Shopping for life insurance and have a chronic health condition?
Getting Declined for life insurance?
Being asked to pay huge sums for term life Insurance in the United States?
About your Health Class and Life Insurance
In the United States life insurance is written on numerous legal underwriting guidelines, such as the following:
Your Height and Weight
Family Health History
Your Health History
All of these underwriting guidelines help to create your life insurance health classification, which are a loose grouping for four categories. The four life insurance categories are: Preferred Plus, Preferred, Standard Plus, and Standard. Both of these are also broken out into smoking and non smoking. These four life insurance classifications determine what rate of life insurance you may be offered.
Common Health Issues Consumers Have that Increases their Life Insurance Rates:
There are really two many to list, but here are some of the most common health issues that causes consumers to spend more money for life insurance.
Diabetes: Diabetes is condition in which a body is not able to produce the correct quantity of insulin. Diabetes can dramatically, potentially, increase your life insurance rates.
Heart Disease: Heart disease may make procuring life insurance extremely difficult.
Cancer: Depending on the type of cancer, getting life insurance may also be extremely difficult. However if it is skin cancer that may not be the case.
Obesity: Obesity is a condition whereby people gain and keep weight. Being overweight will almost always cost you more money for life insurance.
Asthma: Asthma is a lung condition whereby patients exhibit issues breathing in and out. Even fully treated asthma can cost you real money with life insurance.
A few less common conditions are:
Sleep Apnea: Sleep Apnea is a condition whereby patients stop breathing for short bursts of time, while they sleep. Depending on the severity and the treatment consumers can end up spending lots more for life insurance if they have sleep apnea.
High Cholesterol: Many perfectly healthy slim trim americans have higher cholesterol than they should. To some extent high cholesterol is very treatable. People that have high cholestorol can often pay more for term life insurance as well.
Metal Heatlh: a giant catch all term that can include mild issues to larger more life threatening issues. Patients that seek the help of a therapist may pay more for list insurance.
Those are of course more conditions that will greatly increase your life insurance rates, but these are some of the most common ones.
How to Save Money on Life Insurance if you Have One of These Health Conditions?
If you find yourself needing life insurance and you have one of these conditions, the first general rule of thumb, is to start leading with the condition in your shopping efforts. Forget about all of the life insurance rates sprayed on the internet – they likely no longer matter.
What does matter is your health condition. Shop for term life insurance by knowing the underwriting rules for any carrier you are interested in. You may find it helpful to contact a life insurance specialist that deals with your given health issue and knows which carriers are more or less open to a given condition, such as asthma. Sometimes what may happen is most life insurers will have similar rules and underwriting criteria, but one or two may be more lenient. If the life insurance agent is able to speak with you before you apply to do a field assessment you may be able to save real money in the end when an actual policy proposal for life insurance is made.