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When you are in the market for insurance products but already have a medical condition, a pit of dread overtakes you. In particular, life insurance brings upon so much fear that you may be compelled to skip such a necessary product all together.
Tips to Determine Death Benefit Limits
It might seem like more of a hassle than it is worth. Though, imagine the struggle your family would face if you were gone from their lives forever.
The value of life insurance is that even if you were not here, they could continue to have the same level of financial support.
That level is contingent upon you determining what death benefit would suit your family.
You may want to consider how much it costs for your family to live each year. In addition, factoring college expenses and mortgages is also a good idea. The big-ticket items can easily undo a budget.
The proceeds from a death benefit are distributed tax free.
Include other areas of coverage as well under your life insurance policy. You may choose to buy mortgage payment insurance or funeral or burial insurance in addition to the life insurance policy.
What you may not know, though, is that it is far cheaper to earmark funds within the life insurance policy to pay off the mortgage and to remit funds for the funeral.
Deciding how much insurance to buy is best accomplished with additional sparks to stimulate your mind. Consider first how long any of your kids have until they turn 18 years of age. You most likely want them covered until then, at the least.
Make it a point to carefully evaluate all sources of income.
Do you have any child support, benefits from military service, cash, savings earmarked for retirement, and even insurance policies through a workplace?
What You Need to Prove
True, having Hepatitis C affects your insurance-buying process. Though, it will not necessarily prevent you from getting insurance. In addition, it will not necessarily make a huge increase in premiums either, which is surprising.
Here’s why. Most life insurance policies are as unique as the individuals who buy them.
The reason is because underwriting for a life insurance policy generally weighs risks factors, such as dangerous hobbies and dangerous jobs, to determine the likelihood of death during the term or lifetime of the policyholder.
Policies come in two varieties: one is for the term of the policy, and the other extends for your whole life.
Additionally, there is guaranteed acceptance insurance and policies that require medical questionnaire and full background history.
The general acceptance cost more because it covers the population at a whole, but allows you insurance no matter what.
Yet, even with a chronic disease, it is worth submitting for a life insurance policy with medical exam.
If you have Hepatitis C, or any other serious, chronic diseases, then you need to submit to the full medical history and questionnaire.
The policies that require this demand you show proof you are successfully managing your condition.
The premium is factored according to this and other considerations normally included in the life insurance policy underwriting process.
Proof of Managing Illness
- Have medical records from doctors visits, and hospital stays available for underwriting.
- Have family history medical available for the exam.
- Have blood tests and liver test levels available so that the insurance carrier may evaluate your situation. If the levels are rising, despite best efforts to manage Hepatitis C, you probably will pay more.
- Have receipts for the pharmacy establishing that you are getting refills of necessary medications. It implies that you are taking the medications as prescribed.
Other Factors in Determining Insurance Rates
In addition to what is known as an impaired risk, or increased likelihood of early death, there are other factors that affect life insurance prices.
- Liver Health
- No smoking, no drinking, and maintaining a healthy weight
- Time from diagnosis
- Acute Hepatitis C or Chronic Hepatitis C diagnosis
If you have hepatitis C, and apply for insurance, you will be additionally evaluated for your risk factors.
For instance, there will be an evaluation on your liver, time since you were diagnosed, whether you have acute hepatitis C or chronic hepatitis C, and whether you have ceased drinking, smoking, and maintain a healthy weight.
You will need to find an insurance carrier who covers what is known as impaired risk.
This differs from the standard insurance policies that most healthy people buy. Impaired risk involves proving your level of management of the illness. In addition, to avoid paying super-exorbitant rates, definitely curtail risky behaviors.
For instance, play by the rules of the road when you are driving, to avoid car accidents, and even tickets. The insurance companies will be evaluating your driving record to see whether you pose additional hazards, and therefore an increased risk of untimely death, from a traffic incident.
That means, if you have had many moving violations and traffic tickets in the past, you may want to clean up your act. Drive safely.
Investments and Insurance
If you are like many other people living with Hepatitis C, you may be best buying a whole life insurance policy instead of term life. The reason is simply that it saves you the horror of having to go through the underwriting process ever again.
In addition, you may find that a whole life insurance policy provides some benefits to you, not just to your heirs.
If you do live a nice, long life, whole life will build in cash value. It is cash that you may borrow, fully cash out, or invest for whatever your heart desires.
Many people use this money as their retirement, figuring it builds a good chunk of value over a lifetime, while still providing a death benefit to their legacy.
Be prepared to prove your health and wellness are a priority when purchasing life insurance when you have Hepatitis C.
Other than that, it is a very similar process to anyone else in the population buying life insurance.
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