How To Get Life Insurance if You Have Medical Problems

Senior couple consulting with insurance agent

Obtaining life insurance can be an important aspect of family finances. Getting affordable, quality life insurance may be easy for some, but those who suffer from medical problems may find it difficult to get any type of life insurance. However, there are a few ways that you can get life insurance with prior or current medical problems.

Guaranteed life insurance may be a viable option for many individuals who are not eligible for a traditional life insurance policy. An application is required and as stated, is guaranteed. However, prices may vary for the customer. Often, the cost of the insurance is related to the "risk" and may be significantly higher for those with certain health problems. The amount of insurance desired will also affect costs and may be limited for certain conditions. Documentation of illness, a physical exam, and other information regarding health may have to be provided before you can get a quote. The length of the process will greatly depend on the company issuing life insurance.

Employer sponsored life insurance is typically an affordable way to obtain life insurance, regardless of health. There are usually no medical exams or questions required to get this coverage. The downside is that not all companies will offer this benefit to their employees. In addition, life insurance is usually only available to the employee. Only a few select employers will extend coverage of this type to a spouse or child. Rates for employer sponsored life insurance may not be subject to increase due to medical problems. In the event of termination, lay off, or voluntary termination of employment, the policy will usually cancel. Upon hiring, the employee is given an option for this type of insurance. As with health insurance policies, after this initial period the employee may have to wait for open enrollment to take advantage of such benefits.

Some life insurance companies may specialize in insuring those with specific medical problems. Those with cancer, for example, may be able to get health insurance through a carrier that exclusively deals with this kind of medical problem. Rates tend to be higher than with a traditional policy for a healthy person but may be well worth the extra cost. An application is required, along with documentation for this type of policy. No matter what the medical problem, some type of life insurance is generally available.


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