| You'd like to organize life insurance but wonder if you | | | | account. |
| would be classified as uninsurable. What can you do? | | | | So what can you do? |
| When a life insurance company assesses an individual | | | | One way around this is if you are employed by a |
| for life insurance they are primarily interested in the | | | | company that offers life insurance to all employees. |
| life expectancy of the applicant. You may be | | | | Because the risk to the insurance company is spread |
| classified as uninsurable if a company rates you as | | | | over many workers, sometimes hundreds or |
| having a high probability of an early death. What the | | | | thousands, then it is usually possible for workers with |
| exact criteria for assessing an uninsurable applicant | | | | specific medical problems to receive cover. |
| are vary from one company to the next. | | | | An applicant that is considered uninsurable by one |
| However, if you have a pre-existing medical condition | | | | company may be an acceptable risk to another |
| that often results in premature death then you are | | | | company but may have to pay a higher premium for |
| likely to be considered uninsurable. Whether you are | | | | their life insurance cover. |
| or not depends on a number of factors: | | | | Just because you are considered uninsurable at |
| . the nature and severity of your medical condition | | | | present doesn't mean that you will always be. If you |
| . your age. For example, if you contract Hepatitis C | | | | can demonstrate that your health has been stable or |
| at a young age then you are considered more of a | | | | improved or that you have to taken steps to |
| risk than someone who is older. | | | | improve your health then you will likely have grounds |
| . your lifestyle - in particular how healthy your lifestyle | | | | for seeking a reassessment by a life insurance |
| is | | | | company. For example, you could recover from a |
| . time since diagnosis - if it is only a relatively recent | | | | medical problem that currently rules out your eligibility |
| diagnosis then you are a higher risk because the | | | | for life insurance policy. |
| impact of the medical condition is likely to be | | | | There are also particular types of policies - |
| unknown. For example, someone that is recently | | | | sometimes called 'Modified Life Insurance' or |
| diagnosed with Multiple Sclerosis would be considered | | | | 'Guarantee Issue Life Insurance' - where no health |
| a higher risk than someone who was diagnosed with | | | | related questions are asked but they have a |
| the same condition ten years prior. This is due to the | | | | probationary period. If you die within the first 2-3 |
| degenerative nature of the condition and because it | | | | years they only pay out premiums that have already |
| affects suffers differently. | | | | been paid plus interest. If you pass the probationary |
| . health of your body and organs. If your body is | | | | period then they pay the regular stipulated death |
| coping moderately well despite an existing condition | | | | benefit. |
| then a life insurance company will likely take that into | | | | |