How to Get Life Insurance with Kidney Disease


Insurance is a financial product that transfers the risk of loss (in this case, your death) to a third party--an insurance company. Life insurance is used to provide a payment to your beneficiaries in the event of your death. One of the issues many people face when buying life insurance is their health. When you have kidney disease, for example, it is usually very difficult to buy any amount of life insurance. There is, however, a way to get life insurance--even with kidney disease.

Contact an impaired risk broker. Life insurance brokers who specialize in impaired risk often can give you a "prequalification quote." Instead of filling out a standard application, you fill out a specialized application with the broker, who will take it to insurance companies that may be accepting impaired risk cases. If the broker can find a company that will offer life insurance to someone with kidney disease, your problem is solved.

Check with guaranteed life insurance companies. Some life insurance brokers have access to companies that offer "guaranteed issue" policies. These are life insurance policies that cost more than a typical policy (given your age and lifestyle), but guarantee coverage up to $10,000 or $25,000. You can use several of these types of policies to build the amount of coverage you need.

Obtain premium financing. If you have a high net worth, you can talk to a life insurance broker about premium financing for impaired risk. Premium financing for impaired risk cases is a way to borrow money from a bank to buy a life insurance policy. The bank guarantees the premiums will be paid and the insurance company guarantees the loan will be paid off if or when the insured dies. These types of arrangements still require a special impaired risk underwriting procedure, but it can defray the cost normally associated with buying a large amount of life insurance because the payments for the loan can be partially or fully covered by the bank. If the loan is a standard loan, you will have to make the loan payments, but these payments are always lower than the premium payments of the life insurance policy. If it is a "nonrecourse" loan, the loan will be repaid from the policy's death benefit.

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