Life Insurance after a major health scare

Is it possible to buy life insurance following a major health scare? Sometimes yet. If you have a bout with cancer and it is in remission there may be life insurance products that offer two years of extremely limited benefits and free up after that time period.

What about a heart attack?

As with any health issue, when applying for life insurance be completely open and honest. The carrier likely will find through your doctor, your exam or other methods of finding information. Giving everyone the heads up from the start makes the process much easier.

No in any particular order the carrier will want to know the following:

The date of your diagnosis
Any underlying issues
Regularity of doctor visits
Treatments recommended by your doctor
Treatments you had performed
Condition of your health issue since onset

In many cases, insurance companies will offer a life insurance plan that is rated, or substandard in its rate. Or, as described above in the first paragraph you may have to opt for a high risk plan until enough time elapses on your current condition without recurrence. It might be necessary that you lower your coverage to cover the added premium for your health issue.

How about life insurance for retirees who are in good health? Should you make a purchase of life insurance?

There is the matter of final expenses. But besides that, there are a number of other reasons to consider life insurance even in your retirement years. What if you want to leave money to finish paying off a mortgage. Or your spouse will need money to supplement his or her retirement. Or pay off other bills. Or continue helping kids or grandkids. You may have two retirement incomes that may be greatly affected with the death of a spouse.

In some cases, retirees who have had permanent life insurance policies for a duration and have accumulated monies inside can now access those for withdrawal.

Retirees should consider encouraging younger family members to purchase a permanent life insurance product so they lock in a premium at a much younger age. Let’s say you are 35 years of age and lock in a rate in a permanent life insurance policy. When you are 65, an age when life insurance is almost unaffordable, that rate will still be the same as thirty years ago. The longer you wait to apply for life insurance the more it will cost.

In my humble opinion, buy permanent life insurance early in life, as early as you can financially afford. You will lock in a rate for the rest of your life. When you get older you will understand the value of that decision.