Looking for a Life Insurance in Poor Health?
Life insurance is a financial security product offered by insurance provider basis their discretion. This means that by law, a company doesn’t have to approve your application if they deem it unfit for reasons best known to the business team. In such cases, they may choose to reject your application and not grant you a life insurance policy!
Hence, it is possible that if you are suffering from a chronic illness or a lifetime condition, well-wishers may have told you that your chances of getting life insurance are half or slim. However, this isn’t necessarily true! There are a host of factors that determine whether you can get life insurance despite undergoing poor health conditions. Let us take a look at some of them.
Possibility of higher premium
If you are willing to pay higher premium than someone who doesn’t have your health condition for the same maturity amount, you could be in for a surprise – insurance companies are open to offering term insurance to those with higher risk, at a higher premium. This simple formula ensures your term insurance purchase remains profitable for them despite your health condition.
So instead of outright giving up on the idea of buying term insurance for your family, it is better to start by acquiring quotes from leading term insurance providers and seeing if the premium is worth the potential maturity benefits in case of an unfortunate event. However, do not expect the quotes to be similar to what they would offer someone without any ongoing health issues.
Nature of health condition
One of the most important factors that can determine whether your application for term insurance will get through is the very nature of your health condition. Age-related complications, chronic conditions related to vital organs, syndromes and degenerative disorders, cancer, and more are all categorized differently in terms of potential risk by insurers. Hence, there isn’t a blanket rule towards all health conditions; rather, they are different guidelines for issuing term insurance to applicants with health conditions.
Hence, look out for term insurance providers who are upfront about their policy towards the specific nature of your disease. Reach out to them via email or social media if you are unable to find such information on their website or brochure.
Extent of coverage
Different term insurance plans offer different types of coverage. While standard term insurance only offers death-related maturity claim benefits, there are a host of other mixed term insurance plans and other life insurance products which offer maturity-related benefits in case of poor health condition, or on the basis of tenure completion. These term insurance products might be better suited to your needs than pure term insurance since they offer maturity-related benefits to either you or your nominee, which might aid you in your financial health if you are unable to work in the future or have retired, owing to your health condition.
Conclusion
Hence, it is important to understand that despite poor health or a chronic health condition, you can get life insurance to ensure financial security and peace of mind for you and your loved ones. However, it may not be the simplest affair; you will have to invest some time, understanding the different types of insurance that are designed for you as opposed to standard term insurance, be ready to pay a slightly higher premium than most others when it comes to regular term insurance, and also be strategic in how you purchase multiple insurance policies if insurance providers are skeptical of clearing a single high-value policy owing to your health risks.
