You Can Find Affordable Life Insurance Even Without a Physical

Life insurance is an important component of any family’s financial planning. You want the peace of mind of knowing your family won’t be harmed financially after you die, which life insurance provides. However, if you have a pre-existing medical condition like diabetes or cancer, you are likely worried that adequate life insurance coverage will be too expensive or even impossible to purchase. That might have once been true, but fortunately it no longer is.

Today insurers don’t simply lump smokers, diabetics or cancer survivors into one large group of people who are or have been ill. Instead, they take a look at the age of the applicant, the type of disease or condition he has and its survival rates as well as the kind of insurance he wants to buy. If you are taking steps to reduce the impacts of diabetes on your health or you smoke only occasionally, for example, you’ll generally be able to buy less expensive life insurance than someone whose condition is acute or out of control.You might want to purchase a life insurance policy without submitting to the physical that is part of the process, however, because you’re worried that your health will exclude you. Many insurance companies provide this kind of no health exam life insurance coverage, but you have to realize that the cost will be higher. Insurance companies are just as aware as you are that applicants who don’t want to take a physical are afraid they won’t be able to get coverage. The companies willing to allow this build in the higher risk factors into their rates.

Finding life insurance you can afford if you have a pre-existing condition does take some research, whether or not you plan to have a physical. Many insurance experts recommend working with an insurance agent who is an impaired risk specialist. These types of agents have studied the criteria life insurance underwriters use to assign rate classes.

Some companies specialize in offering coverage to applicants with certain conditions while others focus solely on insuring young and healthy applicants. A good impaired risk specialist can help you find the type of coverage you prefer at the best price. If you don’t have access to this kind of insurance agent, you may be able to work with an online insurance provider that helps customers in the same way that an impaired risk agent does.

It’s possible that you’ve seen a life insurance quote that would fit your budget perfectly, only to find that it’s applicable only to a young and healthy person. Realistically you know that you won’t be eligible for the lowest life insurance rates possible, but with the help of a knowledgeable specialist, you should be able to find a rate you can afford.

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