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In This Article I’m Going To Talk About Life Insurance Options You May Have If You Or Your Loved One Are In A Bad Health
Most likely you are here because you may feel that you are in bad health and you know life insurance is a good investment and you are looking to buy something or perhaps you are looking for somebody else who is in bad health and you are trying to see what options are out there.
If an option fits you and you want to do a little bit of research to find out what you are eligible for, then watch the video or read further on.
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 prostate health history. Enjoy!
Here’s An Overview Of Today’s Topic:
- Unpack And Define What Really Bad Health Means, At Least In My Opinion, As Somebody Who Has Worked With Life Insurance Cases Since 2011
- What You May Consider To Be Bad Health & Some Of The Differences I Think Are Important
- Why It’s Important To Get Life Insurance Despite Having Good Health Or Bad Health Or Anything In Between
- Options For Life Insurance If You Really Have What I Would Deem As Health, Maybe Not Perfect But Not Bad Either
- Life Insurance Options If Your Health Is Bad Or Worse
- How To Qualify For Life Insurance Program To Cover Burial Costs
- Burial Insurance Rates, Age 40 to 90*
- Final Steps
Definition of bad health
What’s this thing about bad health? What does bad health really mean?
I would like to start off with what I think my prospects define bad health as. I think most people are a little bit extreme in their perception of what bad health really is. I think on the flip side that’s a good thing for you. The definition of bad health from people I meet is a small handful of ailments.
They’ll think, ‘I’ve got my house, I’ve blood pressure or diabetes or broken my back or had a spinal fusion or surgeries to correct broken bones or I am in constant pain. My health is bad.’
I am not saying that this is not bad. But this is the perception people have because they have not had some of the really bad chronic diseases. Sometimes people have serious chronic issues like COPD, chronic obstructive pulmonary disease, heart history, issues like congestive heart failure, heart attacks, stroke, stents, bypass, seizures, cancer history and so on and so forth. Many outright judge the worst.
People think that these issues are bad and that nobody is going to ever want to touch them. If they get quality life insurance coverage, they accept the first thing they see. They see the advertisements on TV or in the mail or by an agent. Because of this perception they think who would take them anyway? Why should they pass on a great opportunity?
Now that’s a good thing in some respects, but it’s important to understand that there are many times better options than what you are first presented to.
My perspective on ‘Bad Health’ as an agent
Let me define it to you. What I think bad health is, where if you fit this kind of profile, there’s going to be a limited selection of coverage options for you. That doesn’t mean you can’t get quality insurance. It’s just that the options are much more limited. The good news is that most people overestimate how bad their health.
You have to understand there are a lot of insurance companies operating in the free market.
Imagine the town you live in. You’ve got one restaurant and everybody goes there. Somebody is going to get the bright idea of opening another restaurant across town or maybe down the street and taking over some of the first restaurant’s business. Since a lot of people want to eat out, both the restaurants are going to compete with each other. In order to keep people from going to the second restaurant, the first restaurant is going to try to come up with brand new ideas for food or desserts. Maybe they will lower their prices, maybe there’ll get creative.
My point is that there is a competitive force between all insurance companies, whether it’s on a small or large scale, is fierce.
What happens is, is that the way insurance companies can beat is they figure out how to lower their underwriting requirements to make them more flexible without costing the company a tremendous amount of money and say more claims and more stuff to deal with.
What I have seen since I’m in the business is that underwriting is become much easier to qualify for.
A lot of insurance companies will accept most of ailments, even uninsurable conditions are acceptable under certain circumstances. It’s not a good idea to jump in and assume the worst because you have bad health that you think nobody’s going to even want to deal with you.
I am not by any stretch saying that everybody’s going to qualify for every insurance available.
What I am saying is that the key is to work with an insurance agent who can shop the major carriers for the best offering for your individual cases. The key is to work with what I would deem as a broker – someone like me.
I shop around and see who is going to give you the best offer for coverage based on your unique health characteristics. That’s what I do with all my clients and what you get in exchange is better quality life insurance or a better price or both.
That’s what you do whenever go out and buy a groceries. You don’t want to overpay for groceries. Life insurance is the same way. If you have a certain product in mind and, by doing some research, we’re going to show you some options and he liked that idea. It’s the same with all the companies and it’s just a matter of figuring out who is going to give you the best deal overall.
Why you need life insurance either way
Let me convince you, hopefully there’s not much convincing needed, but everybody I’ve met has life insurance but has reservations. They’re not a hundred percent committed and it takes sometimes an advocate like myself to remind you the necessity and the importance of life insurance and how it literally saves lives.
Good health or bad, life insurance is critical to your financial plans in life. There are a lot of reasons people buy life insurance and no matter what health they are in. I’ll give you a couple of examples.
First would be final expenses. Maybe you need a final expense plan for your burial or cremation or any additional expenses, or maybe you are a kid who is looking for that your parent or your brother-in-law or sibling. Life insurance plan is great for final expenses, no matter what kind of plan you get because there’s always a cost leaving. You don’t get out a lot while you don’t get out alive and you don’t get out without a check that apparently someone else is going to have to pay. Life insurance is good to do that and it makes a impact on taking care of those.
Second would be income replacement. There are a lot of you who are married and if you pass away then the surviving spouse now assumes all of the debt and expenses, which were for two but now are for one. Having money on hand to help offset those expenses makes the transition period between your passing and their surviving much easier and that’s relevant if you are younger or if you are older and you are on social security, it’s the same setup as well.
Lastly, there is loan and mortgage. If you’ve got loans or mortgage that you need to pay off, having a life insurance plan in place whether good health or bad health, is very important in covering those if you have less time than the actual mortgage or debt.
But you pay this premium for all these years with the hope and belief that it will benefit you or your family. It’s an interesting product, not like buying a car that we can just hop in and enjoy it and get the thrill.
Life insurance is about belief. It’s about something other than just immediate satisfaction and gratification. It is about love and thinking of the people you love in your life and you want to make sure are protected.
You probably are disturbed, thinking about dying and the expenses and you should be really disturbed about what would happen if your family had to sort through this mess that you didn’t take care of. Life insurance solves those problems that families otherwise would have.
Let’s take a look now at some options for coverage. If either your in good health or bad health. I am going to further delineate what those means specifically and then give you some options on what we could do.
Options for life insurance if you’re in ok condition
Not all life insurances are the same and what really matters about picking the best kind of life insurance is based on your specific goals. There’s no one-size-fits-all type of life insurance situation. You’ve got to establish what matters to you, what the problems are in your life that you need solved, and then find a life insurance plan that best solves that.
There are two different types of life insurance plans we’re going to talk about to now for ‘OK’ health. There’s a third one we’ll get to when we talk about bad health.
The first is term life insurance. I am going to give you a quick rundown about term insurance. I am going to tell you what is good about it, what is not good about it, and then show you some prices at different age levels very quickly. Term insurance is short for terminating insurance. When you buy a term plan, it’s essentially pure insurance. It covers for a predefined period of time, as little as 10 years is maximal as 30 years and at any point in time that you die within that period of time, the term plan pays out. Whatever the death benefit is. If you died after the plan has canceled you don’t get a pay out.
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
The one advantage with term insurance is that if your health is good enough, then the best way to get the most coverage for the least amount and a lot of people buy it because it got larger obligations they want to cover, namely things like debt, mortgage or income replacement. And it’s just a, an effective way to get a lot of coverage in place to help ensure against your untimely demise.
The cons with term insurance is that it’s term, it’s terminating, its temporary. It’s not going to be there permanently. If they’re permanent problems that you are trying to solve, for example funeral expenses, you may not be able to get coverage when you need it because you outlive it.
Also, with term insurance, it’s a little bit more difficult to qualify so OK health where maybe you have diabetes, may be some blood pressure issues, maybe cholesterol, maybe even a little depression but nothing major. Those are OK health conditions. But if you start getting more serious elements then you are going to run into problems. We’ve got solutions for that, but term insurance is really reserved for more healthy people. Not perfectly healthy though.
Let me show you some rates real quick. I am just going to quickly show you a 50 and 65 year old rates. If you are younger than this, we can go all the way down to whatever your age is. If you are older than that, usually term insurance is good up to about 75 or 80/85. It just depends on the company. And there’s other options for insurance above those ages.
Let me just run a couple of quick prices just to show you kinda what you are looking at.
We’re looking at a 20 year term male price for fifth year old who is looking for 100,000 dollars in coverage. It can go much higher than this but this is just an idea of where to start. And you can kinda crunch the numbers in your head to give you a better idea of what is possible.
But these are just a sampling of companies. And prices roughly about the same range anywhere between low for upper, upper thirties, low forties.
I am a particular fan of Sagicor. They’ve good competitive prices that does not require an examination in most cases. In fact, they give you an instant approval in many of these circumstances. By the way, these are average prices. It could be higher for any of these that I show you.
We have what is called rated cases if your health isn’t necessarily the best. This is not meant to show you an exact price that is a completely conclusive that you qualify for this by no stretch at all. This is just the touchstone. I say this a lot in my videos to just discover a starting point to say, hmm, , this is what we have. This is what is possible.
Now let’s take a look at females – 50 years old, a 20 or 100,000 dollar terms. This is going to be a bit better price, but same thing, 30-40 years, depending on which company you go with; 100,000 for 20 years from 50 to 70, protected with 100,000 dollars in coverage.
Now we’re going to look at a 65 year old male with 100,000 dollars, obviously going to be more expensive. we’re looking at 160 – 200, high or potentially depending on how you qualify. That’s for a male, 20 year term. For female here and be a little less expensive, 100-200 roughly depending on the company you go with.
Last couple of things. I’ll say here again, there are many variables here that you have control of. What is your age? Do you smoke? Do you want 25,000? Do you want 25,000,000? You can really do a lot of different coverage amounts and anything in between. How’s your health? You’ve got that factor to take as well.
By no means am I trying to give you an exact price, but this is just a little idea of a starting point to give you an idea of what you can qualify for, what your options are and see what it’s like.
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
Let’s talk about the second option, which is Whole Life Insurance. Whole life insurance is in some ways the opposite type of plan than term. It has different advantages and it certainly has some disadvantages too.
The biggest thing about whole life insurance is that it lasts your whole life. It does not cancel because you turn a certain age. It does not terminate at a certain age. The only condition is as long as you pay the premiums as directed in the policy at any point that you pass away, it pays off the face amount or the death benefit coverage as well as the rates don’t increase either.
As long as you continue to pay the premiums, the premiums remain level. Sometimes there are plans that go up in price. Whole life plans do not. If you like the idea of getting a plan where you know which cannot be canceled and you just know what the premium will be and the price will never a price increase, then whole life is good for that.
Also, what is unique about the kind of whole life insurance we do is what is called Simplified Issue Whole life Insurance. It is designed for people who are in OK health or even bad health. Why? Because the underwriting on the product is less restrictive.
For example, we can get COPD, chronic obstructive pulmonary disease approved. We can get cases like recent heart attacks that are over a year since has stroke stents bypass as long as it has been passing year.
There are options for life insurance coverage for those people in many cases including history of cancer, mental health problems, neurological problems and diabetes using insulin. Normal conditions that are really tough to get approved with like a term insurance plan, the simplified issue whole life plans are much more flexible now.
The biggest drawback to these types of plans is that they since they have flexibility and since you were buying guarantees in the plan, you are not going to get as much coverage at the same price as you could with term insurance. The way I look at it is as you could buy term insurance plan, which is fine, it lasts 20 years and then, if die in the 20 first years, you paid all this money for nothing.
But obviously it had a purpose and it was good that you had it because you could’ve died earlier. Whereas whole life, even if it’s a fraction of the term insurance and you pay a premium you hit the 20 first years, it pays. It still pays.
Let’s take a look at some rates. I am just going to show you some quick rates again at a 50 year old male and female at 65 year old as well just to show some prices of what to expect.
You are looking at a 50 year old male for $10,000 in coverage. One reason people buy final expense whole life insurance is because they want to take care of final expenses. The Simplified Issue Whole Life Insurance is also called Final Expense Insurance for burial or cremation. It’s just a simple plan.
For $10,000 for mid 20s to low 30s for a 50 year old non-smoking male. If we adjust this for 50 non-smoking female for $10,000, upper teens to low the mid twenties. And then if we bump up to age 65 year old female, $10,000 upper thirties to mid forties is what to expect for $10,000 non smoker female at 65, same for male, upper forties to mid fifties for $10,000 in coverage.
Like I said, these are options for people in OK health. There’s still some of you that are probably convinced you don’t have OK health, you’ve got bad health. Let’s look at that.
Options for life insurance if you’re in bad health
The definition of bad health is what I call somebody who has a chronic issue that may be or may not be terminal but it isdeemed pretty serious.
For example, someone who requires oxygen to assistant breathing or somebody has congestive heart failure, a kidney dialysis, or recent cancer diagnosis, recent heart attack or heart or circulatory problems, cognitive mental problems like dementia, Alzheimer’s disease are bad health. There’s no other way to describe it.
The only option for somebody in these circumstances is what we called Guaranteed Issue.
- Pros of Guaranteed Issue Life Insurance is that there are no questions asked. As long as you can fill the application out and return it, you are approved for coverage.
- Drawback is if you get approved for coverage, there is a limitation of coverage for usually the first two years. Meaning if you die from natural causes, the premiums are paid to the beneficiary you paid in, so you get the money back. Plus, usually about 10 percent interest, that can vary depending on the company.
Why you should consider guaranteed issue life insurance
I don’t like to sell a guaranteed issue life insurance plan if I can help it because I want my clients covered immediately, but the reality of someone with the health issues I have mentioned or if your health is bad that this is all you can get, you really still need to buy a plan.
The reason is a lot of people who have chronic issues keep going and as soon as you clear the two-year period, you are fully covered for the death benefit and at the time that you pass away your survivors, your beneficiaries get the money. And had you had waited that much longer, may not have paid out.
I’ve had countless people with conditions that require guaranteed issue coverage that have died two years, two and a half years in three, three and a half years in. If it wasn’t for that prudent and wise decision to buy at that point, despite the disadvantages, their family would not have been protected.
I am a big believer in guaranteed issue when there’s no other options. It is something I don’t leave at that.
Let’s look at rate of guaranteed issue life insurance plan.
I am going to show you a 50 year old and a 65 year old. There is no smoker/non-smoker status because it’s guaranteed issue. It doesn’t even ask about smoking status.
I’ll key in either the Gerber Life or American General. This is a 50 year old $10,000 plan for a male guaranteed issue. Mid Forties to low fifties for a female at 50 years old. I sell either American General or Gerber Life most of the time. They’ve good price and minimal waiting period compared to other companies.
Let’s take a look at a 65 year old male, which is going to be a little higher. We are looking at somewhere between 73 and 85 a month and for females should be a little bit less expensive. Women are always less expensive with life insurance, mid fifties for $10,000 in coverage.
$50 a Month – Guaranteed Universal Life Insurance
$100 a Month – Guaranteed Universal Life Insurance
$150 a Month – Guaranteed Universal Life Insurance
How to qualify for life insurance program to cover burial costs
At this point you’ve seen options, whether you are in OK health, whether you’re really in bad health. My goal here is to be transparent, show you what your options are, to give you some confidence that there are insurance companies that will take you.
But then also to let myself avail to you and offer you the opportunity to finally take a plan out to give yourself the peace of mind; you don’t have to worry your family about what they would do if they’ve got to find the money to bury you or to take care of final expenses.
The application process to buy a life insurance program is really simple.
- It doesn’t require an agent to show up at the house but you do need to pick an agent to work with. I always nominate myself. I work across the country and can help most people out with their life insurance needs.
- Once you talk to an agent like myself, I will ask some health questions to figure out what it is you really want, what you can qualify for. Then I’ll draw quote up for you and described the plan.
- If you like what you see, the application processes entirely telephonic or it’s over the email. There’s no personal visit required by me in the vast majority of the cases.
- Usually after several days or weeks you get an approval. If you get approved and you get a decision either way in that period of time. Then if approved, you do get your policy shortly thereafter, a couple of weeks later. And that’s it.
If you would like to qualify for a life insurance program, even if you have bad health, then visit my website or give me a call. My website is buylifeinsuranceforburial.com. Click the top contact box, send me a message or go to the bottom pop-up chat box, send me a message, tell me what you are looking for, and then I’ll get back to you shortly.
Or just call me directly at 888-626-0439 to speak to me live. I am very busy. If you don’t get me, leave me a voicemail. I promise I’ll call you back as soon as possible.