Life Insurance | Boizelle Insurance Partnership

I Have a Medical Condition. Am I Disqualified From Getting Life Insurance?

Everyone can come up with a reason why they think they don’t need or shouldn’t get a life insurance policy: too young, don’t have children, single, and the list goes on. However, there are several benefits to having a life insurance policy in place when you’re young.

A person could drive themselves crazy thinking of all the reasons why they don’t need a life insurance policy. Additionally, considering all of the different policy options, benefit amounts, premiums and riders can be overwhelming. On top of that, if you have a medical condition, it may be enough to convince you not to get a life insurance policy with the idea that it’ll cost you too much financially.

Want to know the truth about life insurance and medical health conditions? The reality is that there are many manageable conditions that people may have that don’t automatically disqualify them from getting a good price on a life insurance policy.

  • Health conditions a medical professional is helping them successfully manage: These conditions could include high cholesterol, hypertension, asthma, thyroid conditions, heart murmurs, diabetes, being overweight and more.
  • More serious conditions in their past: This can include heart attack or heart surgery, cancer, stroke and other diseases. Though insurers’ pre-coverage medical exams and the individuals they choose to insure may differ, most will consider the type and severity of the illness, the time that’s elapsed since the diagnosis and the stability of their health and treatment regimen, before making a decision.

Things to Keep In Mind

If you’re interested in purchasing life insurance, you should consider the following:

  1. Never assume a health condition automatically disqualifies you from obtaining life insurance. Sure, maybe your health is less than perfect but you may be eligible for coverage, so give us a call to speak with one our licensed insurance professionals to be sure.
  2. Always be honest about your medical history. Failing to mention a major surgery, serious diagnosis or knowingly misrepresenting your health history could compromise a future claim.
  3. The best time to get covered is when you’re young and healthy. The last, and quite possibly most important recommendation: don’t wait, the earlier you can apply the better — especially if you have a health condition. Down the road, if your medical status takes a turn, it could become significantly harder to obtain coverage.

Additionally, if you’re under 40, you likely qualify for (and should strongly consider) adding a Guaranteed Insurability Option (GIO) rider to your life insurance policy. The GIO rider allows you to increase your life insurance coverage as you age and remain locked in at the healthier rate class secured by your younger (and wise beyond your years) self.

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So, You Think You Don’t Need Life Insurance? Think Again.

When you’re young, you feel untouchable. You feel as if nothing can stop you. You feel invincible. Because you feel this way, you’re far less likely to be thinking about life insurance. I mean, it makes sense. The problem isn’t that you don’t have life insurance while you’re young. The problem is that you’re not taking advantage of an enormous opportunity that will surely disappear by the time you’re old, gray, and wrinkly. Life insurance is much cheaper when you’re young because insurance companies know that you are far more healthy. So, they are far more willing to give you a cheaper rate to pay.

Everyone has a life story. Everyone faces different challenges at different times in their lives. Some people may face incredible physical challenges early in life, others later in life. The point is we all face them at some point or another. Insurance companies know this and anticipate them. You need to be in the know as to how insurance companies work and think.

We don’t know what life will bring us in the future. We really don’t even know what is going to happen on a day-to-day basis. All we can do is anticipate, prepare, and act accordingly. No one can know if they are going to crash head-on with an 18-wheeler, leaving them paralyzed from the waist down. And no one can know with 100% certainty that they will not develop some form of cancer during their lifetime. The point of bringing this up is not to scare you. It’s to educate you on why it’s important to get life insurance while you’re young.

If you are elderly and develop some form of cancer, it’s too late. Insurance companies may agree to give you a life insurance policy. But, don’t be surprised if the cost is astronomical. If you have children, don’t you want to be able to protect them? Life insurance can help with that. Life insurance can help pay for your child’s college education.

If you have a mortgage on your home, have kids, and you die unexpectedly, guess what? Your kids are going to have to pick up and carry that heavy burden. A life insurance policy can help in that case. When you die, your family is already faced with a terrible loss and tragedy. Why would you want to compound the loss by burdening them with the financial stress of a home mortgage?

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What Is a Guaranteed Insurability Option? Why Do I Need One?

When you’re young healthy, life insurance is probably the last thing on your mind. You’re probably more focused on eating whatever you want, traveling to various destinations, and skydiving (okay, maybe not skydiving, but participating in other endeavors that could pose a risk to your life). While you’re young, maybe you think you don’t have to pay attention to overall health. That couldn’t be farther from the truth. Sure, it’s okay to indulge yourself occasionally, but one of the keys to prolonged health and prosperity is developing healthy habits.

When you’re young, a life insurance policy is going to be more affordable. Why? Because insurance companies take into account the fact that young people are predominantly more healthy and are far less of a risk to develop chronic ailments, diseases, or severe illnesses.

While you’re young, it’s the perfect time to add what’s called a Guaranteed Insurability Option rider or GIO.

The fact of the matter is that we can’t know precisely what’s going to happen tomorrow, five years from now, ten years from now, or 30 years down the line. Life Insurance gives you the chance to be proactive rather than reactive. And remember, if you’re in a situation where you’re reactive, especially in cases of your physical health, it’s probably going to cost you more than if you took the time to plan and anticipate what could happen in the future.

A lot of young people are deterred from purchasing a life insurance policy because they have this misconception that it’s expensive. It’s actually quite affordable.

Some important questions to ask yourself are:

  • Do you currently have a mortgage or any outstanding student loans?
  • Are you a single parent with a child or multiple children who depend on you?
  • Are you the sole earner in your household?
  • Do you have a family that needs care in the event you are no longer around the provide for them?

Depending on your circumstances, particularly your financial situation, a term life insurance policy may be better suited for you if you don’t have money saved. The risk you take with a term life insurance policy, though, is that it may never pay out. A better option that provides more security and peace of mind is a whole life insurance policy. A whole life insurance policy offers:

  • Guaranteed life insurance protection that will never decrease.
  • Guaranteed cash value that can be borrowed to take advantage of future opportunities.
  • Payments guaranteed not to change, regardless of changes to your health.
  • Additional accelerate death benefit option for terminal illness included at no charge.

A Guaranteed Insurability Option rider helps you create the ability to protect yourself throughout your life. You have it for as long as the policy is in place.

It’s important to remember these few limitations: you only have the ability to add to your coverage through your GIO rider up to the age of 46 and you can’t exceed the million-dollar coverage limit.

As long as you have the GIO rider, you have the ability to add coverage to your policy for qualifying events such as: getting married, purchasing a home, and having a child. You are able to purchase additional life insurance coverage without having to take the step of going through underwriting all over again.

 

 

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When Is It the Right Time to Buy Life Insurance?

A lot of people may be hesitant to purchase a life insurance policy. They may think it’s too expensive. The truth is that a life insurance policy is much cheaper if you buy it when you’re young and healthy because insurance companies consider healthy people far less at risk of dying than someone much older who may also be in poor health.

If You’re Getting Married

Once you get married, you not only have yourself to take care of, but you have someone who, not only loves you, but depends on you to be their partner through life. If one of you dies unexpectedly, a life insurance policy can help with any financial woes or struggles that may occur.

If You’re Planning to or Already Have Children

We all know that having babies costs money. Everything from feeding them to buying diapers for them, to paying for child care, those expenses certainly add up. A life insurance policy can help ease your stress level when it comes to providing for your kids.

To Cover Lost Income

If you die and you left loved ones behind who solely relied on your income, an adequate life insurance policy will help them cover those monthly mortgage and car payments.

Funerals

It’s a sad reality, but a reality nonetheless. Funerals cost money. No one likes to think about having to say their final goodbyes to a loved one. A life insurance policy can help ease the burden of having to pay for a funeral.  Although you may be gone, your loved ones can take comfort in knowing they did everything they could in saying their final goodbyes.

Pay Off Debt

Unfortunately, debts don’t just disappear if you die suddenly. If you and your spouse both signed on that dotted line for a mortgage, now that you’re no longer around, your spouse may have to carry the heavy load of the repayment. Another scenario may be creditors coming after your estate. Your loved ones already have to deal with the heartbreak of losing you. Don’t add financial burdens and struggles to that mix.

College Funding

Countless Americans borrow money through student loans in order to pay for college. Did you know a solid life insurance policy can provide an excellent way to supplement your payments? Paying for higher education is definitely a costly endeavor. And life insurance can certainly help! Talk to one of our experienced agents about how a life insurance policy can benefit you!

If You Own A Business or Are a Co-Owner of a Business

If you are a business owner, you’ll want to make sure that your family as well as your employees are protected in the event of your untimely death. Running a business isn’t cheap and requires a lot of different expenses. From office supplies to payroll, a life insurance policy can help those you leave behind.

Estate Taxes

If you’re concerned about your children’s inheritance, a life insurance policy can help protect them from inevitable inheritance taxes they are going to be hit with. A life insurance policy can help cover those costs.

Life Insurance Is More Affordable Than You Might Think

On average, you’ll pay more for your daily cup of coffee than you pay for your life insurance. Still, it’s important to keep in mind that these types of policies tend to become more expensive the longer you wait to purchase one.

Peace of Mind

Although none of us can know what’s going to happen in the future, a life insurance policy can help put your mind at ease, knowing that no matter what happens, your loved ones will be protected.

Call our office at 301-948-2010 to speak with one of our experienced life insurance professionals. They can help you find the coverage that best fits your needs.

 

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