Life Insurance After an Illness

Some people who have never given a thought to life insurance come to the realization of its importance following a major illness. Some people think they are immortal until that dose of reality slaps them in the face, and they discover that they really are limited in the number of days they have on Earth.

Of course, if that reality hits you at the age of 25, 30, or 40, it isn't a big issue, but if you don't realize the importance of having life insurance until you are 50 or 60, it is a big issue.

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Should I Get Life Insurance?

Yes, it's very important.

Why would anyone not recognize the importance of life insurance, especially if they have a family? Perhaps it is their feeling that they are admitting their life is not eternal, and they don't like to admit that some day they will not be here. It is like writing a will - they are admitting that they acknowledge someday they will die.

The problem with being hesitant is that you run the risk of that day arriving, and you have not taken the time to provide for your family, or you recover from a major illness only to find that your particular illness now puts you into a high-risk category, and insurance premiums are very expensive.

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Can I still Get A Policy?

Depending upon the severity involved with any of the major illnesses (cancer, stroke, pneumonia, heart attack, hepatitis, diabetes, etc.) you may face, insurance may or may not prove to be a problem. For example, one can have a bout with pneumonia or another bacterial infection that may be life-threatening enough to require hospitalization, but is not likely to be a continuing problem. On the other hand, a heart attack or stroke puts you into a high-risk category that may have a financial impact on the cost of life insurance.

Certainly, life insurance after major illnesses will not always be a major problem, but it's important to understand that certain illnesses will increase your chances of either being denied coverage or having to pay a very high premium.

If you happen to be denied life insurance coverage, you still have the option to go with a no-medical exam policy - also known as guaranteed or simplified issue policy. This type of policies are more expensive, but they will cover you without too many questions.

The best way to avoid that possibility is to purchase life insurance as soon as you begin working because the younger you are, the cheaper the premiums will be. Even if your employer offers employee policies, it's always good to have your own policy in case you choose to change employers.

Do not think that because you are young, you do not need life insurance because any number of major illnesses can result in complications that can lead to death. Where would that leave your family? Always play it safe.

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