How to Get Life Insurance If You're Uninsurable - American Banking ...

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It seems that insurance companies more and more only want to insure individuals who have never been sick in their life. Frequently people who have previously had cancer, heart disease, or any major illness are prevented from getting just about any sort of insurance. Insurance companies view these individuals as too high risk to accept them as clients and as a result, some people are left without the ability to get a standard term-life or whole-life life insurance policy.

If you have a spouse or children and don’t have a large nest-egg to take care of them if you were to pass away, leaving your family uninsured is simply not an option. If you’re a single individual and no one else depends upon your income, you can probably go without life insurance regardless of whether you’re healthy or not, but most of us need some amount of life insurance.

Fortunately there are still ways for individuals who don’t qualify for traditional life insurance for medical reasons to get a life insurance policy. These policies will typically more than a standard insurance policy, but in many cases are still well worth the cost so that your family is protected and has money to eat in the event that you pass away.

One of the best deals you can generally get on a life insurance policy if you’re uninsurable is often through your employer. Many benefits packages include small life insurance policies of $15,000 or $20,000 for a few dollars per month. This probably won’t be nearly enough coverage to protect your family, but it’s certainly better than nothing and these policies are generally a better deal than generally what you would find on the open market.

Another way to get life insurance when you are uninsurable is through what’s called “guaranteed-issue life insurance.” These types of policies are similar to traditional life insurance policies, but they do not require any sort of medical exam or screening. There are also variations to these policies which will do things such as pay off your mortgage in the event of your death called “mortgage life insurance” and other variations which will pay off different types of debt that you have.

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