FAQ: Life Insurance

NON-MED and HIGH-RISK PROGRAMS

We now offer two accelerated underwriting programs that enable qualifying applicants to receive up to $1 million in coverage. Under this program, individuals who've been fully underwritten for term insurance within the past five years may be eligible for a new 10, 15, 20, 25 or 30-year policy without a new medical exam. For all other applicants, Anacapa Insurance Services offers NonMed life insurance programs through a variety of top-rated carriers, depending upon your level of health. Most applicants may be able to obtain up to $250,000 in life insurance at 'standard' or 'substandard' rates with no medical exam. Please note that the 'preferred' rate classification is not available without a medical exam. No matter what medical condition you have, we have programs for most everyone. Call us today for details!

In addition, for all other applicants, Anacapa Insurance Services offers NonMed life insurance programs through a variety of well-known carriers. Most applicants may be able to obtain up to $250,000 in permanent life insurance or up to $99,000 in term life insurance at ‘standard’ or ‘substandard’ rates. Please note that the ‘preferred’ rate classification is not available without a medical exam.

In most cases, anyone who is not currently confined in a hospital or nursing home and is not using an oxygen tank may qualify with at least one of these programs. Call us today for details!

What is Term Life Insurance?

Term Life Insurance is typically the least expensive option because the rate you pay is guaranteed only for a certain term and then adjusts upward on an annual basis. The shorter the guarantee, the lower the rate. So a 10-year term is less than a 20-year term. You should normally opt for the longest term you can afford, however, because the rate adjustments at the end of the term can be steep, and you may not be able to afford the higher payments or qualify for a new term policy at that time due to health issues in later life.

What is Permanent Insurance?

Permanent insurance is designed to last as long as you live with lifetime guarantees on the benefit and rate. Whole Life insurance has a fixed payment and interest schedule to guarantee a specified cash value buildup over the life of the policy. Universal Life is more flexible and allows the policyholder to make more or less than the target premiums and even choose to minimize the cash value component in order to obtain the lowest payments possible to guarantee the policy for life.

Are “no exam” policies available?

Yes, we have several companies that offer policies with no medical exam required. These types of programs are ideal for small, final expense policies where the rate is primarily based upon age rather than health. For larger policies it is almost always advisable to go through the medical exam process in order to obtain the best rate possible.

Can I get life insurance if I have diabetes?

Depending upon your medication and level of control, we have many programs for even the most severe cases. For those over 50 who currently take oral medication only for diabetes, you may qualify for a “Standard” rate with some of our insurance carriers. For those using insulin or taking several types of medications, the rate will be higher than standard, depending upon your lab test results and the age you were when you contracted diabetes.

Can I get life insurance if I have had a heart attack?

Normally, you will be eligible for life insurance one year after a heart attack or heart surgery, but the rate will depend upon the level of damage and your follow-up test results with your cardiologist. We also have programs available for persons with a pacemaker or defibrillator.

Can I get life insurance if I have been treated for cancer?

With many types of cancer, including breast and prostate cancers, most insurers will accept an application one year after all treatment has ended and you have been declared “cancer free.” Early stage cancers are easier to insure and can be insured soonest after treatment. For those who have been treated for lymphoma or late stage cancers, however, the wait period is usually two or three years.

Can I get life insurance if I have been declined by another company recently?

In most cases, “yes.” It depends upon the reason for the decline. Many companies will simply not approve applicants on certain types of medications no matter how well controlled the situation is. Our specialty is matching your profile (medical history and current medications) with the company that will most likely view your application favorably. And we will usually submit your application to more than one company just to make sure.

Which life insurance company is best?

Every life insurance company has its strengths in certain types of coverage or with certain types of profiles. Some companies have better rates for people over 70, other companies have better rates for diabetics, or for cancer survivors or for persons with cardiac issues. No one company will be the best choice for every person and situation, and that is why we represent so many.

Why should you purchase life insurance from Anacapa Insurance Services?

Anacapa Insurance Services is dedicated to helping you make the best decision for your life insurance needs. No one insurance company has the best rates for every profile. That is why we provide you with information and rates from the leading life insurance companies so that you will know where the best policy is for your needs. We provide instant term life insurance quotes and complete illustrations for permanent policies as well as online customer service for your convenience. It has never been easier to purchase life insurance. Our excellent lineup of carriers means more choices and the best rates for you, no matter what your medical history or type of plan you need.

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