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Do I Need to Be in Perfect Health to Get Life Insurance?

The simple answer is no. However, everything depends on what kind of life insurance you’re looking for and what type of health problems you’re dealing with.

For most basic term and whole life policies, you’ll be asked about your current health, your medical history, and your lifestyle. Some may even ask you to go through a physical exam.

If you have a pre-existing, chronic condition (such as diabetes, HIV, asthma, etc.) certain insurers may view you as high risk. The availability and cost of coverage may depend on your specific condition, its severity, and other factors. You can qualify for a policy, but you’ll probably be paying a higher premium. Additionally, you may be offered coverage with certain exclusions or limitations related to your condition.

There are some insurance companies that offer coverage specifically designed for people with chronic health conditions. These policies may have certain limitations or requirements, such as a waiting period before coverage begins, or specific health management programs to help you manage your condition.

If your health condition is considered life-threateningly serious (like cancer) most standard policies won’t cover you.

However, you would still be able to purchase guaranteed life insurance. This is a type of policy that does not require you to take a medical exam or answer any health questions Usually, the payout of guaranteed life policies ranges between $5,000 and $25,000 and is used to cover the cost of funerals and end-of-life expenses.

It’s important to note that guaranteed life insurance policies often have certain limitations or exclusions. For example, there may be a waiting period before the policy pays out in the event of the insured’s death, or the policy may have a lower payout for death due to certain causes, such as suicide.

Finally, keep in mind that you’re able to customize all your life insurance policy options with riders. One rider to keep in mind is the terminal illness rider, also known as the accelerated death benefit, which allows you to gain access to your policy’s death benefit early if you receive a terminal diagnosis.

If you’ve been interested in life insurance to protect your family, but didn’t think you’d qualify, give me a call. I can talk you through your options and see which policies work best for you.

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