What Options Do I Have For Life Insurance After Being Declined 3x’s Now For A Pre-existing Condition.?
Posted February 28, 2010 – 4:20 am in: structured settlements FAQI am 35 now and had 2 stents implanted 3 years ago. Aside from that, my health has greatly improved since the procedure. My cardiologist even approved me to compete in tri-athlons. I applied for term insurance each year since and have been declined each time. Is it too early yet? I heard 5 years is when companies start considering.
What options do I have? Should I buy a few smaller policies that require no medical?
5 Comments
Many times 5 years is a common window to reapply, but it depends on the condition or reason you were declined. Some companies won’t insure people period for certain conditions, etc. Every company has different underwriting requirements
As far as what your options are:
Definately going through a broker is your #1 best option. They will have access to multiple companies and can do the work of contacting each company, explaining your situation and finding one that would give you the best chances of approval.
Some companies offer what’s called Gauranteed Issue insurance. There is no medical underwriting, so it doesn’t matter what your medical history is like for the most part. Many of them have a “pre-existing conditions” clause that is waived after a certain period of time (IE: after you’ve had the policy for X years the pre-ex. condition is no longer a factor in whether it will pay out or not).
High risk guy here: I’d be able to find you coverage for everything besides natural death right now. Getting several guaranteed issue policies and stacking them is a possibility, albeit a very expensive one. I don’t sell that stuff.
After five years from your date of last treatment, you should still expect offers to be rather high from insurance companies that traditionally do well with cardiac issues, like West Coast Life, Prudential, and Transamerica. That is under the assumption that you continue regular cardiac check-ups with good results, the actual condition you were being treated for, how they discovered it, and so on.
Also, in a couple of years, these companies could change. That’s why working with someone who has their ear to the ground is a good idea.
Interestingly, this wouldn’t be such a big deal if you were in your 70’s or 80’s because you’d already be that much closer to your expected mortality.
Probably buying the smaller policies with no medical is the best way for you to go for now. Perhaps in 2 more years some of the larger companies will consider you for coverage. Remember insurance is a for profit business and they are betting that you will either outlive the policy or cancel it before you die, that is how they make money. If there is any reason that makes those odds not in their favor they will pass.
Definately go for the smaller policies that require no medical. Apply every year for a better term policy. You may never be eligible for a larger term policy but I would keep applying…you never know.
You need to talk to a high risk life insurance broker. You’re a high risk kinda guy.
I don’t think you’ll EVER be finding life insurance with a non-high risk kinda policy. In other words, this is going to cost you a TON of money.