Health Problems? We have you covered!

One thing we have learned over the years is that you can still get life insurance if you are in bad health. However, there are a few things you must know before you proceed.

If you are 23 and in good health, insurance companies do not consider you a big risk. Howver, if you are 63 and have had 2 heart attacks and smoke a pack a day you are considered a high risk candidate.

You can get coverage with these health problems but you will pay a higher premium and will be limited in the types of coverage that you can get.  We will lay out a few things to consider.

1. It is important that you work with a broker that represents multiple companies.

If you have a lot of health problems, this fact is even more important. We have actually seen one company turn down someone only to have another company accept the application a few weeks later. We highly recommend Rootfin.com to help you with your high risk life insurance. Rootfin.com not only represents the top companies with the best rates but has actual real-life experience helping people get coverage that have health problems. If you are a smoker you can go here to read about life insurance for smokers. Your rates will be higher but you can usually get great rates if you do some research and get multiple quotes.

2. Have you ever received a pience of mail from an insurance company that offered you life insurance with no exam or no health questions?

Be careful to read the fine print on these offers. A lot of these offers will only pay you if you die in an accident. This is called an accidental dealth policy. While these are good to have, they would NOT pay you if you die of any kind of health condition or natural cause. We can get you a policy that will pay a benefit no matter how you die.

3. What is your budget for life insurance?

It is important to have life insurance. However, you want to make sure you are not paying for more life insurance than you can afford. We find that people who buy more than they can afford end up letting the policy lapse. If you stay within your budget it is more likely that you will keep the policy and maintain life insurance protection for your family.

4. Has your health changed lately?

Recently, I spoke to a senior that bought an Indiana life insurance policy a few years ago when he was in bad health. He said that the premiums were high but he understood why (due to his bad health).  However, over the last year he lost 40 lbs and has not been smoked for 3 years. Also, his blood pressure has been under control after his weight loss. We were able to refer him to rootin.com and they found a policy that increased his coverage and still saved him 300 dollars per year.

Life insurance is not always cut and dry. We highly encourage you to do your reserach when looking for a policy and read the fine print. Make sure that you use a broker that can look at multiple companies for you as well. Doing this things will save you a lot of money in the long run!And here at theseniorgazette.com we are all about saving money!