Is having a pre-existing medical condition (such as diabetes, cancer, or a heart condition) keeping you from getting the life insurance coverage you need? It shouldn’t – you have options. If you’ve found yourself in the “high risk” category, there are ways to still get approved by insurance providers.
Get Coverage Through Your Job
This is the most popular choice for high risk people as there are various companies providing benefits packages that include insurance. Plus, your employer is obligated to give you this option whether or not you have any known medical issues.
The downside to this choice is that employer policies tend to pay out smaller amounts; however, any coverage is better than no coverage at all. Another thought to consider – if you are to leave the company, your coverage stays behind, leaving you uninsured.
Guaranteed-Issue Life Insurance
If getting coverage through your job isn’t the right option for you, look for a guaranteed-issue life insurance policy. The only real difference between this and any other policy is that you are not required to provide a medical screening or evaluation of any sort. While this might cost you more, there are many providers willing to work with you to get what many times is still relatively cheap term life insurance that provides the coverage you need and deserve. The benefits might also outweigh the cost as guaranteed life offers the highest amount of coverage for those in the high risk category.
Simplified Issue Policy
For a faster alternative you can choose a simplified issue policy. Like the guaranteed-issue, it doesn’t require a physical but it is pricier since you’re paying for convenience. You can be covered with this policy in as little as 48 hours! It’s great if you’re in a rush; if you’re not, stick with a guaranteed-issue for better value.
Being in the high risk category for life insurance doesn’t mean you aren’t able to get coverage. You might have to look a bit harder and pay a bit more, but know that you have options out there.