If you’re worried that your age, lifestyle or pre-existing health issues may impact your eligibility, you are not alone. These are common questions, and the good news is that most insurers can still provide coverage with some caveats that we’ll cover below.
While health conditions severely impact your ability to secure term life insurance, that is not the case for low-cost final expenses insurance, a form of whole life insurance.
Qualifying for final expense insurance with pre-existing conditions is not impossible. In fact, the majority of health issues are accepted by some insurance companies – which makes it even more important to get multiple quotes if you think your health is an issue.
If you are impacted by a high-risk health condition (cancer, heart disease, etc.), there are guaranteed life insurance plans that are available. Everyone is accepted regardless of health condition but be aware the premiums may be higher.
Most final expense insurance companies will look at these 3 key things:
- Your answers to the health questions in the final expense quote form (tobacco use, etc.)
- A review of your prescriptions
- A review of your MIB consumer file for any relevant health issues that could impact insurability.
You’re probably wondering: What is a MIB consumer file? In a nutshell, it’s a coded file that MIB’s institutional customers (e.g. life and health insurance companies) use to assess your risk and eligibility during the sign-up process of various types of insurance.
After all this information is reviewed, you get an answer regarding your eligibility. This can be within a few minutes up to a few days.