In order to get life insurance from any long term illness it is necessary to work with doctors and try to get any condition under control. The better that your health is and the better that you follow your doctor’s orders, the higher chance you have of getting a life insurance policy at an affordable rate.
This includes listening carefully to doctor’s instructions and making the necessary lifestyle changes to gain control of the problem.
If insurers see that a condition is being properly managed then there is a chance that policy seekers can attain a lower premium. Patients may want to wait a while and make sure they are in good health before applying for a low cost term life insurance policy.
Always have the doctor write down a patient’s progress as time goes by. This will be a good record for life insurance companies.
Having life insurance is very important, especially for those with families. Those who are head of the household should not have to worry about leaving behind massive debt for their loved ones should the worst happen.
Every person with a family should have life insurance to protect loved ones from the added burden of dealing with financial stress. It is already hard dealing with the loss of a loved one, but dealing with financial stress should not be something that anyone has to go through during times of mourning.
The first thing that you need to add up is your debts. Those debts are going straight to your family when you die. This can overwhelm your family and leave them under a mountain of debt. Add up your mortgage payment, car bills, and any other unpaid expenses that your family members would have to pay off. You not providing them the insurance protection that they need.
Another factor that you should think about is your annual salary. They will inherit your debt, but lose your salary. Get enough coverage to replace the paychecks.
Life Insurance For High Risk Conditions
Life insurance may include higher premiums for those who have illnesses, especially when dealing with Cardiomyopathy. It is always best to work with insurance companies and let them know about any condition. As long as underwriters see that patients are doing their best to manage any disease then chances are that they will receive a favorable outcome in their policies.
There are various reasons why life insurance companies will increase rates for policy holders with illnesses; one of them includes viewing the sick as a potential liability. Let’s face it. If you have a high risk condition, then the insurance company will rate you as such. Does that always mean you should pay the highest rate? Not necessarily. That’s one perk in working with an independent life insurance agent that has the ability to work with high risk companies.
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Term Insurance with Cardiomyopathy
In order to get the right policy, it is best to shop around and compare rates. Get an upfront quote and ask directly how much a policy will cost for someone with Cardiomyopathy. Doing some research will increase the chances of getting a life insurance policy. There are even some insurance companies that will work with those who are suffering from long term illness. Others will not help with a standard policy but will approve those with long term illness on a no exam term life policy.
Keep options open and keep looking until a policy fits within budget range. Life insurance should not be an overly expensive pursuit, even for those who have long term illness. If a higher rate is quoted then try looking elsewhere. Life insurance seekers are consumers, and they do not have to settle for a higher rate if it something they are not comfortable with.
Not every insurance carrier is the same. Some specialize in working with clients with serious health problems, event those with cardiomyopathy. Finding the right company could mean the difference between getting an affordable plan or getting declined for coverage.
There are options for those dealing with Cardiomyopathy. As long as insurance companies see that a person’s health is being managed properly then they have a chance of getting a lower premium policy. Always consult with a doctor when dealing with any illness and take the necessary measures to become healthier.
Questionnaire When Applying For Life Insurance
As mentioned above, it’s important to be upfront with your independent life insurance agent when you have a health condition such as cardiomyopathy. Before we even apply, we want to make sure we get all the appropriate info to make sure we get you with the right company. The below is a questionnaire that the underwriters will want before they will insure you. Make sure you have all the info before you apply.
- 1. Date of diagnosis.
- 2. The condition has been diagnosed as:
a) Dilated cardiomyopathy
b) Myocarditis
c) Myocardial fibrosis
d) Myocardial degeneration
e) Congestive cardiomyopathy
f) Hypertrophic cardiomyopathy
g) Idiopathic hypertrophic sub-aortic stenosis
h) Alcoholic cardiomyopathy
i) Peripartum cardiomyopathy
j) Restrictive cardiomyopathy
- 3. Provide dates if any of the following tests or procedures that have been done to evaluate the condition.
a) Resting EKG
b) Thallium stress EKG
c) Holter monitor
d) Stress EKG
e) Echocardiogram
f) Chest x-ray
- 4. Is there any family history of heart disease or premature death due to heart disease?
- 5. Name of medications, prescription or otherwise, taken. Please identify dates used, quantity taken, and frequency taken.
- 6. Are there any other conditions that may impact life insurance underwriting?
All of these questions (and your answers) are going to change the premiums you get and how the company looks at your application. After you’ve answered these questions, the insurance carrier can get a completed picture of your health and they can decide how much to charge you.
Even if you have a pre-existing condition, there are plenty of life insurance options for you. Nobody should ever have to go without the coverage that they need.
Source: goodfinancialcents.com