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A medical diagnosis is always a concern, especially if your doctor determines that you have a terminal illness and you have a limited amount of time left. Even though you may have a terminal illness, some insurers may be willing to offer a life insurance policy in Albertville, Minnesota.
Determine the Amount Required
Before you start looking for a policy, identify the amount of coverage that you want. Keep in mind that you may not be able to obtain a large amount on your policy because the risk of death is very high. That means you may want to focus on obtaining only enough coverage to pay off any lingering debts and your funeral expenses.
Insurers may offer a variety of policies and plans, so the best option for your goals and concerns may vary. If you want a large policy, then you may need to pay a high up-front premium.
Compare Your Options
In general, a term-life policy may not be an appropriate option after you are diagnosed with a terminal illness. You may be refused coverage or you may discover that the premium is too high due to the risk of death.
A guaranteed-life policy may be an appropriate solution because the insurer promises to provide some coverage. The amount of coverage that may be offered by the company can vary, but it may be possible to qualify for coverage through a guaranteed policy. Compare your options to get the best rates based on your situation.
Being diagnosed with an illness is stressful and worrisome, but that does not mean you have no options available. Contact Pizano Insurance to speak to an independent agent for more information about the policy options that may be appropriate for your concerns.