People with chronic diseases have difficulties purchasing life insurance policies. They are often declared to be uninsurable or they are forced to pay very high premiums. Life insurance companies will need to price their products higher for people with chronic diseases, but there are life insurance policies that have been created just for them that will not be exorbitantly expensive.
Life Insurance without the Medical Exam
One choice people with chronic diseases have is purchasing a life insurance policy that does not require that they take a medical examination. A medical examination is often required of people before they can receive a life insurance policy so that the insurance company can determine how much the applicant should be charged for the policy. If an applicant has a very high chance of passing away within the term, these people will need to pay a higher price for the greater risk.
Term life insurance quotes that do not require a medical examination are an excellent choice for people with chronic diseases. They offer several hard-to-insure people the chance to purchase an affordable policy, including:
• People with high cholesterol
• People who are obese
• Those who are in generally poor health
• People who smoke
• Those who are taking prescription medications
• Any other chronic illnesses
People will, most likely, only have a few health questions they will need to answer when applying, such as whether or not they smoke, and they will need to give their height and weight, but they will not have to offer any blood or urine samples.
Guaranteed Issue Life Insurance
People with chronic diseases have another option as well; they can seek a Guaranteed Issue Life Insurance policy. To qualify for these policies, they will not have to take a medical exam or submit to any medical tests, and they also will not have to answer any medical questions at all. The only people who have the possibility of being turned down are those who are already residents of a hospital or a nursing home.
When people with chronic diseases apply for these policies, they can receive approval in a matter of minutes because they are not going through the usual underwriting process. Because the insurance company cannot determine the risk they are taking by insuring people without asking for a medical exam, they will need to charge a higher premium of people with chronic diseases, but it is an easy and fast way for them to obtain life insurance for the protection of their families.