Life insurance companies use a certain criteria to determine your rate and eligibility for coverage. The most important of those factors is your age and your health. If you are in bad health you can still get life insurance coverage, even if you have been declined for coverage in the past. Depending on your condition the life insurance company will most likely see you as a high risk. The good news is that each company weighs risk differently. The key to getting coverage is working with an independent agency that is familiar with the company that will provide the most favorable result for your specific situation. So if you have bad health, you can click here to read specifics about your condition, or give us a call so we can do the shopping for you. But if you insist on reading, let’s discuss some of the determining factors for getting life insurance with bad health.
Type of Condition
The most important factor of getting coverage with bad health is the type of condition that is considered “bad.” Companies will determine the type of risk you are by the type of condition you have. For example, getting coverage with high blood pressure will be easier (and less expensive) than getting coverage with diabetes. Basically the more detrimental to your health, your condition, the more expensive you can assume your coverage to be.
Severity and Treatment
After type of condition, it will depend on how bad your condition is. Based on your doctors records, your condition will usually fall between mild, moderate, or severe. If your health is mild or moderate you can still get coverage fairly easily with most companies, depending on the condition. The underwriters are also going to want to know what you are doing to better your health. Being able to show that your condition is well under control is a huge plus and will work in your favor.
Other Variables
Besides type and severity of the condition a few other factors will play a role in deciding the rate and type of coverage you can get. The underwriters will also look at your family history, length of condition, lifestyle and whether or not you have any other ailments.
Health Classes
To get a better understanding of life insurance rate classes, let’s discuss where you can expect to fall into.
Preferred Plus – You can forget about it. This is a rating given to those who are usually in ideal health, ideal built, and clean family history of any serious diseases. These are the health classes at which you can get the best rate because you aren’t considered a high risk.
Standard/Standard Plus – These two ratings are more feasible for those who have very mild health conditions and are keeping them well under control. Usually those with family history, or other than ideal health land here.
Substandard – This rate class includes what underwriters call “tables.” The tables go from 1 to 10 and depend on the severity of your bad health. Each table means a 25% increase in monthly premiums.
So what should I do?
Your best bet is to give us a call. InsureChance is the first online life insurance marketplace and we specialize in high risk cases. We work closely with all the top “A” rated life insurance companies on the market to make sure that we put you with the company that will provide the best outcome for your specific situation. We will ask you a few questions regarding your health and based on that information know which company to apply to. We know how to get you covered no matter what your situation is. You can expect no sales tricks, just honest lifetime service. So give us a call today or hit the chat button below if it isn’t too late. It’s free to use our contact form. Welcome to InsureChance.
