Can I Buy Life Insurance If I Have An Illness?

It can be tricky to find affordable life insurance if you have a pre-existing health condition, especially if it’s serious.

Some life insurance carriers will turn you down flat, while other insurers may exclude the condition.

For example, if you have diabetes, and diabetes is excluded from coverage, the life insurance policy would not pay out if you were to die from the disease. You would, however, be covered if your death was not related to your condition.

There are a number of high risk life insurance carriers that offer life cover to people with pre-existing conditions, but you should be prepared to pay a higher price because of the higher risk of a death claim.

There are also guaranteed approval life insurance plans available for people ages 45 to 85 with no health exam required, no health questions asked, and you cannot be turned down due to any health problems.

What is a Group Life Insurance Plan?

Group life insurance is life Insurance coverage provided for members of a group.

It is most often issued to a group of employees but may be issued to any group provided it is not formed for the purpose of buying life insurance.

The cost of group coverage per member is lower than for individual life insurance policies because administrative expenses per life are decreased, there are certain tax advantages, and measures taken against adverse selection are effective.

Learn more about group life insurance.

Life Insurance - Is There Money Back if You Don't Die?

Well, it depends on the type of life insurance you own.

Permanent life insurance lasts your entire lifetime so you have it until you die, which means you'll get nothing back because you will be dead.

However, term insurance is temporary for a specific number of years and you may outlive the duration of your term life insurance policy.

But, regular term life insurance does not return to you any premiums if you outlive the term of your policy.

There is return of premium term life insurance which does return almost all of your paid premiums if you are alive when your term policy expires.

What if my health fails after I get a life insurance policy, will it be cancelled?

No, your life insurance will not be cancelled after being issued a policy and then developing a health issue.

After your life insurance policy is issued your policy cannot be cancelled by the insurance company if your health deteriorates.

Keep in mind that non-payment of your premiums for life insurance coverage can result in a cancelled policy.

So, make sure to pay your premiums on time. One way to do this is to set up an automatic withdrawal from your checking or savings account to send payment to your insurer when payments are due.

How to get $5,000 of Life Insurance

Is it possible to purchase a $5,000 life insurance policy or is there some minimum amount of coverage?

It depends on the type of life insurance - some term life insurance policies offer a minimum of $50,000, while permanent life insurance may offer as little as $2,000 of life insurance coverage.

For example, if you need a small amount of life insurance to leave to your family to pay for your final expenses you may want around $5,000 to $7,500 or more of coverage.

There are permanent life insurance plans that do offer $5,000 of protection and there's no exam or health questions asked.

In fact, you cannot be turned down for coverage if you meet the age requirements for guaranteed issue life insurance protection.

These plans guarantee your ability to purchase the $5,000 life insurance policy you need.

Can a Person with HIV or AIDS get Life Insurance?

Yes, there are some insurers that offer life insurance to people living with HIV/AIDS.

While the health of the applicant for life insurance coverage does impact approval for a life insurance policy, it is possible for those with serious health issues, including HIV and AIDS, to get the coverage they need to protect themselves and their family members.

While the cost of life insurance coverage for someone with HIV or AIDS is likely to be higher – perhaps significantly higher – than for healthier people of the same age – the coverage is available from a number of life insurance companies.

As with any type of life insurance policy, the key to getting the best deal is to shop around and compare coverage options. Here's how to get life insurance with HIV or AIDS.

What Happens When Term Life Insurance Expires?

If you are considering the purchase of a term life insurance policy you may have some questions about the coverage; such as, what happens when your term life policy ends?

Well, that's a very good question and one everyone should consider when buying term life insurance.

Let's take a look - for instance, if you buy a 20 year term life plan, here's what happens when the 20 year period ends:

If you are still alive, your life insurance coverage will expire with no payout of a death benefit.

However, if you have renewable coverage you may choose to renew your term life policy for another term usually of up to 10 years, without having to take any health exam to qualify for the new policy. But, your renewal policy will have a higher premium based on your age at the time you renew your coverage.

Another option you may have before your term life policy expires is to convert your life insurance into a permanent life insurance policy at a higher premium.

How to find Life Insurance Resources

If you're shopping for a life insurance policy you may have questions and want to learn about your options, what you should know before buying a policy, and where you can find all of the resources you need to assist you in purchasing the right life insurance policy at an affordable price.

Don"t worry, these are common concerns most people have when considering the purchase of a life insurance plan.

And, there is one site that does offer you a comprehensive list of resources for life insurance.

Here's how you can review a list of life insurance resources that will help you learn about life insurance, review plans and compare pricing among leading carriers.

Keep in mind, before choosing your policy you'll want to consider what type of life insurance is right for you, how long you need life insurance, how much life insurance you need, what you can afford to pay each month for coverage, and how to compare the best life insurance companies and rates.