In the following article, we wanted to take a moment and discuss a medical condition known as Marfan syndrome and how that condition will affect one’s chances of qualifying for a traditional term or whole life insurance policy.
Now we here at TermLIfe2Go presume…
That Marfan syndrome doesn’t get a ton of attention by insurance brokers simply because it’s not all that common, fewer than 200,000 US cases per year.
Because if you’ve been diagnosed with Marfan syndrome, there’s a really good chance that you’re not going to be eligible for a traditional term or whole life insurance policy.
To the best of our knowledge, if you been diagnosed with Marfan syndrome, you’re simply not going to be eligible for any life insurance policy that is going to require you to be able to “medically” qualify.
This is why…
In this article, we’re going to discuss some “alternative” life insurance products which may be available to you that won’t require you to disclose the fact that you have been diagnosed with Marfan syndrome.
About Marfan syndrome, and why insurance companies worry about it.
Marfan syndrome is an inherited disease that affects that body’s connective tissues.
Which means that…
Marfan syndrome isn’t going to be limited to any one particular part of the body. As a result, Marfan syndrome can have a wide spread effect on one’s eyes, bones, skin, lungs, nervous system along with one’s heart and circulatory system. Which is why life insurance companies are so hesitant to insure those who have been diagnosed with Marfan syndrome.
Marfan syndrome can be particularly harmful to one’s aorta, which is simply another reason why you’re generally going to find that most life insurance companies (if not all) will automatically decline any applicant applying for a traditional term or whole life insurance policy.
This is why we generally recommend that if you have been diagnosed with Marfan syndrome that you begin taking a look at some “alternative” life insurance products that won’t require you to take a medical exam or answer any health-related medical questions.
The good news is…
That these types of life insurance policies do exist, and their called Guaranteed Issue Life insurance policies. The bad news is that they’re not going to be a perfect fit for everyone.
So… let’s just take a moment a briefly describe what a guaranteed issue life insurance policy is so that you can get a better idea if this “type” of life insurance policy may meet your needs.
Guaranteed issue life insurance policies.
In our experience, here at TermLife2Go, we’ve found that the “best” way to describe what a guaranteed issue life insurance policy is, is to first describe what’s “good” about these types of life insurance policies THEN describe what’s “bad” about them.
This way you can get a general idea about these “types” of life insurance policies and know whether or not it makes sense to consider them any further. So, without further ado, let’s dive right into it.
Main benefits associated with guaranteed issue life insurance policies.
Guaranteed issue life insurance policies are great life insurance policies for those who have been diagnosed with serious pre-existing medical conditions or are just looking for a small whole life insurance policy.
The main advantage in purchasing a guaranteed issue life insurance policy is….
Guaranteed issue life insurance policies are not going to require you to take a medical exam, or answer any health-related questions so… it doesn’t matter how healthy you may or may not be!
Most guaranteed issue life insurance policies will only have 3 requirements for approval.
1st. You must be a US Citizen.
2nd. You must meet the minimum age requirements.
3rd. You must live in a state where they are offered.
And that’s it!
But before we get to excited…
Let’s now take a moment to describe the 3 main disadvantages associated with guaranteed issue life insurance policies.
Guaranteed issue life insurance policies only provide a limited amount of insurance coverage. In fact, most guaranteed issue life insurance policies will max out right around $25,000 dollars in coverage. So, if you’re looking for more than $25,000 dollars in coverage, there’s a pretty good chance that a guaranteed issue life insurance policy isn’t going to be right for you.
Price. When it comes to price, guaranteed issue life insurance policies tend to be more expensive “dollar for dollar” than other more traditional types of life insurance policies. Now, this does not mean that guaranteed issue life insurance policies are going to be super expensive it just means that for the amount that you pay, if you could qualify for a “traditional” insurance product, you would typically receive more coverage.
Guaranteed issue life insurance policies will contain a Graded Death Benefit. Which is a SIGNIFICANT disadvantage to these types of life insurance policies so we want to be sure that you fully understand exactly what a graded death benefit is or at the very least know that you need to ask about it if and when you decide to purchase a guaranteed issue life insurance policy.
Graded Death Benefit.
A graded death benefit is a term used by insurance companies to describe a “waiting period” in which an insured must wait before their newly purchased guaranteed issue life insurance policy will begin providing coverage for “natural” causes of death.
Natural causes of death would be an “illness based” cause as opposed to an accidental cause of death such as a motor vehicle accident, slip and fall or natural disaster. Common “natural” causes of death would include:
- Heart attack,
- Etc, ect…
And would not be “covered” by a guaranteed issue life insurance policy until the graded death benefit expired.
Graded death benefits typically last 2-3 years and are the insurance industry’s way of protecting itself against insuring people who are gravely ill.
You may be asking yourself:
“Why would I ever purchase a life insurance policy that is going to make me wait 2-3 years before it will provide coverage for natural causes of death?”
Which is a perfectly normal reaction to have when first learning about what a graded death benefit is. But remember, guaranteed issue life insurance policies which contain a graded death benefit are insurance policies that are usually reserved for those who simply can’t qualify for any other type of life insurance policy.
So… if it means having to wait 2-3 years to finally be able to obtain some coverage, for many, that is an “acceptable” alternative.
It should be noted that if an insured does happen to pass away from natural causes during the graded death benefit period, many insurance companies do have a policy of returning some if not all of the premium paid by the insured to his or her beneficiaries. This is why it’s so important to fully understand the graded death benefit for the policy you may be considering.
Don’t be, you see here at TermLife2Go, we help folks with all sorts of pre-existing medical conditions find a life insurance policy that they can qualify for. Now will we be able to help everyone? No, there will be some individuals where we simply won’t have any available options for them, but that doesn’t mean that we won’t try our very best!
So, what are you waiting for? Give us a call today or visit our Life Insurance Quotes page and see what we can do for you!
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