Getting life insurance with a pre-existing condition is tough. But it's one of the best ways to ensure that your family is provided for should something happen to you. Here are some steps to try when you've approached life insurance providers and not been successful at getting coverage.
Approach An Insurance Agent
Getting coverage with a pre-existing health condition won't be easy, so it's a good idea to approach a life insurance agent for help. Your agent can contact companies like Daniel L. Rust Insurance for you. They've probably worked with clients in your situation before, so they will know which companies accept people with pre-existing conditions and which do not. This can save you countless hours of calling different life insurance companies yourself to look for coverage. And an agent might be able to get you a better deal anyway, since they will be more familiar with the discounts available from each insurance carrier.
Look for Policies that Don't Require a Medical Evaluation
In many cases, you will be looking for a policy that doesn't require you to get a medical evaluation beforehand. These policies can come with a higher premium attached, but they may be your best bet if you have a condition that will disqualify you from many plans.
Consider Alternative Forms of Life Insurance Coverage
Aside from guaranteed life insurance premiums, you could also look for similar coverage in other forms. One example is group life insurance. These policies are sometimes offered through the workplace. They can accept a wider range of people, since the policy and premiums are based on the health of an entire group of people. One drawback of this route is that they tend to have smaller payouts; this policy might pay one or two years' worth of salary rather than a larger lump sum.
Seek Medical Treatment
You'll want to follow up with adequate treatment for your health condition. For example, if you had a heart attack recently and can't get traditional life insurance coverage right now, you may still be able to do so at a later date. It will require you to get regular checkups and show that your health has improved. Your doctor's statements about how new diet, exercise, and other lifestyle interventions is an example of documentation that could help you get reduced insurance premiums later. And if you are healthy enough to take a medical examination later on, you might be able to have your premiums reduced at that time.