It’s totally difficult when reality bites, in times when unfortunate incidence of an untimely death happens due to critical illness. In times like this, the blow will not be so hard and difficult if you have life insurance policies to cover you and protect your family from unforeseen events and uncertain future.
Normally, the proceeds from impaired annuities are mostly used to pay-off expensive medical bills, funeral expenses and other daily living expenses. It wouldn’t matter even if you are not in perfect health; still there are many life insurance options available to protect you and your family.
How to get life insurance when you have critical illness?
Here are essential points to consider when acquiring a life insurance especially when you have critical illness:
- It is vital that you should select the best insurance provider for your special needs considering that you are critically ill and most insurance company would consider you as a great risk. Carefully go through the different type of policies and put more focus on the advantages that the insurance company is offering you. You have to understand that most critical illness coverage entails a higher cost and comes out much more expensive than the regular plan, because of the risk that your insurance provider is taking in covering you. Rather than directly refusing you, most company will charge an extremely high policy rate to offset the risk.
- You can opt to have an insurance provider that will not ask you to go through extensive medical exams. As most insurance company will really require this. There may be some companies who would claim that medical exam is not needed, just the requirement of paying the premium. Most likely these policies will carry more limitations on the type of conditions on which they will pay out the life insurance policy.
- When acquiring your life insurance policy, it is important that you should be honest and do not conceal the true nature of your illness. Perhaps, you may lower your premiums over the short run but this is not a wise idea. Think about it, the insurance provider will most likely investigate the details of your condition. Should the insurance provider finds out about your critical illness which you did not disclose, then your policy will no longer be valid.