Life insurance can be used for many purposes., such as income replacement, college-education funding and wealth preservation. But sometimes, just when you need life insurance the most, you can't get it because of poor health. Nevertheless, don't be so quick to jump on the "I'm uninsurable" bandwagon. Many life insurance companies offer policies just for the not-so-healthy. Why? Because better healthcare, improved lifestyle, advances in medical care and improved diagnostic procedures have generally increased life expectancies for those applicants with health impairments.
Before you submit that life insurance application, consider how most life insurers determine whether they'll sell a policy to an individual and how much they will charge for the insurance protection Thinking like an insurer can help you get the coverage you need.
The Insurance Company's View of YouThe process that the insurance company undertakes to evaluate whether an applicant is insurable is called underwriting Each company's underwriting is somewhat different, yet the basic concepts are the same. The company will look closely at your present health as well as prior health conditions, diseases or ailments, but generally, the insurance company also considers a number of other factors, such as:
Before you submit that life insurance application, consider how most life insurers determine whether they'll sell a policy to an individual and how much they will charge for the insurance protection Thinking like an insurer can help you get the coverage you need.
The Insurance Company's View of YouThe process that the insurance company undertakes to evaluate whether an applicant is insurable is called underwriting Each company's underwriting is somewhat different, yet the basic concepts are the same. The company will look closely at your present health as well as prior health conditions, diseases or ailments, but generally, the insurance company also considers a number of other factors, such as:
