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Life Insurance with Pre-Existing Conditions

You may remember having to answer a lot of health questions in order to apply for life insurance in the past. However, having some health conditions to report does not always mean you will get declined for life insurance. The fact that you smoke, could stand to lose a few pounds or even take prescription medication because of a chronic medical condition should not keep you from shopping for a good life insurance policy to help protect your family and preserve your peace of mind. These days, some policies require the answers to very few health questions, and some guaranteed acceptance policies do not require you to answer any health questions at all.

african-american-familyDo you need help shopping for life insurance for seniors, young adults, or even children? At Trusted Senior Specialists, we represent top carriers and are eager to help you find an affordable policy. Please contact us at 1-855-474-6234 or at info@ilovetss.com.

Guaranteed Acceptance Life Insurance
You may have stayed up late and seen advertisements for guaranteed acceptance life insurance policies on TV. These really do exist, but we urge you make sure that they are the right choice for you. Also, shop around for competitive rates before you buy.

Also called senior life insurance policies, guaranteed acceptance life insurance policies are usually open to applicants from 50 to 80. In other cases, you might find insurers that accept all ages of people from 0 to 85.

What to understand about guaranteed acceptance policies:

  • The policy applications do not ask health questions, require a doctor's statement, pull health information from other sources, or need a physical.
  • Instead of using health information, these companies have a waiting period that the insured person has to survive before the full face value of the policy can be paid.
  • The waiting period may last for two to three years, and before that, the policy might offer to refund premiums with interest or pay a portion of the face value.
  • Rates will be somewhat higher than they are for policies with health questions on the application, but since the face values are usually modest (maximum about $25,000), the premiums are affordable for many families and senior citizens.

Should you choose a guaranteed acceptance policy?
Having cheaper premiums and a death benefit that is fully-payable right after the policy gets issued would be better. If you have a controlled medical condition and are relatively health for your age, you might be eligible for one of these. For example, some insurers offer life insurance for diabetics that can demonstrate they control their medical issue through diet, exercise, and medication. The same is true of high blood pressures and similar chronic health conditions.

Consider these two options:

  • Simplified issue life insurance: These applications do ask health questions and pull information from databases like the Medical Information Bureau, or MIB. In some cases, underwriters might even ask for a physician's statement.
  • Fully underwritten life insurance: These applications may ask a lot of health, lifestyle, and history questions. They may also require urine or blood samples, a doctor's statement, or even a life insurance physical.

Life insurance companies use this information to decide who they will accept and assign a rate class. However, reporting a medical issue is not always a reason for a decline or a rate increase. Smokers, overweight people, or those with a managed health issue might very well get affordable premiums. The very cheapest rates go to people in very good health with good health habits, but others may still find rates are cheaper than they would be for a guaranteed acceptance life insurance policy.

How to find affordable Life Insurance with pre-existing health issues
Contact us for help! If you are concerned about finding affordable life insurance because of your age or a health condition, we can research a number of companies and find the best solutions. Since we work for many different top insurers, we can offer you a free and customized life insurance search. Please contact us at 1-855-474-6234 or at info@ilovetss.com.


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