By now, you probably know all of the reasons you should have life insurance: you want your funeral expenses covered when you go, you want to make sure your family is provided for, etc. However, while you know getting coverage is important, you have a medical condition that is causing you to be denied coverage. What should you do?

Many people facing this situation jump straight to a guaranteed life insurance plan – where you do not have to get a physical exam and where they ask very few medical questions. This seems like the perfect solution. Right?

Guaranteed life insurance plans do have a lot of benefits; however, they also have a lot of draw backs. They usually have very high premiums and offer much lower coverage. While having any policy, even a guaranteed life insurance policy, is better than nothing, it does not have to be your first step when you are turned down for life insurance.

There are other options you may wish to consider first.

Insure Yourself

Having insurance is a great way to make sure you leave your family financially secure when you go. However, you can make sure they are protected even without having life insurance through your own savings.

Take that high premium you were about to invest in a guaranteed life insurance plan and set it aside for wise investment purposes each month (i.e., do not choose a high-risk stock that could pay off greatly but probably will not – you want to play it safe here.)

With consistent saving, the money that you put aside can turn into quite a nest egg with the potential to grow much larger than the low-offered guaranteed life insurance plan you might have purchased in its place.

Employer or Bank-Issued Life Insurance Options

Many employers and some banks, especially credit unions, offer life insurance policies to their workers or customers. Similarly, many clubs and organizations do the same for their members.

Finding opportunities to receive life insurance from these sources is a great way to supplement policies even when you do qualify. When you do not, they can be extra helpful. It is not wise to rely solely on these policies; however, in combination with the first option or for a temporary fix, taking advantage of these offers is a great alternative to a guaranteed life insurance plan.

Reapply When in Better Health

If you are going through a serious medical condition, such as cancer, then there is a chance you could be turned down for life insurance now, but be approved later. If you know that the reason you were turned down was due to a temporary circumstance, reapply when you have a better chance of getting approved.

While you are waiting, do not go uncovered. Try one or both of the other options listed here if you can.

If you would like help finding the life insurance policy that is right for you, then visit ourcontact page to learn more about our great insurance options.