Buying life insurance on the open market when you have had health problems can be a challenge, and it can be expensive, too. But it is not impossible.
When buying life insurance, you may have to complete a written and/or verbal medical questionnaire and complete a health exam, which could include blood and urine samples. Individuals in the best health typically get better rates on policies.
But what if you have had (and have recovered from) a health scare, such as a heart attack, stroke, or cancer? How do you get life insurance then?
First, look to your employer, which may offer coverage above and beyond your regular policy that doesn’t require a medical review.
If you cannot obtain more life insurance through your employer, another option is to search for so-called guaranteed-issue policies. These policies do not require a medical review, but they come with a cost. They are generally much more expensive than policies that require medical reviews.
Another option is to investigate a mortgage-term life-insurance policy. Offered by an insurance carrier working with the company that holds your mortgage, these policies, generally available for 15- or 30-year terms, are designed to provide your loved ones with money to cover your mortgage in the event of your untimely death.
They are simply another type of life insurance, and they may not be necessary for healthy individuals who already have life insurance. But those who have struggled with health problems may be able to get such a policy without a medical review.
Also note that once your illness is behind you by several years, and if you have a good prognosis, you may begin to find that insurance companies offer more options. Many cancer survivors, for example, find that they can get life insurance after being cancer-free for five years.
Contact us and we'll help you to determine the best options for your individual situation.