Most people would agree that securing life insurance to protect their family or business makes good financial sense. But, what do you do if you have a pre-existing medical condition? Many people feel they might not be able to afford life insurance or perhaps will get highly rated or even denied coverage due to their pre-existing condition. There may be a solution:
Tip # 1-
Talk to an expert. In the field of life insurance just like in any field there are agents or specialize in finding coverage for those with pre-existing conditions. An agent with years of experience in dealing with those who have pre-existing medical conditions, participate in high-risk hobbies and occupations can save you a lot of time and money.
It's important that before you apply for life insurance that you have completed all medical procedures, testing and follow-up visits. Also, be sure you are keeping up with your prescription drug usage. Underwriters do not look favorably on someone who is starting and stopping medications at their own discretion. Follow your doctor’s recommendations. Try to get your weight, blood pressure, cholesterol under control.
Tip # 3-
Know your medical history. When underwriting a policy your agent will ask lots of questions regarding your medical history. It is best to know things like most recent blood pressures, most recent cholesterol levels, most recent blood sugar readings. If you have had a history of heart disease then know the name of the condition. If you have had a history of cancer, it is helpful to know upfront the type of cancer and the stage the cancer was in when biopsied. When was your last treatment, when was your last echo-cardiogram or stress test. Even better, try to keep a copy of your medical records on file. Know all your doctors names, address, and reason for visit.
Tip # 4-
Don't smoke, begin a regular exercise program. Participating in more activities shows the underwriter you are concerned about your health. You want to paint the best picture you can for the underwriter. Know your family's health history. Do you have long live-span in your family tree? Have your parents or siblings had any history of cancer or heart disease?
Tip # 5-
One of the most important tips is don't apply for policies with several insurance companies at the same time. Although many people think this can help them, applying for coverage thru multiple insurance carriers can actually hurt your chances of finding coverage. Here's why. When you apply for a policy with an insurance company you immediately go into the medical information bureau or MIB.
This is a clearinghouse of sorts for life insurance companies. It reports to the other carriers when someone applies for coverage. It is also can show if someone has been denied coverage. The more hits on your MIB report the harder it is to get coverage.
Life insurance companies are in business to make money. They do not want to spend money underwriting a policy, paying for blood tests, medical records, etc. if they see you have already shopped the coverage all over town. So, a company that might have offered you a good rate on a policy may actually just pass on underwriting you if they see multiple MIB hits.
Don't give up on your hope for life insurance. There are over a thousand life insurance companies offering coverage in the United States. Most do not specialize in insuring those with pre-existing medical conditions, high risk hobbies and occupations. But, some do. Now, with these tips you know how to prepare to find this protection.
Mike Raines is the owner of Raines Insurance Group and the blog Special Risk Term. He is a 34 year veteran of the special risk life insurance industry. Mike is an expert at helping individuals with pre-existing medical conditions, participate in high risk hobbies and occupations secure life insurance protection