- Higher Premiums: Insurers may charge higher premiums to offset the increased risk associated with your health condition.
- Limited Coverage: You may find that some insurers are only willing to offer limited coverage amounts or term lengths.
- Potential Denials: In some cases, insurers may deny coverage altogether, depending on the severity and type of your health diagnosis.
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Simplified Issue Life Insurance: This policy requires a health questionnaire but no medical exam. It’s designed for people who may have health issues but are still relatively healthy. The premiums are generally lower than guaranteed issue policies, and coverage amounts are higher.
- Access to Multiple Insurers: An independent agent has access to various insurance providers, including those that specialize in high-risk applicants or have more lenient underwriting criteria.
- Personalized Guidance: They can provide personalized advice based on your specific health condition, age, and financial goals.
- Advocacy: If you receive a denial or a higher premium than expected, an independent agent can advocate on your behalf, helping you navigate the appeals process or find alternative options.
- Details of Your Diagnosis: Insurers will need specific details about your health condition, such as the type of diagnosis, date of diagnosis, treatments received, and current prognosis.
- Medical Records: Be prepared to provide access to your medical records or recent lab results. Some insurers may require a medical exam to assess your current health status.
- Lifestyle Information: Insurers may also consider other factors like your age, gender, smoking status, and overall lifestyle.