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I know when a serious health problem strikes a family member it seems as if the world is crumbling. There is a deep need for a life buoy of some kind out there that will take some of the edge off of the situation. This is the point at which I get many calls wanting to know if life insurance can be purchased.

For many that life buoy is attainable, usually after a waiting period. Life insurance underwriters want to see, in situations like diabetes, heart attacks, etc, some period of stability and control before they are willing to offer a life insurance policy. I remember a man who called one day asking about life insurance. Everything was going along just fine until we got to the health questions concerning heart disease. He admitted that he had recently had a 2 vessel angioplasty. Actually, very recently…as in the day before. He was still in the hospital. Realistically, the underwriter will want to see a longer period of recover and control.

In some cases there really isn’t anything we can offer but support and information. Depending on which type, a diagnosis of cancer, once treated and cured, will bring a waiting period of a year to five years or more before insurance, other than guaranteed issue insurance, can be written.

With some forms of cancer that are known for their aggressiveness and tendency to come back, there really is no option other than guaranteed issue.

Bottom line. The discussion of and the call to acquire life insurance is best made when everyone is healthy and happy. Calling at the wrong time and hoping that life insurance is going to be the one thing that went right this week is really just wishful thinking. I’m not saying not to make the call. Just be open to what your options really are.