Am I still eligible for a life insurance if I have a bad health condition?

Yes, you are! You can still get a life insurance policy even if you have a pre-existing medical condition.

An insurance agency will do its best to minimize risks. This means that insurance agents will sell policies to people that do not have a high mortality risk. In order to calculate the mortality risk, a medical examination is generally required. Even though a medical examination is common, there are agencies that will sell  insurance18a policy without asking the insured to take any medical tests. This is called no medical exam term life insurance.

Is it real?

Many people have second thoughts when it comes to purchasing this type of policy. Since an agency will want to reduce risks, at first it makes little sense to insure people who could be a liability. At the same time, we must keep in mind that the insurance market is very competitive. Some businesses have to expand their market target and take higher risks. Furthermore, this type of policy is temporarily which means that the insured is less likely to die during the policy’s term.

The price is also accordingly adjusted and the coverage usually caps at $250,000-$300,000. These types of policies are not cheap and you should apply for one if you have been declared illegible for a traditional one. But beware that no medical exam term life insurance is not without its requirements. Besides the age limit, applicants are asked to complete an application form which contains several medical questions. Although it is not as rigorous as a full medical examination, some illnesses like cancer or AIDS will ruin your chances of getting insured.

What if I have a terminal illness?

A terminal illness can prevent you from getting term life insurance. However, there are other options.

Guaranteed Issue is a type of life insurance which can be bought by anyone. There are no requirements and it is released in 24 hours. It is expensive and the coverage is limited to $30,000-$50,000. This type of policy contains a contestability clause for two years which means that if the insured dies within this period, the agency is not entitled to pay the benefit and it will only return the money paid as premiums.

As you can see the insurance market has opened up to new potential customers. If you have a bad health condition it doesn’t mean that you can’t get life insurance! Click here to visit our website and learn more about no medical exam term life insurance!