Many people incorrectly assume that just because they have health problems that they are ineligible for life insurance. That is simply incorrect. Life insurance is available even in the face of very bad medical problems, you just have to know where to look.
what qualifies as a medical "issue"
The first thing people need to understand is that not every medical problem will keep an insurance company from looking at your application funny. Insurance companies understand that not everyone is the picture of health, and their actuarial tables reflect the fact that some people are in better condition that others.
However, there are a few things that can make a life insurance underwriter decline an individual for conventional life insurance, such as....
Not every insurance company will decline your application if one of the above applies to you, but most have some list of disqualifiers.
what types of life insurance is available if i don't qualify for conventional insurance
Fortunately, even if you are disqualified for conventional life insurance, you can still receive a life insurance policy, although it will be structured a little different.
The best way to get a life insurance policy if you have medical issues is with a guaranteed issue whole life insurance policy.
What is a guaranteed issue (GI) whole life insurance policy? It is a policy that will accept you no matter what your health status. Even if you have been diagnosed with AIDS, HIV, cancer, or any other diagnosis from the list above, the insurance company will accept you.
what's the catch of a guaranteed issue whole life insurance policy?
To protect themselves, insurance companies that accept individuals with health problems typically will only pay out the face value of the policy if the individual dies 2 or more years after the policy has been put in place.
If the individual dies during the first 2 years, the premiums will be returned to the beneficiary plus an interest rate, typically 10%. So at the very least, the life insurance policy can be used as a good savings account.
Also, as you can imagine, the rates for a GI life insurance policy are higher than a conventional policy. Since the risk is higher, the premiums are higher.
how to buy a guaranteed issue whole life policy
Life insurance is a complicated business. The best way to understand the options available to you is to use a qualified insurance agent, like this one in Dallas, TX. A good agent will help you determine if you even need a GI plan.
No matter your health status, it is important that you understand the need for life insurance. Your beneficiaries will be very happy that you were thinking of them.
Final expense insurance is a hot commodity lately. As people live longer they are realizing that they don't want to leave a financial burden to their families. An easy way to avoid this problem is to purchase life insurance.
However, buying life insurance can be a problem at a higher age. It becomes harder to pass the medical exam, and the premiums are quite high.
Enter final expense insurance. Final expense insurance has no medical exam and few medical questions. Even if you don't "pass" the medical questions, you can still be eligible for a final expense policy.
Final expense insurance, also known as funeral insurance or burial insurance, is purchased in small face amounts, up to $35,000, which is enough to pay for your funeral and pay off debts that you may owe. Your family will greatly appreciate you thinking of them ahead of time.
what is the best final expense agency in dallas?
The way to ensure yourself that you are buying a great insurance policy to pay for your funeral and more, you will need to work with an experienced agent or agency. A good agent will be able to run multiple quotes for you to make the process as easy as possible (it really should just take 15-20 minutes to complete and application).
A great thing about living in Dallas is having access to many great agencies. I think I have found the best final expense agency in Dallas. Well, actually Arlington, since that's where they're based, but they service Dallas, Fort Worth, and all of North Texas.
Who is it? The name of the agency is Gee Insurance Solutions. They are a family-owned company that doesn't have to deal with the red tape of a large firm. They are very flexible and will do whatever it takes to make sure you get a great policy. I recommend calling or emailing them today if you need more information about getting a final expense life insurance policy.
Here is the information for Gee Insurance Solutions:
7203 Forestwind Ct.
Arlington, TX 76001