With nearly 3 million new cases of herpes diagnosed each and every year, one thing we can tell you here at InsuranceBrokersUSA is that…
“We’ve helped a lot of folks get insured for life insurance without ever being told that they have herpes!”
Now we can say this with total certainty because it’s extremely uncommon for anyone to inform us here at JustBuryMe that they have herpes, and we help a LOT of people qualify for life insurance each and every year!
Rather than focus on why folks “chose” not to tell us that they been diagnosed with herpes when we ask:
“Have you ever been diagnosed with any pre-existing medical conditions?”
Or focus on exactly what “herpes” is, we would rather take a moment and discuss three different “types’ of life insurance policies you might be eligible for depending on what pre-existing medical condition you may have and provide you with some insights on each so that you can get a better idea about which “type” of life insurance might be best for you.
Herpes, Life Insurance, and Your Goals…
When it comes time to purchasing a life insurance policy for you and your family, knowing what you “hope to achieve” by purchasing your life insurance policy is going to play a HUGE role in determining which life insurance policy “type” is going to be the best for you.
So… are you purchasing life insurance to…
- Cover the cost of a mortgage?
- Replace a lost income?
- Protect a spouse or child?
- Secure a loan?
- Protect a business?
- Meet a divorce requirement?
- Or just pay for your final expenses?
Knowing “WHY” you want to purchase a life insurance policy will usually be the most important factor in determining which “kind” of life insurance policy you should apply for.
So, let’s first take a look at…
Life insurance policies that can be used to cover “BIG” expenses like mortgages, lost income, or college expenses. For these “types” of life insurance policies what you’re going to find is that you’ll need to be able to qualify for them “MEDICALLY”.
That being said however…
Depending on exactly how much coverage you’re looking for, if you choose to work with a life insurance brokerage like JustBuryMe, you’ll often find that you’re going to have two different options to choose from:
- Traditional term or whole life insurance policies.
- And simplified issue life insurance policies options.
Now we’ve found that the best way to explain how these types of life insurance policies work is by first explaining what they have in common, then describe how they will differ.
Fully Underwritten Life Insurance Policies and Simplified Issue Life Insurance Policies.
Both fully underwritten and simplified issue life insurance policies are life insurance policies that you’ll need to be able to “Medically” qualify for.
Which means that these types of life insurance policies are going to ask you a series of medical questions to determine if you are eligible.
Common questions you’ll likely be asked will include:
- How old are you?
- What is your current height and weight?
- Have you ever been diagnosed with any medical conditions?
- Have you ever been diagnosed with cancer, heart disease, stroke or diabetes?
- Has any of your immediate family members (mother, father, brother, or sister) ever been diagnosed with cancer, heart disease, stroke or diabetes?
- What prescription medications are you currently taking?
Then after asking these initial questions, assuming that we don’t run into any issues or complications, an applicant will typically sign and submit their life insurance application.
From here, the insurance companies regardless of whether you’re applying for a fully underwritten life insurance policy or a simplified issue life insurance policy will begin ordering reports on you so that they can get a better idea whether or not you’ll be an “acceptable” risk for life insurance.
Reports that will be ordered during a fully underwritten and simplified issue life insurance policy will include:
- A prescription database check, which will provide a complete list of any and all prescription medications that have been prescribed to you.
- A department of motor vehicle report.
- A criminal background report.
- And in some cases, depending on the coverage amount, a “soft credit” check will be performed to determine whether or not you have any recent or current bankruptcies.
And when it comes to simplified issue life insurance policies, at this point, your life insurance application will be considered complete and now we’ll just need to wait for the underwriter to make a decision.
For Fully Underwritten Life Insurance policies two additional steps may need to be taken. First you WILL need to complete a medical exam which will be performed by a “third” party examination company and will be paid for by the insurance company (regardless of whether or not you choose to purchase a life insurance policy).
Second, depending on any pre-existing medical conditions you may have, or your current age, or just depending on how much life insurance you are applying for, it’s possible that then insurance companies may also request copies of your medical records from your doctors prior to them making a decision about your life insurance application.
Which means that…
In general, fully underwritten term or whole life insurance policies will typically take several weeks longer to go into force as opposed to a simplified issue life insurance policy that can often be purchased in less than 24-48 hours!
Now the good news is that…
Even after you’ve been diagnosed with herpes, you should theoretically be able to qualify for a Preferred or Preferred Plus rate, which means that you “Should” be able to qualify for both a fully underwritten or simplified issue life insurance policy.
But before we get too excited…
It’s important to note that simplified issue life insurance policies while very affordable in some situations may not be the least expensive option all of the time.
And… because simplified issue life insurance policies won’t require an applicant to take a medical exam and will usually NOT request medical records from ones’ doctor, the insurance underwriters for these “types” of life insurance policies will have less information to base their decisions upon.
As a result….
It’s possible that an insurance underwriter may choose to “err on the side of caution” and turn down an applicant who would not have had a problem qualify for a fully underwritten life insurance policy. For this reason, simplified issue life insurance policies should generally only be considered by the “healthiest” of applicants.
But what about the folks who are just looking to purchase a small final expense policy?
Well the good news for these folks is that they’ll have two different options to choose from as well. They’ll have smaller simplified issue life insurancepolicies to choose from as well as guaranteed issue life insurance policies as well.
The main difference between these two types of life insurance policies is that with the guaranteed issue life insurance policies, in addition to not having to take a medical exam, these types of life insurance policies aren’t even going to ask any medical questions either!
“But there is a catch!”
And the catch is…
Guaranteed issue life insurance policies are going to contain what is called a graded death benefit, and a graded death benefit is a clause which is going to limit when your guaranteed issue life insurance policy will begin to provide a death benefit for you in the event that you die from a Natural or Illness based cause of death.
Did we lose you?
Are you now more confused than ever?
If so, don’t fret…
That’s what we’re here for. You see, here at InsuranceBrokersUSA, we only have one goal in mind which is to help you find the best life insurance policy that you can qualify for!
So, what are you waiting for? Give us a call today and see what we can do for you!