If you have issues such as heart problems or Type 1 diabetes, you may think you’ll never be able to buy life insurance in Atlanta, GA. Although some carriers may refuse to issue a policy, others will. Rob Hill Insurance Group can take the stress out of finding a suitable policy for you.
Underwriters Evaluate Pre-Existing Conditions
Life insurance carriers don’t look simply at the name of your diagnosis. Instead, they look at several critical factors when evaluating whether to insure you. These critical factors are:
-
Whether you actively manage your condition by taking prescribed medications, seeing doctors regularly, and maintaining stable lab results
-
The length of time since the event or diagnosis
-
Whether the condition is stable, improving or regressive
-
Impact on overall mortality, especially when combined with various lifestyle factors
Generally, underwriters want to see a stable period of one to five years, depending on the condition, before they offer you a favorable rate. They also evaluate conditions differently. For example, chronic asthma is viewed much differently than obstructive COPD. Using tobacco products and working in a high-risk occupation can also affect your ability to get a policy or a favorable rate.
Risk Classification
Most life insurance companies classify risk as preferred/preferred plus, standard, or substandard. The first category applies only to applicants in excellent health, although some people with well-controlled conditions, such as mild high blood pressure, may still qualify. Most people fall into the standard classification with average health and life expectancy. Well-controlled conditions, such as mild depression or managed cholesterol, are standard risks. If your condition poses a higher risk, your application will be table-rated, meaning you will pay the standard premium plus an extra percentage.
Let Rob Hill Insurance Group find an economical life insurance policy for you. Contact our Atlanta, GA, office to learn how we can help.