Finding affordable life insurance can be tough, especially for the elderly, tobacco users, overweight persons, and those with less than perfect health.

We ought to know. Outlook life started in Jan, 2002 with the goal of providing affordable life insurance for people with health conditions such as diabetes, heart disease, hepatitis, sleep apnea, cancer and multiple sclerosis; collectively called “impaired risk” life insurance. We then added seniors, people struggling with obesity, cigar smokers, and chewing tobacco users. Our niche was, and remains, finding affordable life insurance for those who had a hard time finding it anywhere else.

We have since written tens of thousands of policies like this, and for the most part, our clients are happy. What is the secret to finding affordable life insurance when you smoke, are overweight, of have a health condition such as diabetes, hepatitis, or MS?

Let me share some tips we have learned over the years.

1) Your life insurance agent must understand your health

Most life insurance agents do not have a medical background, and many are selling life coverage as an add on to property or auto insurance. Therefore, it can be difficult to find an agent who understands your health details. They type of MS you have, how long you have had diabetes, whether you had a liver biopsy when you were diagnosed with hepatitis C …. these are crucial questions in getting the best rate for people with those health conditions. One policy does NOT fit all health details unless you want to pay the highest possible price.

2) Your life insurance agency must have access to many different options

Life insurance companies develop products tailored to different risks. E.g. there are a handful of companies that will issue nonsmoker rates to people who chew, smoke daily cigar or use nicotine gum or patches. There are a handful of products that have no weight limit. There are those who will cover 85 year old’s. And so on.

Within each pocket of products for each risk, the features of the policy also differ: some have a waiting period; some have prices that can go up in time. One of the most challenging tasks I have as COO of Outlook Life is training agents on these many, complicated, ever changing options. But this is necessary to find each of our clients the best price for the best type of policy to fit their specific need.

3) Your life insurance agent must have integrity

Every so often I get a caller who engages me to search for hours to find their best price, then when I give it to them, says “I’ll keep hunting until I find a better price somewhere else.” Too often, this ends up with them hunting until they find someone who will lie to them. A year later, many have been declined, are paying a higher rate than quoted, or are still hunting.

It is very hard for an agent to predict how someone with a health condition will be rated, and none of us can do it perfectly. But an agent who is thorough and honest will get you further than someone who embellishes. Even underwriters are apt to rate more favorably when they know they are dealing with a forthcoming agent. I once read a blog where someone with MS wrote, “Outlook Life doesn’t always quote the lowest prices, but they are honest”. That was the highest compliment we could get, as long as we always stay compassionate and respectful at the same time.

4) You must be willing to share your health details

If you don’t want to share any of your health details, you will be lumped in with everyone else, and pay the price that the person with the worst health pays. That is how life insurance works. To get the lowest price you must answer some health questions, and after answering them, sometimes more questions must be answered so that your agent can drill down to your lowest price.

5) You need to have an open mind

Impaired risk life insurance does not always follow the mantras you have heard. Sometimes Whole Life costs less than Term insurance for people with cancer, heart disease, advanced MS or uncontrolled diabetes. Sometimes there is a limit on how much you can get.

On the other hand, sometimes our clients with diabetes, MS and other health conditions are shocked that they can get any amount they want, and get it at a price lower than they expected!

HEAR US OUT. We will ask, listen, and adjust until a solution is found that best suits your needs and fits your budget. It is up to you whether you want it in the end.

Let us bargain hunt for you.

Deep down, Outlook Life agents are as much bargain hunters as our clients are. We also have personal experience with health conditions in ourselves or people close to us. Our deep desire is to help. If you want to find affordable life insurance, you can do worse than contacting us. :)

PS Once you get good at writing life impaired risk life insurance, finding the best price for people with good health is a piece of cake! We carry 50 companies to find the best price for your entire family. Please feel free to call 866-866-0242 or email me at peg@outlooklife.com any time, even if you just want to check to see if you are paying too much.