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What is the Best Way to Shop for Life Insurance with a Major Health Problem or Condition?

by Scott G on October 7, 2012

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If you have or had a major health condition or problem, you may not know where to start in looking to obtain an adequate life insurance policy.  Many of the do-it-yourself quote engines you see on the internet (even the one on this site) will only allow you to select a particular rate class but will typically not offer quotes for major health conditions or problems.  There are just too many health impairments out there, and every situation is different.  What you want to do to ensure you are getting the best rate you qualify for is to talk to a licensed independent agent who can will send out what is called a quick quote or inquiry for your situation.  This is simple, no cost and easy to do.  The agent will simply gather information that will be pertinent to underwriting such as your build, health conditions, and medications your taking, etc. and in typically 48 hours or less, you will have a tentative offer or “ballpark” figure from multiple insurance companies.  There is no application, or medical exam at this point, just an informal and in most cases anonymous inquiry to get an estimate on the rating class and/or to see if you are insurable.  This offer is not guaranteed or binding.  Many times you may be surprised and what great rates are out there with your condition.

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Since every life insurance company has different underwriting guidelines, a quick quote will allow you and the agent to see which company will tentatively offer you the best rate for your particular situation before you go through an exam and underwriting process.  Far too often, agents will advise a client to “just apply” and we will go from there.   This is often because the agent only represents a single company and doesn’t have the opportunity to shop around for your situation beforehand, which can save you a lot of money and valuable time.

Remember – quick quotes are only tentative.  Your final rate will not be determined until the underwriting process is complete.  The underwriter will not have the full picture until they see your labs and your medical records.  With that being said, a quick quote can save you a lot of time and money in choosing the best life insurance upfront and may be the best option when if you have had a major health problem.

If you have any questions about shopping for life insurance with a major health problem or condition or need me to shop your situation around to the top companies, please do not hesitate to contact me.



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