January
30 - 2013

Can You Still Get Life Insurance If you’re A High Risk Individual?

So many people like me have appreciated the advantages and the many different benefits that life insurance policies can give.  Since I have a family of my own, I have bought life insurance not too long ago because I want to have a peace of mind knowing that if ever something happens to me like if I die because of accident or terminal illness, my family will always have something to keep them going towards a brighter and richer future.

However, sad to say, there are some people who just can’t get life insurance because of their pre-existing medical condition. Just like my friend who has hypertension and has had that kind of medical condition ever since we were in high school.  When we got our first job and we are working together in one company, we decided that we should be thinking about our respective family’s future. So, we decided that we will buy life insurance policy.  I got my own life insurance, but, unfortunately, his life insurance application was turned down.

It is really a very dreadful thought to contemplate that if you are a person with underlying diseases such as hypertension, asthma, heart problems, cancer or diabetes, to name a few, and something happens to you, what would be the future of your family? What will happen to them if you’re not around anymore or you were stuck in your wheelchair and just sits there inside your house and the worst part is, you’re the only one who’s looking for money to buy things that your family needs?

Yes, having a medical condition such as those that were mentioned above can be difficult especially when you are trying to convince life insurance companies to approve your life insurance application. On the other side of the coin, there really are some life insurance companies that will approve such application by people with these kinds of conditions.  Only that they needed a lot of information from the applicant regarding his current medical status and, of course, the premium cost of life insurance for people with health problems will be very expensive. That’s because a person with serious health problems can be very risky on the part of life insurance companies. The policy holder may have just paid like five months of his premium payments and if he dies or something happens to him, the life insurance company is obligated to pay the insured amount plus all of the outstanding balances of that person will be waived and consider his life insurance policy as paid in full.  That would be bad business for most life insurance companies. That explains why the premium cost is more expensive compared to people who don’t have any serious medical illness.

A person with medical conditions is considered as a high risk individual by life insurance companies. So are those who have felony convictions.  If a person is convicted with DUI, DWI, theft or personal injury, he may not have his life insurance application be approved. If it is, there might also be some difference when it comes to premium costs.

So, can a person who is considered as a high risk individual by life insurance companies still get a life insurance policy? Yes, of course, he still can get one. But, as what have been said, it can be very expensive on his part and it can be risky on the part of a life insurance company and there are some certain rules, restrictions, policies and regulations to be followed if a life insurance policy application is to be approved by the life insurance provider.

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