We speak with a lot of clients that are considered by most companies to be uninsurable and they are looking for other affordable life insurance options.   While not nearly as cost effective as a traditionally underwritten policy, there are guaranteed issue companies.   These companies will write policies that are guaranteed to be issued, even if you are not insurable by traditional standards.  These companies will charge a cost per thousand rate based upon your age.   These per thousand costs will be significantly higher than and underwritten per thousand rate.   If you are not insurable, you really don’t have any other choice than to pay it or not buy it.   The other big drawback of this type of policy is the limitation on the death benefit amount.   Usually the most that can be purchased is $50,000 of face amount.

Another great option is to try and get more coverage at your place of employment.   Group life insurance is guaranteed issue and is usually going to be better terms than an individual guaranteed issue plan on the open market.   On top of potential guaranteed issue plans, there are survivorship policies that can be issued with one unhealth spouse.  If either the husband or wife are sick they may be able to buy a survivorship/second to die plan.   This type of plan unfortunately doesn’t pay until the death of the second spouse, but it may be a good option if a client is not insurable.   Survivorship is used heavily in estate planning and it is less expensive typically than other permanent plans.

Let me tell you the good news and the bad news.  The good news is you got approved and the bad news is you got a worse underwriting rating due to your medical exam.    This really can be good news as you received approval and have the life insurance that you had sought out.  It is unfortunate that you will have to pay more premium than initially was estimated.   If there was a reason for the insurance company to rate you, then it may be  a blessing that you were even insurable.  Insurability can be fleeting and you can be insurable and healthy today and sick and unisurable tomorrow.

Don’t worry as there are often options that you can pursue to modify the premium.  One options we offer our clients is the ability to shop the policy with other life insurance companies for them.  S0me companies underwrite differently for certain underwriting risks and that could be helpful.  The more issues that you can reveal to us up front before we apply the better.  For example, if you have type 2 diabetes, there may be a company that we would have you apply to for the most favorable results.  The medical exam can catch certain underwriting risks that can be  a huge blessing.  One of my clients didn’t know that they had high blood pressure until they did the medical exam and no are seeking doctor’s care for it.  This may have saved their life, because it would have continued to go untreated.