Insure.com Offers Practical Ways for the 'Uninsurable' to Find Life Insurance
08 Gennaio 2009 - 11:30AM
PR Newswire (US)
DARIEN, Ill., Jan. 8 /PRNewswire-FirstCall/ -- Even if you have a
history of cancer, heart disease, diabetes or other conditions, an
underwritten life insurance policy isn't necessarily out of reach.
Many insurance companies sell life insurance to individuals with
medical conditions, provided you show that your condition is under
control and that you are compliant with your doctor's orders. But
sometimes a history of severe health problems or even some
professions and hobbies will make an applicant too "risky" to
insure. If you are "highly rated" or even "uninsurable" but still
need life insurance, there are ways you can buy life insurance. 1.
Max out your group life insurance at work. Group life insurance
allows you to purchase life insurance no matter what your health
condition, up to a certain amount. Remember also to max out the
group life insurance you can buy through your spouse's workplace
benefits. 2. Convert your group life policy to an individual
policy. Group life insurance usually allows you to convert your
group policy to your own individual permanent policy without going
through the underwriting process. Your premiums are based on your
age. 3. Buy a survivorship life insurance policy that insures both
spouses. Under a survivorship life insurance policy, a husband and
wife are insured together and the benefit is paid only after the
death of both. Many insurance companies allow one spouse to be
"uninsurable." 4. Buy a guaranteed issue policy. Guaranteed issue
policies do not require you to take a medical exam; however, these
applications may ask questions at the start and you must be 100
percent truthful or risk having your coverage voided at a later
date. Anyone (below a certain age) who signs up and pays the
premiums will be covered. Be sure to understand the trade-offs for
this convenience, including higher premiums and graded death
benefits, which pay only a partial benefit if you die within the
first several years of the policy. 5. Buy a simplified issue
policy. Simplified issue policies require you to answer a few
health questions. However, if you make the cut, you'll likely pay
less than you would for a guaranteed issue policy. It's important
to shop around. 6. Consider a "graded death benefit" whole life
policy Graded death benefit policies are small whole life policies
that are issued for $50,000 or less to highly rated applicants and
typically pay out only a return of the premium if you die within
the first two to three policy years. After that, the full death
benefit would be paid. If you apply for life insurance and receive
a declination letter or offer that is higher than originally
quoted, ask the agent for the reasons for the rate-up. If you feel
such reasons are not valid, obtain a "To Whom it May Concern"
letter from your own doctor that describes your condition and
outlook, and have the insurance agent submit it to the life
insurance company on your behalf. Sometimes the life underwriters
will take this into account. 7. Buy life insurance through an
"affinity plan" Occasionally a professional association (like a bar
association or union plan) will offer guaranteed issue or
simplified issue policies to its members. No matter what route you
take, first make sure that you are truly "uninsurable." And then,
make sure to shop around for comparative insurance quotes. For
more, read "8 Ways to Find Life Insurance When You're
'Uninsurable'" at
http://www.insure.com/articles/lifeinsurance/uninsurable.html.
About Insure.com Originally founded in 1984 as Quotesmith
Corporation, Insure.com owns and operates a comprehensive consumer
information service and companion insurance brokerage service that
caters to the needs of self-directed insurance shoppers. Visitors
to the company's flagship Web site, http://www.insure.com/, are
able to obtain free, instant car insurance quotes, instant life
insurance quotes, home, business and health insurance quotes from
leading insurers and have the freedom to buy online or by phone
from any company shown. Insure.com also plays home to over 2,000
originally authored articles on various insurance topics and also
provides free insurance decision-making tools that are not
available from any other single source. Insure.com generates
revenues from receipt of industry-standard commissions, including
back-end bonus commissions and volume-based contingent bonus
commissions that are paid by participating insurance companies. We
also generate advertising revenues from the sale of Web site
traffic to various third parties. Shares of the Company's common
stock trade on the Nasdaq Capital Market under the symbol NSUR.
DATASOURCE: Insure.com CONTACT: Amy Danise, Editor of Insure.com,
+1-860-386-6446, Web Site: http://insure.com/
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