Signing up for life insurance is considered by many, but the question is, do you qualify for life insurance? The good news is that most people do qualify for life insurance. Although this is true, it is still very important to understand whether you qualify for life insurance or not. There are many types of life insurance and a person can usually sign up for life insurance at any age. The life insurance companies have certain steps they follow to see if you are eligible or not.
It is very easy for younger people to get life insurance at an affordable rate IF they are in overall good health. Life insurance companies use a process called underwriting to determine your risk for dying. Nevertheless, death is unpredictable and the companies are open to assessing the risks in different ways. Some life insurance companies have you go through a physical examination in order to better assess your risks of dying. Other companies may not even require this step.
There are some major reasons you can be denied life insurance. If you have a pre-existing disease, like cancer or a chronic illness, you will most likely be denied life insurance. If you have had any major heart attacks, you can also be denied life insurance as that affects your health in a major way, especially if you are required to take medications afterward. Medical conditions are a major reason for denial of life insurance.
On the other hand, you can also be denied life insurance if you have a high-risk occupation. For example, if you are serving in the military, anything is possible and you may be posted at a dangerous location. That might be a strong reason for denial of life insurance. In addition, if you are driven by your adrenaline and like to participate in high-risk activities, you can also be denied life insurance. These activities can include sky diving, mountain climbing, bungee jumping, etc. Although these activities may sound exciting, they can cause you to be rejected for life insurance.
Lastly, it is extremely important, to be honest when signing up for life insurance. If you are caught lying, not only will your application be denied, you can also face charges for fraud. These are some of the major reasons for denial of life insurance. If these reasons don’t apply to you, you will most likely qualify for life insurance.