Life insurance: Getting insured no matter what ails you

Contrary to popular belief, you can still get life insurance with a serious illness or medical condition.

Twenty years ago, you would have been either passed or failed. Things have changed drastically since then. Today, your risk is assessed and life insurance is issued at a price. This type of insurance is often called impaired risk life insurance.

Even if you have cancer, diabetes or heart disease, chances are that there is a life insurance policy out there for you.

Ninety-three percent of applicants are able to be insured at some cost. The other 7% are uninsurable due to drug use or high-risk activities, not health problems.

Most companies have several dozen levels of risk. You may have heard of preferred, standard and substandard. Based on your health history, you are placed within a certain risk range. The range you are in determines your premiums.

If your life expectancy is short, expect to pay high premiums. This is because the sooner you die, the sooner the company will have to pay out. The company wants as much money as possible before that happens. It is simply business.

You health history isn抰 viewed like your family doctor reports it to be. You may have had a heart attack, but your doctor says that you are doing great ? perfect health. The insurance company doctor will look at research that shows that your life expectancy may be less than average. You will have a higher risk.

Shopping for a policy when you have serious health conditions takes a lot of work, but it is well worth it. Different insurance companies view diseases very differently. While one company won抰 cover you, another might offer you a standard rate ?you don抰 know until you ask. Some companies are more lenient than others.

There are many ways to save money when it comes to your life insurance premiums.

Start with your employer plans. Most employer offer life insurance regardless of medical histories. There are some alumni and professional organizations that will offer life insurance without a medical examination.

Chose an experienced agent who can present your health history in the best possible light. You want someone you trust to fight for you. An agent can search for the best rates for your situation.

Pick a well-known and respectable insurance company. Check their ratings. You want a company that rates at least at A+. You want to make sure that the company is still around in 20 years.

Time heals all wounds. The more time between a surgery or heart attack, the less your premiums will be. Reapply after a few years. The more time, the better you will rate. Your being in remission for six years places you at lesser risk than just one year.

Clean up your act by stopping smoking, starting to exercise and controlling your diet. These things help you to become less of a risk. Some insurance companies will take this into account during your application process.

Have your physician write a letter to the insurance company in regards to your actual health status and risk level. Your fitness trainer and dietician can also help your application.

Companies will never voluntarily lower your rate. You have to ask for it. If you don抰 ask, you won抰 save.

And no matter what, don抰 lie and don抰 cover up your history. Insurance companies are wonderful detectives. It will only make you less insurable ?plus fraud is illegal.