Tips To Overcome Being Uninsurable For Term Life Insurance

Are you interested in getting term life insurance coverage but wonder if you are uninsurable for life insurance? Just because you want life insurance and can pay for it doesn't mean that you will automatically be approved. Most life insurance companies require all applicants to complete a full medical check up before they will approve their application. If you have a pre-existing medical condition then many insurance companies may decide that you are too high risk and decline to insure you. Why would they turn away business?

In assessing an applicant for life insurance, a life insurance company is mainly interested in how long that person is expected to live. A premature death is statistically more likely in people with existing medical illnesses or diseases.

Whether you will be able to get insurance coverage or not depends on a number of factors:

. the nature and severity of your medical condition
. age. For example, if you contract Hepatitis C at a young age then you are considered more of a risk than someone who is older.
. lifestyle - in particular how healthy your lifestyle is
. length of time since diagnosis - if it is only a relatively recent diagnosis then you are a higher risk because the impact of the medical condition is likely to be unknown. For example, someone that is recently diagnosed with Multiple Sclerosis would be considered a higher risk than someone who was diagnosed with the same condition ten years prior. This is due to the degenerative nature of the condition and because it affects suffers differently.
. overall health. If your body is coping moderately well despite an existing condition then a life insurance company will likely take that into account.

So what are your options?
If you work for a large company and are not self employed then you maybe able to organize insurance through your employer. Insurance companies can typically absorb the risk because they look at the total risk of a company's employees mean the insurance risk is spread over all employees.

The thing to remember is that all companies are different and just because one company decides not to insure you, another company may decide differently.

There are also certain life insurance policies - sometimes called 'Modified Life Insurance' or 'Guarantee Issue Life Insurance' - specifically for those who might otherwise be classified as uninsurable. In the case of these types of insurance, health oriented questions are not asked but they is usually a probationary period. If you die within the first 2-3 years they only pay out premiums that have already been paid plus interest. If you pass the probationary period then they pay the regular stipulated death benefit.