We make a very important decision of life when we decide to take life insurance. It is a gift that we give to our beneficiaries which can bring monetary stability in their life in case of loss of your own life. Life insurance companies have some standards that we need to suffice before we can purchase insurance from them. Health is one of the main factors that they check at the time of selling insurance to their client. People who are unwell or sick, the companies have devised some policies under which they are offered life policy on the basis of their medical condition. Even though it cannot be ascertained that the cost of life insurance for sick people will be the same as that for a normal one, there are several options available to choose from.
Illness has types where it can be classified into categories such as temporary illness, chronic illness or bad habits causing damage to the body such as smoking, drugs etc. Here is a brief analysis that will help you to get a better picture on life insurance for people with bad health:
Life Insurance in Temporary Illness:
If you are applying for a life insurance and suffering from temporary illness such as fever, cold and cough, chicken pox or any heart disease that can be treated etc. In such cases, one does not need to worry at all. An optimal advice in case of such temporary illness would be to wait for the time being and get cured before applying for a plan. You will become completely eligible for buying a normal plan at cheaper rates.
Life Insurance in Chronic Illness:
In a case of chronic illness, it largely depends upon what kind of illness does the person suffer with! For example, if you are suffering from a chronic illness that does not have an impact on your lifespan such as psoriasis etc then it doesn’t probably make much of a difference to the life insurance policy. But if the person is suffering from an illness that may cause shortening of his or her life such as cancer at its last stage, diabetes, HIV etc then there are certain conditions that the underwriters look upon. For example, if one wants to buy life insurance for HIV then the insurance companies will ask him or her to provide a medical certificate with an affirmation that the person is not suffering from any other disease such as diabetes or heart disease.
Also, such people suffering from life-threatening chronic illness, the cost of insurance may be on the higher side. However, there are some insurance companies that sell cheaper life insurance for sick people, but it is advised that one should carefully read all the terms and conditions as mentioned in the policy because often the cheaper policies have various restrictions and limitations.
Life Insurance for Sick People with Bad Habits
In most of such cases, the life insurance companies learn about the condition of the person after the medical examination. Though they tend to ignore some of such habits if they are at moderate levels such as smoking, prescription drugs, obesity etc if the person is having a bad impact on their health due to these conditions then he or she is dealt with a sick person and the above-mentioned conditions are levied on them. The cost of their insurance will be higher, amount to be reimbursed will be limited and they will have to present the medical certificate of examination by their doctor.
Life insurance companies are trying hard to financially secure every type of illness in order to provide a safe and secure life to most of the people who are survived by the sudden death of their dear ones.