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It is easy to get life insurance if you are healthy and young because most insurance companies will consider you to be an asset. However, finding affordable life insurance for somebody suffering from a terminal health condition and a bit advanced in age is not easy, though it is still possible.
Sadly, most health issues, such as having a family history of heart disease or certain cancers, are beyond your control, and these will affect the type and price of a policy you can get. Such illnesses take a huge toll on a patient, and they are also expensive for the insurance company.
Therefore, being in good health is an advantage to insurance providers, and they would do anything to encourage their clients to live healthily. Since your health is important to you and your insurance provider, here are things you can do for everyone’s benefit:
Keep the Illness in Check
If you have an illness or condition, then you must control it the best you can.
If you have heart disease, diabetes, ADD, or kidney disease, finding an affordable cover will be hard. Also, conditions such as cancer, arthritis, depression, high blood pressure, high cholesterol, and others will complicate your insurance coverage.
If you work with your doctor to control these conditions, then getting the right policy will be easier.
Check Your Risky Habits
Do you smoke, use products with nicotine, or have a risky hobby like hiking dangerous trails or racing cars? Such pastimes are considered high-risk, and any time you participate in them increases the chances that you will meet your end early. This is a concern for life insurance companies.
Therefore, your policy will come at a higher cost. Bear in mind that you cannot quit using nicotine today to become eligible for the more inexpensive packages. Most companies want candidates to have a clean bill of health for no less than a year. On that note, if you have a record for drunk driving, you may wait up to five years to meet the requirements for the best prices.
Additionally, if your profession is somewhat risky, for instance, transportation, fishing, or mining, your insurer will charge more.
Practice Healthy Exercise and Diets
Your fitness and nutrition count can also determine how much your life insurance coverage will cost, even though not directly. Your overall diet and fitness affect wellness measures such as cholesterol levels, weight, and blood pressure. Your insurer will consider these metrics when calculating your cost.
Even if you are otherwise hale and hearty, you will pay extra if your blood pressure and cholesterol levels are high. Similarly, you will spend more if you are healthy but overweight.
Find More Affordable Rates Between Different Insurers
Granted, being unhealthy makes it hard to find life insurance policies. If your condition is high-risk, you may need to consider several insurance quotes from various insurers to find the best coverage.
Insurance companies have their own underwriting rules, and some insurers offer reasonable prices for certain illnesses. One insurer could be better at covering cancer survivors while another may be better at covering diabetics.
Ask to Be Rated Again
Your health may have been poor when you initially purchased your life insurance policy, but you can have it re-considered if your health has significantly improved. Once you are a client, you can ask to re-rate your coverage if your health improves from the time you obtained the life cover.
Remember, any rising health problems as well as the fact that you have gotten a year older will be taken into consideration when determining the new cost. Still, a re-rating can help you save some money on your policy.
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