Last Updated on October 16, 2017 by lifepolicyshopper
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Life Insurance with Multiple Myeloma - No Exam - Guaranteed Coverage
The second most common blood cancer, multiple myeloma moves from plasma cells in bone marrow to cause tumors on the bones themselves. People with a family history of the disease and anyone exposed to radiation appear more likely to develop multiple myeloma. The majority of patients are older than 35 when diagnosed, and as yet there is no definitive cause or cure. It is considered a presumptive disease for the Veteran’s Administration Agent Orange benefits.
After reading about this disease in the March, 2016 issue of the American Legion magazine, I read further and found an online community at The Myeloma Beacon where patients, survivors and caregivers meet. While there, I saw numerous cases where people after receiving this diagnosis were being declined for life insurance and proceeding with none. Several individuals seemed hopeless of finding coverage and some were given outrageous costs.
Here at LifePolicyShopper we specialize in hard to place cases and we can search across multiple carriers that offer coverage with guaranteed issue and no medical exam application requirements. If you have received this diagnosis and require a life insurance policy for a loan in order to continue running your business, fill out the online quote form or give us a call. The guaranteed issue policies normally start out with a 24 month return of premium. This begins a process where once you beat this disease for 24 months get the full face amount of coverage and at the 24 month mark we can look at other options with certain carriers to bring the costs down.
Continued Coverage as a Cancer Survivor
Battling cancer on its own is an extremely trying event in anyone’s life and the lives of their families. If you had already owned a term life insurance policy before you developed cancer, you might have had the opportunity to use the accelerated death benefit to help offset the cost of your cancer treatments as well as other medical bills.
However, now that you have been given a clean bill of health as a cancer survivor, perhaps your term life insurance company chose not to renew your policy or decided to drastically raise your term life insurance premiums. All of a sudden it is a struggle to find affordable coverage since you are now considered an “impaired risk.” Impaired risks are not only people with pre-existing medical conditions or chronic health problems such as diabetes or high blood pressure, but also those who develop cancer, those addicted to drugs or alcohol and even those who have been convicted of a felony. Those who are considered impaired risks often are not able to obtain coverage. If an insurance company is willing to underwrite a policy for those with impaired risks, the premiums are much more expensive than a basic policy.
In recent years, however, insurance companies have begun to find ways to work with people that have health problems, or “impaired risks” – even cancer survivors. It is important to seek out term life insurance companies who specialize in impaired risk coverage rather than “generalists.”
Getting cancer survivor or impaired risk insurance has never been easier or more affordable.
How to Obtain Your Coverage
There is good news about term life insurance companies who specialize in cancer survivor and impaired risk term life insurance: they do not operate with a generalized health check list or have blanket requirements to obtain a policy. Each case is evaluated individually. So, as a cancer survivor you would be subject to a thorough health evaluation. You may even be required to submit medical forms signed by your physician stating your current health status. If you are in remission and otherwise lead a healthy lifestyle, basic coverage should no longer be a problem.
Additionally, up-to-date insurance companies now employ a method called “clinical medical underwriting.” Whereas prior to this new system, insurance companies would use a standard mortality table based on 30 year old data, this process takes into consideration all the current medical advances and lifestyle choices that allow people with medical/disability problems to live long and productive lives. Insurance companies now base their cancer survivor impaired risk term life insurance rates on being more informed on individual cases. This means that you will hopefully be able to obtain the best coverage for the least amount of money.
If for some reason you are unable to obtain a term life insurance policy for impaired risk, do not worry. You are always eligible for a guaranteed issue policy. This type of coverage is more expensive but does not require a medical exam and there are no health questions on the application.
Have you ever been turned down for term life insurance coverage? Guaranteed issue term life insurance was created for those who have trouble obtaining basic term life insurance coverage. Guaranteed issue term life insurance is also known as a “simplified issue policy.” You are automatically accepted for coverage without being required to submit to a medical exam. In exchange for guaranteed coverage, you will be charged a higher term life insurance premium. The higher premiums are a fair trade for insurance carriers taking a larger risk covering people without knowing their full medical histories. Purchasing a guaranteed issue term life insurance policy is ideal for people who were born with or have developed chronic medical problems.
The Inner Workings of Guaranteed Coverage
Guaranteed term life insurance coverage works a little differently than buying a straight term life insurance policy. While basic policies allow you to choose the period for which you would like to be covered, guaranteed policies are issued at five and 20 year periods.
If you initially buy the five year term, you may renew every five years after that until the age of 80. At age 80 your policy automatically becomes exchangeable for a permanent life insurance policy. You are still automatically covered upon transfer to your new policy and still are not be required to undergo a medical exam. Your premiums are also guaranteed to remain level throughout the duration of your policy unless term life insurance rates increase across the board for everyone in your age range and state. Renewable term life insurance premiums are based on your current age. Get an instant quote by filling out our online quote engine.
If you choose to purchase the 20 year term, your monthly rates will stay the same for the full term of your policy regardless of any rate increases. Upon completion of the first 20 years you have the option of purchasing an additional 20 year guaranteed issue term life policy. Again, no medical exam is required nor will you be subjected to any health questionnaires. Some insurance carriers offer the option to convert a 20 year term policy into permanent life insurance coverage after the first 20 year period is over.
Note: the face values you may purchase for a guaranteed term life insurance policy are limited. The coverage amounts start at $5,000.00 and are sold in increments of additional $5,000.00 up to a maximum of $25,000.00. The face values do not decrease with age or with a decline in health status. Get an instant quote by filling out our online quote engine.
Other Benefits to Owning a Guaranteed Issue Term Life Insurance:
1. It cannot be canceled in case you develop a terminal illness.
2. You can activate an accelerated death benefit in case of terminal illness; giving you needed cash to offset medical bills or special needs assistance.
3. Your coverage is guaranteed to stay active for the whole term of your coverage. If you purchased the 20 year term, coverage would end if your benefits were accelerated.
4. You have the standard 30-day money back guarantee on the policy. If you decide that the guaranteed issue term life insurance policy is not for you, you may request a refund of premiums paid to date -- no questions asked.