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The Importance of Life Insurance for People with Health Problems

life insurance

Life insurance is a type of insurance that deals with a contract between the insurer and a policyholder. It guarantees the insurer pays an amount of money to certain beneficiaries when the policyholder dies. This payment is in exchange for the premiums that the policyholder previously paid during their lifetime.

High-risk life insurance describes life insurance for individuals struggling with different health conditions. The specifics of this type of insurance depend on the severity of the individual’s situation and demands a more comprehensive underwriting procedure. To ensure an accurate quote, it’s best to use an independent life insurance agent who can get you matched with a suitable organization.

Possible Health Issues Covered Under Insurance

A person applying for life insurance coverage may have any number of health conditions or health risks. Some of these include:

  • Diabetes
  • Cancer
  • Overweight
  • Criminal record
  • Obesity
  • Epilepsy
  • Cystic fibrosis
  • Asthma
  • Heart disease
  • Hypertension

The list of the medical condition continues far beyond the few above. It is especially important to obtain life insurance that covers individuals with preexisting conditions.

Whether covering chronic illness or acute conditions, having life insurance can help secure some sense of security for those who will be left behind when you die. To qualify for life insurance, several factors will be taken into consideration. Some of the factors that may be analyzed include past and present health records, driving history, criminal records, and more.

Available Options

Depending on your current health, there are several options that you can explore.

  • Term life insurance: For a decent amount of coverage, term life insurance may be the best option. You have the opportunity to select from a yearly renewable term up to a 30-year term policy. There are many carriers offering coverage present in this category.
  • Universal life insurance: Universal life insurance is for individuals that need something longer, like a permanent policy that always stays. This category allows for up to 121 years. The price point will be higher than the term per thousand but wouldn’t require as much coverage if you’re working with the permanent policy.
  • Guaranteed Issue: This category is more practical for individuals with health conditions that stop them from seeking cheap policies. As long as you can afford the premium, you can get full coverage. If the individual dies earlier than predicted, the policy will still pay out any premiums plus interest.

It’s imperative to carefully observe these options and pick one that helps you get the best life insurance protection.

Getting Lower Insurance Rates

Due to financial challenges, there’s a possibility that you are seeking cheaper life insurance. Fortunately, there are several ways to get a more affordable rate.

One of the essential steps to take when trying to get a more affordable rate is to pick a suitable insurance policy. The type of policy you choose influences the amount you pay. Generally, people choose the term insurance over whole life insurance because it’s cheaper and covers individuals for the policy’s stretch.

In the quest for finding more affordable policy rates, it’s advisable to look for guaranteed premiums. The renewable premium payment option is usually cheap initially but then varies throughout the policy. Over time in renewable premiums, certain things may be considered, including state of health and age.

Lastly, making healthy lifestyle changes can help lower rates. Living a healthy life lowers the risk for an insurer and can result in lower premiums. The insurer may agree to cut your premium if a healthier lifestyle is observed.

Life insurance is always important protection but especially for people with health problems. It helps leave your beneficiaries with a non-taxable amount at the time of death.  For more information, contact us at Unisource Insurance Associates in Milwaukee, Wisconsin to get started today!