Difference between revisions of "Am I Qualified for Life Insurance Policy?"

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Life insurance is a vital investment, especially if you have loved ones who relies on your income. It is used as income replacement, college-funding for your children and also assets protection.
As we are not able to see into the future, we do not consider life insurance a vital purchase during our youth. Sometimes love, marriage and kids can take us by surprise, and we find ourselves with a household relaying on our monthly salary. Being alive is now more essential than ever and since death, sometimes, can also be a bit of a surprise we find ourselves in need of life coverage.
Acquiring a policy when you are old or even with health problems is a little more challenging, however you should not give up on life insurance, until you have tried all the possible options.
You have to know how an insurance agency determines whether you are eligible for coverage. The process is called underwriting and it differs from company to company, but it maintains some basic aspects. Mainly your health condition and age definitely will count in determining you eligibility. The insurance agency will also be interested in other aspects of your life like:
• age of the insured
• height/weight
• gender
• if a smoker or not
• income
• dangerous hobbies as well as activities
• the amount of coverage applied for
• relationship status (single/married)
In most underwriting processes a form of medical examination is required from your doctor. If the applicant is suffering from a disability or maybe terminal illness the agency may ask that the potential insured to be examined by a specific doctor. Remember that some terminal diseases don't affect your life expectancy and there are many examples of folks suffering from asthma, cancer, heart diseases that benefit from life coverage!
When all the details have been gathered, the agency will place you in a risk group. Applicants usually split into two main categories: those who are expected to outlive the policy's availability period and people who aren't expected to do that. The applicants from the second group may be granted coverage, however at higher premiums, if the company believes that they will live long enough to provide a profit for the insurer.
If you are looking for [http://lifepolicy.info/low-cost-life-insurance/ low cost life insurance quotes], it is recommended to search around, as companies have various requirements: some are more conservative, while others tend to take higher risks. Buying insurance coverage is a difficult job, however if you have patience, you will be rewarded!
For quote comparison and best advice relating to obtaining insurance! Check out [http://lifepolicy.info/ http://lifepolicy.info/] to learn more!

Latest revision as of 17:02, 3 September 2013