Clients use our resources to learn about life insurance, and one of the common questions we get is about health.
The insider secret is that the best life insurance companies all have different opinions on health and pricing.
Do you have to be healthy to get life insurance? No, you do not need to be healthy to get life insurance. In fact, there are guaranteed acceptance life insurance policies that ask no health questions at all. However, the healthier you are, the more life insurance options you have.
Even if you’re not in excellent health, medical advancements are increasingly lowering the cost of life insurance.
You can see for yourself with our free rate comparison tool that compares the life insurance rates of over 30 highly-rated life insurance companies.
Our article will cover everything you need to know about qualifying for life insurance and your health.
Feel free to skip ahead.
How Healthy Must You be to Get Life Insurance?
Life insurance companies have twelve rate classes for non-tobacco users, depending on your death risk.
If you smoke cigarettes or use other nicotine products, then that will add additional costs to your life insurance coverage.
Standard rates are the life insurance rate of the general population.
If you can show that you’re healthier than the general population, you may qualify for rate discounts called preferred rates.
In our experience as high-risk life insurance brokers, the people who qualify for discounted preferred rates tend to be young, in great shape, and on few or preferably no medications.
As we get older, time catches up with everyone.
If you get a critical illness, such as life insurance with cancer, that can increase the cost of your life insurance beyond the rate of the general population.
Each life insurance company will view health conditions differently.
There are so many factors that are considered when pricing life insurance that it is possible for two clients with the same conditions to have dramatically different offers.
If you have a medical condition, the best way to increase your odds of getting covered at a great rate is to work with an agency experienced with high-risk cases.
Life insurance brokers work with multiple companies to place you with the best option for your health profile.
Working with a high-risk life insurance broker costs you nothing.
Additionally, veteran high-risk life insurance brokers understand the nuances of life insurance underwriting, so they can better counsel you on what to expect.
Working with a high-risk life insurance broker can be the difference between you getting life insurance approved or getting declined for coverage.
No-Exam Life Insurance Easier Better for Unhealthy People?
No-exam life insurance is less invasive for the client, but you need to be healthy to qualify for no-exam life insurance.
No-exam life insurance is increasing in popularity due it’s a hassle-free application process, but sometimes that can create confusion.
People think that since they don’t have to take a medical exam, it is easier to qualify for if they have a pre-existing medical condition.
The truth is that it is more challenging to qualify for no-exam life insurance if you are not healthy.
The best no-exam life insurance companies have perfected non-medical underwriting to knock out high-risk applicants.
They can determine by your prescription medication history if you present a significant health risk.
Additionally, you will have to answer truthfully to health questions on the application.
If you misrepresent your health, the life insurance company can potentially deny your death claim, so you want to be truthful and forthcoming.
The ideal applicant for a no-exam life insurance policy is usually in excellent health or has minor health impairments.
For example, it is possible to get no-exam life insurance if your overweight.
What if I’m Declined or Repriced for Life Insurance Due to my Health?
If you’re declined or repriced for life insurance due to your health, do not give up searching for coverage just yet.
If you are declined for life insurance due to your health, you should get a second opinion from a veteran high-risk life insurance broker.
It is possible that you applied with the wrong life insurance company for your health profile, and a veteran high-risk life insurance broker can counsel you on your best options.
If you truly are uninsurable, you can cover you an qualify for guaranteed issue whole life or accidental death insurance that has zero health underwriting.
Accidents are a common cause of death, so to not protect your loved ones from non-medical deaths like car accidents is unwise if you can otherwise do so.
Guaranteed issue life insurance can cover your final expenses and burial costs typically up to $25,000 of death benefits.
Guaranteed issue life insurance usually has a 2-year modified death benefit.
If you die during the modified death benefit waiting period, your beneficiaries receive your paid premiums returned plus interest.
Most guaranteed issue life insurance policies will cover accidental deaths in full at all points in the policy.
Once the modified death benefit period is over, the guaranteed issue life insurance policy will pay the full death benefit for any covered death.
Sometimes your health may not decline you for life insurance, but it can increase your rates.
Whenever you take a medical exam, surprises can occur.
It’s not uncommon for clients to have a knee-jerk reaction and not accept the price increase, but this is a mistake.
As high-risk life insurance brokers, we hear it all.
People are going to lose weight; they are going to quit smoking, change their diet, etc.
The reality is that changing our health is a long and difficult process.
To go without life insurance protection while you get your health in order can put your family at long-term risk.
Life insurance companies are smart.
If you get rerated due to something like your weight, you cannot merely binge diet and reapply.
If you do, life insurance will just add back on the weight you lost in the last year, and make you an offer.
If you get a rate increase, the best thing to do is accept an offer; even it is a reduced term length or death benefit.
We can always ask the life insurance company to underwrite you again and lower your rate if you get healthier, or replace the policy in the future.
However, if your health gets worse or you die, your coverage is locked in, and your family is protected.
Final Thoughts on If You Must Be Healthy to Get Life Insurance
You don’t need to be healthy to get life insurance, but the healthier you are, the better the rates and options you will have.
No-exam life insurance works best if you are in excellent health or have relatively minor health impairments.
If you have health problems, you have better chances of being approved if you are willing to take an exam and work with a high-risk life insurance broker.
High-risk life insurance brokers will know what life insurance companies will give you the best deal based on your health.
If you have to pay more unexpectedly, don’t give up hope of getting a better rate down the road.
If you improve your health, you can replace the policy or have your current life insurance company underwrite you again to lower your rate.
However, an offer is still an offer.
The last thing you want to do is leave your family unprotected for years just to save a few bucks.
Feel free to compare the rates of the United State’s best life insurance companies using our free rate comparison tool.
It will showcase over 30 top-rated life insurance companies conveniently in one location.