Life insurance is a great tool. It can provide you and your family with much needed protection. However, in spite of all the benefits it offers, there are still some who do not have life insurance. Some people don’t want it. Others can’t or think they can’t get it.
This article focuses on this second group of people, and on the things that they think will prevent them from getting insurance.
In most cases, obesity will not exclude you from getting life insurance. However, it will make your premiums skyrocket, because it brings with it many terrible illnesses, such as diabetes or high blood pressure. These illnesses will flag you as a higher risk for insurance companies.
That’s why it’s so important to try to lose some weight before applying for life insurance. And, if you lose a significant amount of weight, you may also be able to get your insurer to re-underwrite your policy after the first year.
A Pre-Existing Condition
People diagnosed with a terminal disease will never be able to get life insurance. However, if you have other conditions, that can still result in a long life, there may be a chance to extend coverage at higher rates. In such cases, you have to fully disclose the condition.
This is, unfortunately, a very big problem. Many people can’t get life insurance because they can’t afford it. If you’re not in good health, your policy could cost you hundreds of dollars each month. Term life insurance might be the solution in such cases, but it will also cost more and more as the years go by, and can become unaffordable.
Life insurance is an important part of your personal risk management. Some things may prevent you from getting it, but that doesn’t mean that you shouldn’t do your research first and see if you can get over these obstacles or not.