The fact of the matter is that it’s harder for someone with major health issues to get life insurance than it is for someone without those same issues. A person who has chronic or serious illnesses is a greater risk to the life insurance company. A term life insurance policy for a healthy person can cost a third of what a term life insurance policy of the same face value would cost for someone who has health concerns.

Still, you need the peace of mind that comes with term life insurance. Here are some ways to get your health insurance and to get it at a more affordable rate:

• Consider a guaranteed policy. A guaranteed life insurance policy is one in which you’re approved without a medical exam or a lengthy questionnaire about your health history. In many cases, if you have severe health concerns, this may be the only type of policy you’re eligible for.
• Take advantage of discounts. Most insurance companies offer discounts based on a variety of factors. For example, if you have your homeowners insurance or your car insurance with the company, you may be able to purchase a term life insurance policy at a discount.
• Look into connected policies. Many credit unions, for example, offer a small amount of life insurance for their members. No, you’re probably not looking at hundreds of thousands of dollars of coverage, but even $10,000 worth of term life insurance company will help your family if something happens to you. Your home loan company may also offer life insurance that will pay off your mortgage if you die, so your family won’t have to worry about finding somewhere to live.
• Find out about exemptions. While it’s not especially common, some life insurance companies do offer policies that preclude certain illnesses. So, for example, if you have a history of diabetes, you may be able to pay less for a policy that doesn’t cover death related to that disease. Of course, in many cases, you wouldn’t be covered anyways because that is considered a preexisting condition.

Photo via Tobyotter