How do I get life insurance if I have medical problems?

Finding affordable life insurance can be a challenge if you have medical problems. You may have to get creative with your search, but you may also find that there are some acceptable alternatives to taking out a life insurance policy.

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Unfortunately, life insurance is sometimes difficult to obtain if you have existing medical problems. The reasoning is easy to understand – life insurance companies are in business to make a profit. They play the odds that you will live long enough to pay in more than enough to cover the premiums they’re going to pay out upon your death. A medical condition – especially a serious condition – lessens those odds for the life insurance company.

There are two basic kinds of life insurance. Term life insurance is purchased for a specific amount of time, usually a year, and the insured has the option to renew at the end of that time. Permanent life insurance is the alternative and the person who chooses this policy can build up equity and a cash value over a period of time. The advantage is that permanent life insurance premiums remain constant and that could be an important issue for the person with health issues.

If you have medical problems, you’ll probably have to shop more diligently to find decent rates. You have to accept the fact that you – as a less-than-ideal candidate for life insurance – aren’t gong to get excellent premiums. But you should also not accept the first offer simply because you fear that you won’t find a better deal. The Internet has opened up a whole world of option. You aren’t bound by geography but can shop for life insurance from companies around the world. This greatly increases your chances of finding a company willing to take you on.

Look for companies that offer life insurance with no medical check-up. They are typically more understanding of medical problems. You probably won’t get the rates you’d hoped for, but be careful not to lie about your condition. If you don’t tell the truth on your application, the insurance provider can refuse to pay the claim upon your death. You want to find good rates, but not if it means you’re making premiums for nothing.

Finally, consider the reason you are looking for life insurance. If you’re trying to provide for your family, check into the possibility that they’ll be able to draw some form of Social Security. Minor children often receive a monthly check upon the death of a parent. If your goal is simply to pay for funeral expenses, consider the possibility of preplanning your funeral instead of taking out a life insurance policy. Burial insurance is another alternative that you should consider. It’s typically more available than life insurance and will pay toward funeral expenses upon your death.

If you simply can’t find life insurance that meets your needs, consider investing that money instead. If you apply the amount of your monthly premiums to a savings account, stocks, bonds or other investments, you could be providing for your family’s future just as if you’d taken out a life insurance policy.