There is life insurance coverage for most.
Some insurance companies only guarantee the issuing of life insurance coverage to people ages 70 and younger. This is very important because if you are under the age of 71 there are companies with insurance coverage available for you.
Life insurance premiums are based on health and age. The younger and healthier you are, the less expensive life insurance coverage is. Age and health are THE two factors that determine how much insurance you qualify for and for what premium.
A couple reasons why life insurance coverage is denied.
So one reason why people are denied life insurance coverage is that they are past the age of 70. Another reason people are denied life insurance coverage is that they applied for life insurance coverage which they are not medically qualified for. Other than in an exception I have not experienced these are the ONLY two reasons why life insurance coverage would be denied.
If you are under the age of 71, there are life insurance options available to you.
1. Without ANY medical exams or medical considerations for life insurance coverage to be issued
2. Graded "death benefit" for the first 2 years
a. This means that in the first 2 years, your premium payments earn 8% interest.
b. After the 2nd policy anniversary has passed, the full face amount purchased is in force.
Graded premium life insurance policy.
This is called a graded premium life insurance policy. If you die before the first two years, your premiums are returned to your beneficiary with interest, income tax free. You have to have live 2 years with the policy in force for the face amount to be paid to your beneficiary. This is absolutely an option to anyone who has dependent loved one(s) and not in good health. There is no medical qualifications for this policy. It is a guranteed issue.
Why are people denied life insurance coverage?
It is important to be working with the right insurance professionals to help find the best coverage. Everyone is different BUT if you are under 71 years old, there are life insurance option(s) available to you. Individuals need to be realistic about the insurance coverage they qualify for. Everyone deserves to know their individual life insurance coverage options.
