers. Insurance providers may offer similar insurance products, but that does not mean that they have similar features, coverage, and limitations. If one insurance provider does not cover your pre-existing medical condition, it does not mean that other providers will do the same. It pays to do your homework and thoroughly review the policies of different insurance providers to know whether or not exclusion for your pre-existing medical condition is placed on their specific offerings.
3. Consult an insurance specialist. If you have difficulty sorting through the different policies, it is wise to book a meeting with an insurance broker who will walk you through the policies in detail. A good insurance broker is someone who is in contact with a large network of insurance providers so that he will be able to give you lots of options and quotes from different insurance companies.
4. Attach a letter from your doctor. Some may be tempted to hide details of their previous health conditions from the insurance company in order to get the cost of coverage down. However, this practice is not encouraged at all, since it can easily backfire in the long run. It helps to attach a letter from your doctor, so you exhibit full disclosure right from the start. This is especially helpful if you have a curable medical condition. Be sure that you include all the necessary information in your letter such as your current medications or treatments. This will give the insurance provider an idea whether your condition is getting stable or improving. This will also help them assess your condition and make accurate estimations.
If you are plagued with any kind of disease, there is no need to worry. You can get yourself covered even if you have a pre-existing medical condition. Just make sure you do your homework first before shopping around. Also, make sure to be completely honest about your situation. Never even think about lying, as it will cause your application to be rejected when your insurance provider finds out that you did not disclose all critical information. Even if the insurance coverage is initially approved, failure to disclose your pre-existing health conditions could result to cancellations in your plan and forfeit of your premiums in the future.
You can even ask the help of an insurance agent to help you get a good deal. Just be precise in giving all the critical information regarding your health or medical history in order to avoid problems in the future!
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