How can I find affordable life insurance if I have medical conditions?
Nowadays just about anyone can go online and search hundreds of sites for life insurance rates. But, what if you have a health condition such as diabetes, heart disease, crohn’s disease, MS, etc? Or what if you participate in racing, sky diving or mountain climbing?
Most of the rates you can find easily online are just for the healthy or very healthy. In order to find the lowest rates in the industry for a certain health condition, you must work with an expert. You see there are only a handful of highly rated life insurance carriers that specialize in underwriting people that have some medical history.
Underwriting is the evaluation of an individuals mortality risk. All life insurance companies look at your health and lifestyle differences. What one insurance carrier may see has a high risk or even a declination for coverage another carrier may see as a standard risk. The secret is knowing which insurance company will evaluate your situation the most favorably.
Most people searching for life insurance are not aware that there are companies and agents who specialize in certain risk. One company may underwrite the lowest rates for diabetes. Another may underwrite the best for heart disease or post-cancer. While another company may be the expert in the marketplace for auto racing, skydiving or any other number of high-risk activities.
The difference in rates from one life insurance carrier to another could be huge. Even if the savings is only a few hundred dollars a year that adds up over 10, 15, 20 years or longer in the life of a policy. Just imagine if you could save $1,000 a year over your current carrier. On a 2o year term policy, we are talking some serious money.
So, how do you find which insurance company underwrites your condition the best? Typically the best option is to use an independent insurance agent or broker. They usually offer multiple carriers and not just one or two companies to choose from. You also want to work with an agent that is been in the special risk market for many years and has the experience needed to negotiate with the different companies.
Your agent will be your best ally. He or she can find out about your medical situation and talk to different company underwriters without you having to even formally apply for coverage. You see every time you apply for insurance a hit goes toward your medical information bureau file (MIB).
This file will then let every other life insurance carrier you apply to know that you have applied elsewhere. Insurance companies do not like to see a lot of hits on your MIB file. They then know you are just shopping around for coverage with different insurance carriers. Why should they pay money to underwrite your policy when you are just as likely to go to another carrier with your business.
A good agent that knows what they are doing will keep you out of the MIB file by indiscriminately shopping your coverage thru an informal basis. This allows you to be in control of which insurance company you end up formally applying to.
In conclusion, remember that just because one carrier or even two carriers have highly rated you or even declined you for coverage does not mean they an affordable option for coverage isn’t available. You just have to know the secret to finding the best offer. Now you know the secret.
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