How to Get Life Insurance if You Have Medical Problems

Video Transcript

"Hi, my name's Seann McWhorter. I am agency principal of Insure Right Insurance Agency located here in Lehi, Utah. Today we're talking about insurance ins and outs, and specifically how to get life insurance when you have medical problems. Well that can be a scary thing for some people depending on what those medical problems are. To get life insurance when you have medical problems is the same process as if you didn't have health problems, except you're going to have to answer a few more questions and perhaps provide medical records to life insurance company. The process goes basically like this. You're going to meet with your life insurance agent, and you're going to fill out an application, and you're going to disclose any of these health problems that you have. It's important to know that you should be completely honest and forthcoming with the life insurance company, because they will find out about these things, and if they don't find out about them, and there is--you do die, and it's, the way it works with any life insurance policy, when you die, there is a contestability period during the first two years of a life insurance policy. And they will always investigate it. And if it turned out that there was misrepresentation on that application, they can deny coverage. So it's important to fully disclose everything to your--to the insurance agent and to the insurance company, so that they can appropriately underwrite the policy. Just because you have health problems does not mean that you will not receive life insurance. There are some health conditions which would prohibit you from being able to get life insurance, so it does behoove you to apply for life insurance when you're healthy. But if you do have health insurance--health problems, any you're applying for life insurance, know that there is what's called a standard rate, then there are preferred to super preferred rates, but then it also goes the other spectrum, where you can receive a Table A or a Table B, Table C, and so forth, where it's basically just a surcharge on that standard rate based on whatever that health condition that you may have had is. And you can still get the policy. It's going to end up costing you a little bit more to do it, but it is possible."