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Most people should have some type of life insurance policy to protect them and their family members. But what happens if you are suffering from medical problems or have a serious illness and need to obtain life insurance coverage? You may find an insurance company that is willing to sell you a life insurance policy, but it will normally cost you much more than it would if you were a healthy policy holder.
The good news is that you can obtain affordable life insurance, even if you have medical problems. Here are some tips that can facilitate your quest for life insurance coverage: Anxiety or Anti-Depressants Most life insurance providers will deny you coverage if you admit to taking any type of anti-anxiety or anti-depressant, including Prozac or Zoloft. One way around this is to request that your doctor state in writing that you are no longer being treated for anxiety and/or depression and that you are able to function without the need for medication. Temporary Depression or Anxiety If a certain event in your life such as the birth of a child or death of a family member has caused temporary anxiety or depression, make sure to indicate the time period, specific illness, medication prescribed and the significance. Your insurance company may require you to submit a copy of any relevant medical records. This is common since insurers need to evaluate the risk factor that any serious or potentially life-threatening physical or mental illnesses will recur. Long-Term Mental Illnesses You may still be approved for life insurance coverage, even if you suffer from a serious mental illness such as manic depression or bipolar disorder. However, you will need to provide adequate documentation in order to receive an affordable premium rate. Your doctor may be able to provide you with written documentation indicating that your mental disorder is effectively controlled by your treatment. Serious Mental Health Disorders On the other hand, you may suffer from a serious mental health disorder, particularly one that is known to elicit suicidal behavior or cause delusions. In this case, you will often have a more difficult time obtaining life insurance coverage, than if you suffered from a minor emotional or mental disorder. Certain life insurance providers will offer you coverage if it has been at least two years since a lapse in treatment or since your last suicide attempt. Many life insurance policies will also include various clauses that relate to suicide. Physical Health Problems You may also find it harder to obtain life insurance coverage after being diagnosed with a serious or life-threatening disease or condition such as lung problems or heart disease. Make sure to include all of your medical test records from the past 10 years when you apply for a life insurance policy. You may be required to undergo a comprehensive physical examination. Another option is to submit to gene therapy or genetic testing. However, you need to be aware that your insurer may only sell you a policy that includes a clause that will deny you any coverage if you die from a known or pre-existing medical condition. Be Honest When Applying for life insurance Regardless of your physical or mental health conditions, never lie about them on your life insurance application. If any lies or omissions are later discovered, your life insurance provider has the right to terminate your life insurance policy without refunding any of your premiums. This will leave you without any coverage to protect yourself and your loved ones. |
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