How to Get Life Insurance with Health Problems

Guaranteed acceptance life insurance

Life insurance is often thought of as a financial product that requires exceptional health to buy. While good health is a plus when purchasing insurance, you can still buy life insurance if you have a variety of health problems. You may only qualify for a special type of insurance, however, called "impaired risk life insurance" and also known as "guaranteed acceptance." This type of life insurance generally does not require an extensive medical examination and the insurance policy face amounts are lower than what you could normally purchase if you could qualify for traditional life insurance.

Instructions

1. Contact the insurance company you want to purchase life insurance from. There are many guaranteed acceptance life insurance companies in the insurance industry. You may need to search for a company online, but your local life insurance broker or agent may also have access to impaired risk carriers. These carriers may insure you, even if you have health problems that have kept you from getting insurance in the past. These policies are generally whole life insurance and may be more expensive in terms of premiums than if you were to buy ordinary whole life and go through full underwriting.

2. Fill out the life insurance application. You will still need to explain your medical condition. Common questions also include your age, sex and occupation, as well as the specifics of your medical situation that are preventing you from purchasing traditional life insurance.

3. Submit the insurance application with your modal premium. The modal premium is the premium payment. This is sometimes referred to as the first month's premium by insurance agents.

4. Go through simplified underwriting. You will not be asked for a medical exam, but you may need to answer some questions over the phone about your medical condition. Once you've been accepted and the insurance policy is approved, you'll need to make sure that you make your premium payments on time to keep the life insurance in force.

References

• "Ernst & Young's Personal Financial Planning Guide, 5th edition"; Martin Nissenbaum, Barbara J. Raasch, Charles L. Ratner; 2004
• "Practicing Financial Planning for Professionals, practitioner's 10th edition"; Sid Mittra, Anandi P. Sahu, Robert A Crane; 2007
• insure.com: Guaranteed Issue Life Insurance