Term Life Insurance Articles
How Severe Illness Impacts Your Existing Life Insurance Policy
2011-01-01
Having a life insurance policy helps protect your family after you're gone. Payments for the policy can vary, especially if you have a severe illness. By taking care of yourself through proper diet and exercise and visiting your doctor regularly, you may be able to reduce your chances of developing a severe illness, thereby lowering your policy costs.
A history of mental illness, such as depression or anxiety, may not necessarily impact the cost of obtaining a new policy. Most insurance companies realize that some mental illness issues can be impacted by life issues and may only occur temporarily. If you have been hospitalized for a more severe illness or are taking more than one medication, you may not be able to obtain a premium policy. However, if you can prove that your condition has been treated and is under control your rates may not be affected at all. Because most insurance companies will want to perform a thorough investigation of your condition before they insure you, you may have to wait a few months to find out what your rate or policy will ultimately be.
If you do have specific health concerns, like asthma or cardiovascular disease, which require constant care, shopping around for a life insurance policy that fits your budget and provides you with the best coverage is necessary. Again, an investigation of your health condition will most likely need to occur before your policy and rates can be determined. Unfortunately, some insurance providers may turn you down or offer incomplete coverage or increased rates due to your illness. By shopping around and looking at all your options you may be able to find a company to provide you with a life insurance policy that provides the coverage and care you need.
For those people in good or perfect health who are shopping for a life insurance policy, it might be a wise idea to add supplemental or severe illness coverage to your policy. This can help bring peace of mind to you and your family should you develop a severe illness in the future, like Alzheimer's disease or cancer. This type of coverage may add to the cost of your premium, but it will allow you to claim disability should you need it as the result of a severe illness.
Being denied coverage or having to pay very high rates is not something anyone wants to have to face. Unfortunately for some this is the reality. By shopping around for the right coverage and taking a proactive stance in your health care, you may be able to avoid the high cost, and get the care and coverage you need.
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Having a life insurance policy helps protect your family after you're gone. Payments for the policy can vary, especially if you have a severe illness. By taking care of yourself through proper diet and exercise and visiting your doctor regularly, you may be able to reduce your chances of developing a severe illness, thereby lowering your policy costs.
A history of mental illness, such as depression or anxiety, may not necessarily impact the cost of obtaining a new policy. Most insurance companies realize that some mental illness issues can be impacted by life issues and may only occur temporarily. If you have been hospitalized for a more severe illness or are taking more than one medication, you may not be able to obtain a premium policy. However, if you can prove that your condition has been treated and is under control your rates may not be affected at all. Because most insurance companies will want to perform a thorough investigation of your condition before they insure you, you may have to wait a few months to find out what your rate or policy will ultimately be.
If you do have specific health concerns, like asthma or cardiovascular disease, which require constant care, shopping around for a life insurance policy that fits your budget and provides you with the best coverage is necessary. Again, an investigation of your health condition will most likely need to occur before your policy and rates can be determined. Unfortunately, some insurance providers may turn you down or offer incomplete coverage or increased rates due to your illness. By shopping around and looking at all your options you may be able to find a company to provide you with a life insurance policy that provides the coverage and care you need.
For those people in good or perfect health who are shopping for a life insurance policy, it might be a wise idea to add supplemental or severe illness coverage to your policy. This can help bring peace of mind to you and your family should you develop a severe illness in the future, like Alzheimer's disease or cancer. This type of coverage may add to the cost of your premium, but it will allow you to claim disability should you need it as the result of a severe illness.
Being denied coverage or having to pay very high rates is not something anyone wants to have to face. Unfortunately for some this is the reality. By shopping around for the right coverage and taking a proactive stance in your health care, you may be able to avoid the high cost, and get the care and coverage you need.
