If you have ever been diagnosed with a serious illness (such as heart attack, stroke, diabetes, or cancer) and been told you’re not and you never will be eligible for life insurance, we’re happy to report that nothing could be further from the truth.
On the top-third of the LSM home page, right above our CityTV interview, sits a drop-down menu titled “Find out your eligibility for life insurance if you have a serious illness.” There, scroll through the drop-down menu to select your diagnosis and find out the best way to go about getting life insurance according to your situation.
Every situation is different, but at the top of every article you will find the latest annual statistics regarding your diagnosis. After that, you may find out that you can still qualify for traditional life insurance but a certain period of time may need to pass following your diagnosis before you can buy a policy. On the other hand, you still may be able to get life insurance right away, but with a rating — a percentage increase on the normal monthly premium cost. Sometimes ratings can be petitioned for removal after a certain amount of time has passed.
Failing these options, simplified issue policies could be an option. These policies usually carry three to twelve health questions that may include questions directly pertaining to your diagnosis — or they may not. There are no medical tests and no health questions, and the premiums on a simplified issue plan are cheaper than they are on a guaranteed issue plan.
The article pertaining to your diagnosis will also likely give you insight into what goes into an underwriter’s decision when they are weighing whether to approve your traditional life insurance application. Don’t worry, even if you have to get a simplified issue plan at first, you can always upgrade to a traditional life insurance plan down the road.
