Life Insurance with Medical Problems
March 4, 2009 |
Featured
It can be extremely difficult to find an insurance policy if you are currently taking prescription drugs or have severe medical problems. Generally speaking, typical rates for life insurance are designated for those who have healthy lives. Unfortunately, those who are considered a health risk will have much higher rates. Lucky for you, it does not always have to be this way. You do not have to sacrifice an arm or a leg to get life insurance coverage, and it isn’t always really hard to get either.
Emotional and Mental Issues
You might get hung up on the second after they’ve called you if you tell a life insurance agent that you have taken Prozac or some other form of anti-depressant or anti-anxiety medication. If you have been taken off the medication, you should have your doctor write you a note indicating that you have been fully released from such medication. Agents may accept this and avoid increasing your rates with this type of doctor?s note.
If your depression or anxiety were brought on by a life event, you should be quick to point that out. For example, a sudden loss in your family may have triggered your severe depression. Let the agent know that you are now coping well the loss and that the depression and anxiety are no longer a problem for you. Insurers may even go to the length of requesting that you show proof. If this is the case, do not take offense to the request. They are merely doing their job and actually trying to help you out by giving you a break on some of your past problems. Many insurance companies will not allow them to clear you without some type of proof, which is why they might ask for it.
You should be aware that long-term illnesses such as bipolar disorders or manic depression are not necessarily things that will get you immediately declined. Again, you must have documentation verifying that you have overcome the illness or that you are successfully coping with it. It is fairly common in matters such as these for doctors to provide documentation that treatment has been effective. If your disorder is under control, it may have no noticible impact on your life insurance premiums.
Having major mental health disorders, particularly those that cause suicidal behaviors, can be more problematic than more minor mental or emotional problems that people live with. If you have attempted suicide in the past, it is not uncommon for many insurers to require a two-year period between that event and the point in which they will cover you with life insurance. You should also be aware that there are numerous clauses in most life insurance policies regarding suicide.
Physical Issues
A healthy individual is more likely to have low life insurance premiums than anyone who suffers from life, heart, or other life-shortening terminal illnesses. When applying, most insurance companies will request your medical records dating back for at least ten years.
Most insurance companies will require a physical examination as well. This is particularly the case if you have any medical history that might raise a red flag to their underwriters. However, you should be aware that many insurance companies may require a clause stating that the policy will not pay out if you die from a pre-existing or other already known condition. This could mean that if you have had heart trouble in the past and pass away a few months after getting life insurance due to a heart attack, that they will not pay out for the loss of life.
Omission of Your Medical History
Unfortunately, many people opt to just leave out their medical history. However, you should be aware that before you do this, most policies still could be voided if they find that you withheld certain information from them. You should be honest, but never provide more information than what is requested.
Tags: life insurance medical history, life insurance medical problems, life insurance mental problems, life insurance physical problems
