If a person is diagnosed with a terminal or serious illness, they may wonder if they can purchase life insurance in Wichita KS. This coverage can help one take care of their family after death, but it can be hard to get once a diagnosis has been made. The lack of options for the severely and terminally ill is why it is important to buy life insurance before the unimaginable happens. In this article, readers can learn how a serious illness can affect one’s choices and insurability.
Serious Illness and Life Insurance
When companies issue policies, they create statistical models that indicate the likelihood of a payout. This underwriting process determines how much the customer pays in premiums. Those diagnosed with severe illnesses have a higher likelihood of death, and as a result, most insurers will not sell a policy to someone who has received a diagnosis.
Even those who manage to find coverage can find it priced prohibitively high. It is not possible to hide an illness to obtain coverage, because most insurers require a medical exam. However, the insurer cannot cancel one’s policy if they receive a terminal diagnosis after purchase. Therefore, buying insurance early is the only way to fully protect the family in the event of a person’s serious illness.
Critical Illness Insurance
While there’s no dedicated type of coverage for critical and terminal illnesses, some insurers do offer suitable policies. These critical illness supplements provide families with cash for expenses not covered by life insurance. For instance, critical illness policies cover experimental medical treatments in most cases. Although the service is readily available, it must be bought before a person is diagnosed with a terminal or serious illness. Moreover, these policy additions are not full life insurance, and they do not pay death benefits as offered in a standard policy.
No one expects to lose a family member to an illness, but the loss is especially painful when the person is a family’s main source of income. Life insurance policies from the Andy Woodward Insurance Agency allow families to provide for one another in the event of a terminal illness, but it can be hard to get for some. By buying life insurance in Wichita KS before it’s needed, the family can provide for those left behind.
