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The Topic Of Today’s Video Is The Official Guide To Getting Life Insurance With Addison’s Disease
Most likely you’re watching this video because yourself or a loved one has Addison’s disease. Maybe you’ve applied for life insurance and have been declined or rated up to a point that’s just inconceivable to pay.
You want to see what your options are to get a quality life insurance product if that fits you. Then stick around because you’re going to learn a lot about what your options are and what you could possibly do to get quality life insurance coverage.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation on qualifying for life insurance with Addison’s disease. Enjoy!
Here’s An Overview Of Today’s Topics:
- Can You Qualify For Life Insurance With Addison’s Disease?
- What budget do you have in mind?
- Types Of Insurance Available To People With Addison’s Disease
- Case Study Examples
- The 5 Top Reasons Why People Buy Guaranteed Issue Life Insurance
- Stories From The Field
- How To Apply
- Next Steps
Can you qualify for life insurance with Addison’s Disease?
The short answer is most likely “yes”. The long answer, of course, it depends on some factors.
We’re going to talk about your age. Generally, there’s options between 25 and 85 years old. Sometimes it’s you can get something younger than 25. But what I’m going to stick today is between 25 to a 85 year old range and it does depend on any other health issues you have as well.
Let’s just take a look at some options. But it’s important to understand when we first start looking for life insurance. It’s important not to stick you into a one size fits all solution. You may not understand but all life insurance is not the same.
There are different companies with different underwriting standards and there’s different companies that offer different kinds of life insurance.
And what you need to know is a basic summary of what your options are and then based on those options be able to choose which type of options suits you best. And then from there have an agent work with you to figure out which company offers the best option that suits you best.
The first question you have to ask yourself in order to answer the question of which option works best is:
What do you want your life insurance plan to do for you?
And to give you a few ideas as to what people and why people buy life insurance below.
The first is going to be Final expenses. Some people want enough coverage to pay for a burial pay for cremation maybe pay for some smaller debts and they know they need it because we’re all going to die after all.
And they buy a smaller plan to cover these types of expenses. There’s also what’s called Income replacement.
- This is more suitable if you’re either a younger and you want to insure that if you die early that you’ll have the retirement savings to allow your family to continue live comfortable life. As opposed if you were to actually live and pay into retirement plan on a religious or consistent basis.
- And also if you’re older and if your spouse dies if that would affect your lifestyle and you need some kind of plan to ensure that your surviving spouse lives comfortably and income replacement plans great.
- Also debt repayment most common would be a mortgage if you need to protect against a mortgage. If you die and you don’t want it to default and go into foreclosure a mortgage protection plan is a great plan as well.
These are just a few reasons why. But this covers the vast majority of circumstances and motivations.
If you would like to speak with an expert in the field about what kind of life insurance might be best for you, give us a call at (888) 626-0439.
Alternatively you can send us a message using the box found on the left-hand side of the screen. We will get in touch within 24 business hours to provide you with more information.
What budget do you have in mind?
Do you have a budget of 50 dollars. Hundred dollars less or more. There’s no right answer. There’s no wrong answer I should say.
The right answer is what you’re easily affordable with what you can easily afford.
That’s what I’m most concerned with and have an idea of working in your mind what you can work with and then base your decision on that. The worst thing you could do is buy something and drop it in six months or 12 months or years later.
I want you to keep a plan that you’re going to stick with keep and forget about it for all intents purposes because it’s so affordable. And it will come the action when it’s most needed not get dropped.
There are three different types of life insurance options available
- Term Life Insurance
- Permanent Life Insurance/Whole Life Insurance
- Guaranteed Issue
Let’s take a look at how each works. If you’re looking for the most coverage for the least dollar of premium. They’re the best plan the best is subjective but potentially a good plan to start looking at his term insurance if you have Addison’s disease.
Term Life Insurance
Term insurance offers coverage on a temporary basis.
What that really means? I’ll just go right down to the cons you could outlive it.
If you buy a 20 year term those are common term insurance products. It’s great for 20 years the premiums are leveled and the benefit stays if you’re going to a lot of coverage for that dollar amount but if you outlived the 20 years the premiums skyrocket or the policy cancels. And you may not have it when you most need it.
Why would you get a plan like that? Well because you’re solving a temporary problem.
For example, a temporary problem is if you die before the mortgage is paid off well term insurance is perfect or if you die before you fully fund your retirement plan having a term insurance plan to fund a retirement plan is not a bad idea either in case you die early. Now would be great to get a permanent plan.
I’m not saying that plan the great but as we’ll get into later the premiums are tremendously higher. The term insurance just as a more affordable option and considering that this is a temporary problem. It does pretty much well line with many people’s goals of covering these big obligations that eventually would be paid off.
Now it’s tougher for underwriting that simplified issue. I understand that there’s going to be some health questions involved and luck with it comes down to Addison’s disease.
The longer your Addison’s disease has been controlled over a period of time the better chance you have to qualify for coverage. Now what happens is if you have some complications with Addison’s disease it may make it more difficult to get more coverage.
It is a case by case scenario. Depends on the severity and other factors. This is why getting with an agent like myself to help you submit your application of coverage onto an underwriter to see what they think is going to be the best course of action.
But the point is you may have some options and I want to make sure that you feel good about that. There is definitely some direction to go.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
Case study examples
A client recently reached out to me after getting married. Both he and his wife felt it was important to get life insurance now that they were responsible for each other. If either of them passed away they wanted to ensure the surviving spouse would be financially secure.
Their primary concern was that the husband had a weight problem. His doctor had advised that he lose considerable weight for health reasons and my clients were concerned this would have an effect on their ability to qualify for affordable coverage.
I’m happy to report that we were able to qualify both individuals for first day full coverage at an affordable rate they were very pleased with. While I can’t promise the same outcome for every client, we certainly strive to find affordable, high quality coverage for all of our clients.
History of Heart Problems
A 55-year-old gentleman names Mr. Clark reached out to me because he was afraid that upon his passing his wife, who did not earn nearly as much in retirement, would have to dramatically alter the lifestyle that he and she had built over the course of his life.
So Mr. Clark wanted to get a life insurance plan to simply replace his otherwise normal income and leave his spouse in a more stable position financially.
The only foreseeable issue was that Mr. Clark had heart problems. Specifically, he’d had a major heart attack 3 years prior and had to have stints put in. He was deeply concerned this would affect his eligibility, but luckily he chose to work with a broker like us.
Every application is unique, and though we cannot guarantee coverage, we can promise to do our best to shop among a number of options to secure coverage that meets your needs.
Whole Life Insurance
Now the opposite of Term Life is Whole Life Insurance this is what we call Permanent Life Insurance.
The benefits include first the rates never go up. Remember how I talked about how term insurance goes up in price if you outlived 20 years that their premiums stay the same. With whole life or permanent protection besides Universal Life whole life and other permanent products never go up in price.
Now the exception to that would be guaranteed Universal Life plans those actually have premiums that are locked in. Whereas most universal life plans have flexible premiums that may or may not change in price depending on the cost associate. It is a little complex but the point is that there are plans that are permanent in nature that do not have price increases.
If you like the idea of knowing what your premiums are going to be without any deviation or potential for rate increase this is a great plan.
Also there’s the good potential for first day full coverage. From the first payment, you’re fully protected and you can’t cancel or be canceled due to age or health. Cons would be the biggest drawback is you’re going to pay a lot more money for this kind of plan.
Think of it like you’re buying the car of your dreams with every conceivable warranty. You know the bumper to bumper warranty the scratch proof warranty, the oil change warranty etc…You buy all these actual premium packages you are gonna pay more for that, right? Well, that’s how this works with whole life for permanent protection life insurance.
You’re going to pay a lot more per dollar and if we look at a term insurance plan that let’s say just for the sake of illustration a fifty dollars a month plan for a million dollars in coverage to get that same thing for the same age I’m thinking of a young guy maybe he’s 25 or 30 that’s going to cost him five hundred dollars.
It’s substantially more expensive in a lot of people just won’t justify that kind of price. What we see more often is that these type of plans are used in smaller amounts with income replacement dollar amounts maybe when it comes to final expenses or maybe becomes the 50 to 100 thousand or more. Final Expense your plans are small income replacement plans for surviving spouses.
They can be used for anything really but that’s kind of where the purchasing public in Joe average buys a Whole Life plan or Universe Life plan.
With the underwriting with whole life are similar to the term insurance we just discussed they’re going to have the same kind of guidelines with Addison’s disease and what to expect. Now if there is any kind of problems applying for one of these plans would I suggest my clients to do if we come back with a rate up or you get declined to look at simplified issue whole life.
And this is different than a non matter fully underwritten. All this gobbledygook what it really means at the end of the day is simplified issue makes it easier to apply for coverage.
A lot of people who were declined are rate it up with traditional ways of underwriting get accepted at preferred rates with these products. I keep this in mind my tool bag to help people who otherwise would have difficulty in applying for coverage.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
Now the last ditch effort is to do what’s called guaranteed issue whole life insurance if you’ve got Addison’s disease. But it’s so progressively bad that no other companies will take you guaranteed issue whole life insurance works like this, your premiums never go up your coverage never cancels.
But the biggest downside is there’s no natural death coverage for the first two years of the policy. Although you’re covered accidentally covered for accidental death for the first day. Small amounts of coverage max out of $25,000. You can stack them.
But here’s the thing, don’t take too much stock in this option in a sense that probably won’t be the option you’ll go with if you have Addison’s disease unless it’s just a very severe case and you’ve got other issues as well potentially most don’t. This is again last ditch effort when nothing else works.
$50 a Month – Guaranteed Universal Life Insurance
$100 a Month – Guaranteed Universal Life Insurance
$150 a Month – Guaranteed Universal Life Insurance
The 5 top reasons why people buy Guaranteed Issue Life Insurance
For many individuals with chronic health issues, guaranteed issue is one of the few ways to get coverage in place. Life insurance can be bias when it comes to many different kinds of health issues.
Those who have triedto get life insurance through their local auto insurance representative or perhaps via a company they saw advertised on TV or through the mail may have experienced a declined application and fear there are no options for life insurance coverage. Because no questions are asked, guaranteed issue life insurance provides a way for those who have experienced a declined application or have chronic health issues to get life insurance.
2.Final expense coverage
For those concerned about covering their final expenses, guaranteed issue provides a lump sum payout that can be used toward funeral home costs as well as burial or cremation.Most people are not interested in getting a large life insurance plan, they simply want enough to cover their final expenses so that their family doesn’t have to. Guaranteed issues makes sure your final expenses are taken care of so that your family isn’t burdened with the expense.
3.No questions asked
Probably the most appealing aspect of guaranteed issue life insurance is that no health questions are asked during the application process. In most cases it’s as simple as signing the application to receive approval.This means virtually anyone can be approved as long as they within an acceptable age range. Chronic conditions like Addison’s disease will not impact your eligibility.
4.Can’t cancel due to age or health
Most guaranteed issue life insurance programs are designed under what is called a whole life insurance product. Whole life insurance will never cancel due to age or health. This is especially beneficial for seniors who cannot afford to lose their policy as they get older.
5.Rates never go up
Rates never increase with guarantee issue life insurance which is why it is often purchased by fixed income seniors who are looking for a dependable rate because they are on a fixed income.
Stories from the field
Having helped over 3,000 people with their insurance needs since 2011 it amazes me to what extent people can be truly taken advantage of when it comes to the amount that they pay for coverage.
Back in 2015, I met one such couple. They lived on the Georgia border and had contacted me to visit them in their home to talk to them more about life insurance options.
When I arrived they admitted they were a little leary of me coming in to talk to them. They were concerned I would show up and simply try to sell them something. I put their minds at ease by explaining that the ultimate decision would be left up to them, that I would simply explain their options.
They proceeded to tell me that they actually already had life insurance in place, but were uncertain as to whether it was the best coverage for them. After telling them what we could offer, they encouraged me to visit again in 6 months to see if anything had changed.
The entire time I was talking to this gentleman I noticed his wife hanging on my every word, but she never spoke up. When it came time for me to go, I felt like I had failed to properly explain what we could offer.
I walked back to my car with my tail between my legs wondering how I could have made a better connection with these people. It was clear in my mind that they were overpaying for their coverage, but somehow they didn’t seem to be interested in my offer for better coverage.
As I began to pull out of the drive, I noticed the garage door open and the husband rushed out to my window. He appologized and explained that he wondered if I would mind coming back inside and explaining one more time what we could offer.
Long story short it turned out they were being overcharged by $300-$400 a year for the coverage they had. They were very happy when they realized I wasn’t trying to sell them a more expensive plan or poor coverage. In fact, I was trying to save them from being overcharged and taken advantage of.
This is why I stress the importance of working with a broker. We have the ability to shop among a number of providers to offer competitive rates that can often undercut policies purchased off of TV or through the mail.
How to apply
Let’s say you’ve like what you’ve seen. You want to see some prices you want to see some rates and what you could possibly qualify for.
The application process assemble I’d suggest working with an agent that is a broker. Find one that fits your personality and desires off course no bias over here of course. I’ll nominate myself.
I love helping people find quality life insurance and I’m more than capable of doing it. And then if you and I work together I listen to your goals ask you some questions and draw up a quote. If you like it we do everything over the internet or the phone.
There’s no agent visit necessarily required nowadays. It’s very rare we ever have to do one. Then after several days or weeks assuming you’re approved your coverage is approved it gets approved you accept it and then you get your policy and that is it.
Very simple process. If you’re interested in qualifying for some kind of life insurance will be at Final Expense coverage mortgage protection or income replacement. Two options to do so you can go to buy life insurance for burial for a free life insurance quote.
Best way to get that, by the way is either sending me a message clicking the contact box at the top or going to the bottom of the screen clicking that box there and sending me messages that way or call me at 888-626-0439. Speak with me live.
Of course, if I don’t pick up leave a voicemail. I’m very busy helping people all day long and I will promise to get back to you generally speaking within one business day.
Thanks for stopping by. I hope you have found the information you were looking for. If you would like to get a no-obligation quote or speak to a friendly representative, please give us a call at (888) 626-0439 or send us a message.
We hope to speak with you soon!