Think you can’t qualify for life insurance? Think again.

You want to protect your loved ones for the future once you’re no longer around to provide for them. We all do. Life insurance gives you that peace of mind that your family will be taken care of after you’re gone.
However, you’re also worried that your health issues mean you won’t qualify for life insurance because it is meant for healthy people only. So what do you do?
Don’t despair—there is good life insurance out there for you! Whether you have diabetes, heart disease, mental health issues, kidney or liver problems, or almost any other health condition, you can qualify for life insurance!

Looking at the Big Picture
About 85% of consumers agree that most people need life insurance, but only 59% are actually insured, according to the 2017 Insurance Barometer Study by Life Happens and LIMRA. Why?

Let’s look at the facts. There are plenty of reasons why someone may not have life insurance or may not qualify for it, including:
• Recent heart disease
• Heart disease prior to the age of 50
• Any recent major disease (cancer, liver, kidney issues)
• Major mental health issues (such as suicide attempts)
• Kidney and/or liver disease
• Wrongly assuming they won’t qualify
Surprised by that last point? You’re not alone. Many Americans wrongly assume they won’t qualify for life insurance, and thus, never attempt to get insured. We are here to put an end to the myth that only healthy people can get life insurance.
We are here to put an end to the myth that only healthy people can get life insurance.

Overcoming Roadblocks
Actually, almost any health history can be insured. The right company can get you insured at an affordable rate, even if you are dealing with any of the issues I listed above.

Take a man in his late 40s, who had suffered a severe heart attack in his early 40s, and while he had been declined elsewhere, we were able to find a company that would insure him.

Another great example is mental health issues, many times consumers with mood disorder and or depression with multiple medications are not insurable. But every company’s underwriting department has unique needs to fill, so recently an individual who had been declined multiple times for mood disorder was able to secure permanent insurance because he has a steady job, and the mental health issues didn’t impact his daily living.

If you are dealing with health conditions, life insurance companies love seeing that you’re working to improve or properly maintain your health.
So if you are over 50, have had heart disease, and it has been resolved for a few years, you can qualify for life insurance.

If you control your diabetes through diet and medication, you can qualify.
If you maintain your mental health with medication and lead a normal life, you can qualify.

Basically, follow your doctor’s orders and you are much more likely to qualify. And that means being able to get financial protection with life insurance that your loved ones need and deserve.

 
We write endlessly about the times in your life when you need life insurance, how to pick your beneficiaries, and even why buying life insurance online might be the best option for you.
But there’s usually question’s that linger when you’re going through the researching and buying process: Is life insurance really worth it? If you have a spouse, children or other family members who rely on you financially, then the answer is pretty simple: It’s absolutely worth it.

Why is life insurance necessary?
You have to approach life insurance like you would any aspect of your life that poses a risk and ask yourself, “What’s the worst case scenario?”
If you’re on the fence about buying coverage, then consider how your family might fare if you were no longer around. How would they keep up with day-to-day bills? Or, how would your spouse afford childcare or education expenses?
Most people would agree that, without a financial cushion from life insurance, their family might face a dire money situation. That’s why term life insurance is so valuable. It’s an affordable way to protect the people you love most financially.
Life insurance helps provide financial security if you were to die suddenly so that your family won’t struggle to cover day-to-day expenses.  It can help:

• Replace lost income and cover living expenses, like rent or a mortgage
• Spare your family from needing to pay off debts you leave behind
• Provide for your kids’ care if you are a stay-at-home parent
• Cover burial, estate taxes and other final expenses
• Fund college expenses
• Cover unpaid medical bills or taxes
• Create an inheritance or supplemental retirement fund through an income tax-free death benefit

Your family’s savings shouldn’t be depleted to cover those expenses.
Even if you’re living the single life with no spouse or kids, term life insurance may still be necessary. It can help protect your parents or other co-signers from needing to pay off the mortgage, student debt, credit card debt, or even a car loan that you leave behind.
However, for most people, life insurance becomes necessary when you get married and have a spouse and children who rely on your income.

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How term life insurance works
Term life insurance is one of the simplest (in a good way) and most affordable types of life insurance. It insures your life for a period of time of your choosing, such as until your mortgage is paid in full or your kids are adults. This helps ensure that none of your financial obligations will burden your family if you were to die unexpectedly during the term length.
Most insurers offer term lengths of 10, 15, 20, 25, and 30 years. You make (in the case of Haven Term policy owners) monthly payments for the policy term, and in the event of your death, the policy pays out a death benefit to your beneficiaries.
If you are young and have many working years ahead of you, a long-term policy (30 years) might make more sense. If you have small children, the same is true. Perhaps you want your term length to end around the time your home mortgage or student debt is paid off — in that case a shorter term length might make sense to protect your co-signers from needing to take over loan repayment before it’s paid in full by you.
 
How much does term life insurance cost?Many people don’t realize how affordable term life insurance can be. It usually offers ample coverage at a much lower premium amount than many other types of life insurance.
A recent report from LIMRA found that many adults overestimate the cost of life insurance. Just how much exactly? The median guess was $600 per year or $50 per month for a 20-year, $250,000 policy on a healthy 30-year-old.
That’s over 4 times more than a policy would actually cost. A 20-year, $250,000 Haven Term policy for a healthy 30-year-old woman would cost about $12 per month. That’s less than your online TV streaming services.
And even if you’re slightly older, you can get affordable coverage to protect your family. A thirty-six-year-old man in excellent health can buy a 20-year, $750,000 policy for as little as $31 per month, for example.
Your individual rates will depend on a range of factors including your age and your overall health.

Why term life insurance instead of other types?There are many types of life insurance policies. If you’re looking for a policy that offers more than $100,000 in coverage, term life insurance is usually the most affordable choice.
Another type of life insurance coverage that offers high death benefit amounts if permanent life insurance, but it’s usually far more costly. For example, a $500,000 whole life insurance policy for a healthy 35-year-old male would likely cost more than $500 per month, compared to $21 per month for a no exam term life insurance policy.
The price difference can be attributed to the fact that permanent life insurance policies cover you for a lifetime versus a term length. They also have a cash value component that you can borrow from over time – although, borrowing from the policy cash value can reduce the total death benefit for your family.
Overall, term life insurance is a simple and affordable life insurance option. It has no investment components to track, and no cash value or loans that impact the final payout. You simply make the monthly payment, and you’re covered for the specified term length. Term life also requires only minimal maintenance – just a review of your financial needs periodically – like when you have another child or if your income increases considerably from when you first took out the policy (a good problem to have.)
In addition to affordability, term life is a product you can build on. If you start out with just $100,000 in term life insurance coverage when you’re young, for example, you’re not stuck with that coverage amount forever. Provided your health allows you to qualify for more coverage, you can continue adding term life policies as your lifestyle and situation changes. As we mentioned already, having another child might give you a reason to buy more term life insurance coverage. Earning more money over time or advancing in your career is another smart reason to buy additional term coverage to replace your income upon your death.

Understanding your needsTerm life insurance isn’t a complex financial product and is a necessary part of financial protection. What’s most important is that you understand what your coverage needs may be and if you do need coverage make sure you’re not putting off the purchase.
Like we mention above, term life insurance (and most life and health insurance for that matter) is more affordable when you’re young and healthy. The earlier you buy your term policy, the better your rates. So the time to comparison-shop and act is now. Given its low cost and high value, a term life policy that fits your coverage needs is clearly worth it. Picture the alternative: dying without a policy and the potential for leaving your family with a huge financial burden. That’s a high cost to pay.

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