Life insurance coverage is not for you. It is ultimately for the good of your beneficiary (or beneficiaries). Many people think that just because they have a certain disease they do not qualify for life insurance. I have met many people in Marion County who thought this way. The truth is less black and white than grey.
This is one of the many reasons to find a reputable life insurance professional to help find the right policy for you. Life insurance policies are much like a set of screwdrivers: Each tool serves its own purpose.
Why Health Matters
The companies who take on the risk of insuring against an inevitable occurrence do not take on risk without knowing what they are getting into. They have basically one question: What are the chances of this person dying within the next X years?
It is a bit morbid, but they want to know how long you will be paying your premiums vs. how much they will pay at your passing. They then adjust the premium based on their bet of how long you will live. A person in excellent health will generally get a better deal than a person in poor health.
Good Health
Of course, the optimal time to get life insurance is when you are healthy and young. It does not always work out that way, though. There are policies for just about anyone of just about any age. The price can vary depending whether or not your situation warrants a smaller policy with little to no underwriting (Where the insurance company looks at your health records—and sometimes blood and urine samples.), or a bigger policy where the company takes on more risk.
One of the oddities of the insurance industry is that each company differs a little on the way they assess various risks. So even with very few health problems, the way a particular company looks at your specific case may vary the price by a lot. This is one of the many reasons to have an agent that works with multiple companies.
A Couple of Bumps in the Road
No matter the age, it is possible for a person to have had health issues. There are a number of minor conditions that do not really change your eligibility. Even some major medical conditions, given the right amount of time between now and your last treatment, are insurable. That does not mean you will be eligible for just any policy; the death benefits available may be smaller, and the price may be a little higher. But you can still qualify for life insurance coverage.
Very Poor Health
Most people have likely seen the commercials on TV with a celebrity offering life insurance as a guaranteed issue "no matter what your health." Unfortunately for many of the people who sign up for that type of plan, there are likely far better options for them. Often the death benefit is greatly reduced for the first year, and gradually goes up over the next two to three years.
These policies do cost more, but if the coverage is needed this type of graded death benefit policy is the right tool for the job.
Conclusion
Just because you have a given medical condition does not mean you do not qualify for life insurance. To learn more about your specific situation, contact a trusted insurance agent. Using the right tool for the job makes the process much smoother and with the right agent, it can even be fun!
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