If you are diabetic, overweight, or living with another preexisting medical condition, then you will find it challenging to purchase life insurance. However, using these tips you should be able to find a policy.
Tip: Wait to Apply When Your Medical Condition is Resolved or Well-Managed
If you were recently diagnosed or if your medical condition is not well-managed, then wait to apply for life insurance while working with your doctor to get things under control. For example, if you have depression or high blood pressure that can be managed with medication, then start taking your medication and apply when you and your doctor can honestly report your condition is well-managed.
If you need some time to get things under control, then you should also take advantage of the lag time to work on your exercise program, weight management, and any other lifestyle changes you need to make the life insurance process easier and less expensive in the future.
Tip: Maximize the Life Insurance You Purchase Through Your Employer
If your employer gives you the option of purchasing life insurance, then you absolutely should buy it. And, you should purchase as much life insurance through your employer as you can. Especially for people with preexisting medical conditions, employer-sponsored life insurance plans tend to be the cheapest option, and most won't require you to fill out any medical questions or take a physical to qualify for a policy.
Tip: Purchase Guaranteed-Acceptance Life Insurance
If you have seen the commercials on television or the internet for "guaranteed" life insurance policies that anyone of a certain age can buy without a medical exam, then you are familiar with guaranteed-acceptance policies.
This type of life insurance policy goes by many different names, including:
- simplified acceptance
- graded benefit
Though all of the names sound different, all of these policies are basically higher priced and offer a lower amount of coverage because they will issue a policy to almost anyone who applies, regardless of their risk.
Tip: Work with a Life Insurance Agent
Just as you can work with an automobile insurance agent in your local area to locate the best auto insurance policy for your vehicle, so too can you work with a life insurance agent to find the best life insurance policy. Often, life insurance agents have access to resources you don't have with just an internet search and will find you the best deal.