|
Applying for life insurance
does not guarantee you will
be insured.
When you apply, the insurer
will want to know your medical
history.
-
Are you chronically ill,
either mentally or physically?
- Do you have diabetes or heart
disease?
- Are you in good health
for your age?
You may have to
take a physical exam depending
on your age and the amount
of coverage for which you are
applying. Most
insurers require a blood test. Insurance companies
will also review your use of nicotine and alcohol,
your occupation and avocations, your
family medical history, your
blood pressure and cholesterol
levels, how and where you live,
your driving record and anything
else that could affect your
insurability and risk class.
Determining Risk Class
If you are a standard risk, your
life expectancy is average for
your age group. You will pay
an average premium. If you are
a substandard risk, you will pay
more for coverage or be restricted
to the amount you can buy.
If you are a preferred risk, your
probability of dying prematurely
is rated below average, so your
premium will be less.
Remember, that different
companies have their own
unique guidelines for defining
terminology such as preferred
risk or standard risk. Answering
just a few questions upfront does
not mean you will be quoted
the premium for which you
may actually qualify. This is
particularly true for premiums
obtained over the telephone
or on the Internet.
Today, companies
are insuring individuals who
would have previously been
rejected. Diabetics and individuals
with high blood pressure or
heart disease can usually get insurance,
though at higher rates.
Once you are approved, the
insurance company cannot
drop you due to changes in
your health. You can drop the
insurance by not paying your
premiums, but life insurers
cannot terminate your coverage
for any reason except premium
nonpayment or expiration
of the policy.
|
Auto
Insurance
Auto
Insurance