Ten Reasons that Time May Improve Your Ability to Get Life Insurance
If you have ever been turned down or asked to pay a higher premium for life insurance, circumstances may have changed that could allow you to now acquire life insurance or get a cheaper rate. Timing is everything for life insurance. Here are ten circumstances that may improve over time when applying for life insurance.
Aviation - If you are a private pilot flies, how long you have been flying and the type of flight rating you have will affect the cost of life insurance. Typically, insurers offer a lower price to pilots who are rated with an Instrument Flight Rating (IFR) than a pilot with a Visual Flight Rating (VFR). Typically, pilots with an IFR rating are more experienced and pose less of a risk, so they get lower life insurance rates. So if you have a life insurance policy with a VFR grade license, and have since qualified for an IFR grade license, you may be able to get life insurance now or get it at a lower price.
Diabetes – Some chronic diseases such as diabetes can be managed, and many of those affected by diabetes can live relatively healthy lives. If you were recently diagnosed with diabetes and had a life insurance company decline to offer your coverage, time may have been on your side. Whether you could now qualify for life insurance depends if you did anything about your diagnosis. If you now have a doctor’s evaluation and you are taking steps to control your diabetes, you may now qualify for life insurance.
Prostate Cancer – Prostate cancer is generally a very slow growing disease. However, if it is not diagnosed early, it can be fatal. If you were turned down for life insurance because of a prostate cancer diagnosis time may be on your side. If you have a recent diagnosis with a treatment plan, you may now qualify for life insurance.
Coronary Artery Bypass Graft/Percutaneous Transluminal Coronary Angioplasty – If you had a CABG or PTCA more than six months ago and your condition has improved, you may now qualify to purchase life insurance.
Over age 70 without a doctor’s evaluation – As we all age our bodies change and at some point, our physical condition will decline. If you are over 70 years of age and are healthy, you may not feel it is necessary to see a doctor. However, many life insurance companies will require a doctor’s examination for anyone over the age of 70 before offering them life insurance. So, if you now have a doctor’s evaluation of your health, you may now qualify for life insurance or qualify for lower rates. FYI, there are guaranteed issue policies. However, they will have some restrictions for the benefits to be paid. If you want a guaranteed issue life insurance policy, look carefully at the benefit restrictions.
Breast tumors – Tumors can form in any part of the body. They can be malignant (cancerous) or benign. Any breast tumor may cause a life insurance company to postpone coverage. If you have a been diagnosed with a benign breast tumor that is 1.0 centimeters or less plus at least six months to a year.
Abnormal ECG or EKG - An abnormal ECG or EKG can be an indication of a significant health problem, or there is a chance that it could be an anomaly. If you have had another ECG or EKG done that is normal and you have a corroborating doctors report, you may now qualify for life insurance or qualify for a lower cost of life insurance.
Stroke – If you experienced a stroke at least six months ago, you have recovered well, and you have well-documented doctor reports, you may now be able to qualify for life insurance or qualify for a lower premium.
Foreign travel or Visa status- If you were declined life insurance because of international travel or Visa status, however, you are now not traveling to dangerous regions of the world, or if your Visa status or citizenship status has changed, you may now qualify for life insurance.
Recent favorable Attending Physician’s Statement – If you were diagnosed with any condition that resulted in a life insurance company declining to offer you coverage or charge you an additional cost, time might be in your favor. Additionally, if you have changed medication, avocation, or changed occupations, you may now qualify for life insurance or get a better rate. Life insurance companies can be finicky at times. If you had any ailment that has improved, and you have had a favorable doctor’s exam, you may now qualify to buy new life insurance at a more reasonable rate or reduce the cost of current life insurance.
Applying for life insurance after being asked to pay to a higher premium or after being postponed will take extra care. Contact me to get a more accurate quote and discuss your questions. Van Richards 713-320-6124.