Unfortunately, the concern stemming from developing a chronic health issue isn’t limited to your medical needs and health. On the insurance side of things, you’re not just an everyday Jane or Joe purchasing life insurance any longer.
While you might not be considered a standard risk any longer, there are still life insurance programs that can provide you with the coverage you need. One such option is called impaired risk coverage. This is a special form of life insurance designed to provide coverage for individuals that are no longer a standard risk. An impaired risk is life insurance underwriting terminology used to describe an individual that has some factor making him an above average risk to insure, such as an unfavorable health history or current health condition. Most underwriters consider an individual an impaired risk if any of the following statements are answered with a yes:
* Do you have cancer?
* Do you have diabetes?
* Do you have heart disease or cardiovascular disease?
* Do you have rheumatoid arthritis?
* Do you have chronic asthma?
* Do you have a chronic liver, lung, or kidney disease?
* Do you have AIDS or HIV?
* Do you abuse any substance – alcohol, tobacco, or illicit drugs?
* Are you employed in a dangerous occupation?
* Do you participate in any dangerous leisure activities?
The good news is that even if you answer yes to these questions, Broad Reach Benefits can still find you affordable life insurance coverage. One of the most important steps is working with the right insurance agent. At Broad Reach Benefits we are experienced with impaired risk insurance and have an excellent working knowledge on what carriers will cover what conditions most favorably, at a reasonable price; and what carriers are best avoided. For example, some life insurance carriers are now using clinical underwriting. This method of underwriting is a fairly new process for insuring those exceeding the normal risks. It looks beyond your current health condition(s) and takes your overall health into account by considering elements like how well you’re managing your condition, if you live a healthy lifestyle, and if you take medications as prescribed and follow your doctor’s guidelines
In today’s life insurance market, it’s very possible to find adequate and affordable coverage, even if you aren’t a standard risk. There might be a few rejections before you find the right coverage, but just remember that one insurer viewing you as an unacceptable risk doesn’t mean that all insurers will share their viewpoint.