Many types of life insurance require the applicant to undergo medical underwriting to determine your health status. Certain long-term health conditions, disabilities, diseases and chronic illnesses may disqualify you from getting the life insurance policy of your choice. If your job is particularly dangerous or you engage in high-risk activities, you may be worried about getting affordable life insurance.
If you have concerns about getting the life insurance you need for yourself or a loved one, contact Protective Risk Agency in Hammond, Louisiana, today. We can help evaluate your current situation and help you get a policy to meet your needs.
What to Do If You Can’t Get Life Insurance
Not everyone can qualify for a life insurance policy that requires medical underwriting. Call your agent immediately if you’ve been turned down for life insurance.
Independent insurance agents work with numerous reputable and stable insurance companies. They may be able to find an insurer that specializes in providing life insurance coverage for those who’ve been denied coverage in the past.
Life Insurance Without Medical Underwriting
There are several types of life insurance that don’t require you to undergo a medical exam. Depending on your situation, your agent may recommend that you consider the following life insurance policy options:
· Group life insurance through an employer allows you to purchase life insurance up to a certain amount, no matter your health status.
· Survivorship life insurance (also called second-to-die insurance) provides coverage for spouses. The benefit is paid only after the death of both of the insured parties.
· Guaranteed issue life insurance does not require you to provide information about your health status. It’s typically more expensive than a traditional life insurance policy and may have age restrictions. This policy may also have a waiting period with a decreased benefit if you die within the first few years of owning the policy.
· Simplified issue life insurance policies don’t require a medical exam, but you must answer a few simple health questions.
· Credit life insurance may be available when you make a large purchase, such as a home. This policy pays the debt if the insured person dies before it is paid off.
Getting Life Insurance May Be Easier Than You Think
A recent life insurance barometer study shows that people think life insurance costs three times more than it does. These beliefs may prevent people from seeking coverage.
Many people don’t know that there are life insurance policies designed for those with health issues. Simplified underwriting allows life insurance companies to issue policies with fewer health questions than traditional underwriting. It takes less time to determine whether your life insurance application is approved.
Life insurance companies evaluate applications individually, so it’s crucial to work with your agent to find the right amount of life insurance policy and get personalized quotes. Contact Protective Risk Agency today to learn more about your life insurance options.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.