It is quite natural for you to look after your family in the event of a tragic incident, but your life insurance provider might place you under a “High Risk” category. Under such circumstances, you’re actually been disqualified by the stringent screening process of yore insurance provider. The reasons that get you disqualified may include longstanding sickness, heart disease, cancer or an advancing age. You can’t really do much about the insurance status you have. It is then that you must think of ways to get covered by an insurance provider.
Regardless of the risk that you pose in the eyes of your insurer, you may come across a few good ways to get covered. Although it might take some time pick the right kind of coverage, you can still make sure that your family is protected in the event something happens to you. People who fall into the high risk category may find it easier to have life insurance at the work place. Life insurance often forms a part of the benefit packages offered by some companies. Although you may possess certain medical or health issues, you can still enjoy the benefits of such coverage.
Of course you may experience certain drawbacks. The policies provided by an insurer are usually more beneficial than the policies you have at the work place. It might fetch you coverage benefits worth up to $50,000 which in reality is not too bad when you take the funeral cost in to consideration. You must always remember that it is better to have some kind of coverage in place. You shouldn’t forget that your coverage will remain in place till the time you’re with your insurer. In case you retire or leave your coverage benefits will cease to exits. You’ll find it difficult to get covered anywhere once you’ve reached your retirement age.
It’s certainly not a good option for you; you must look for guaranteed-issue life coverage. These policies have little difference with standard life insurance coverage, but you don’t need to go through any medical exams or screening for policy approval. This gives you an indication that you must pay a bigger amount towards such coverage. In comparison to the cost of a regular life insurance policy, it might fetch three to five times out of your pocket. You don’t really have any other option in the event you’re un insurable or retired. The extra cost that you need to bear is often worth the way you care for your family.
Guaranteed-issue life coverage policies are of various kinds. A few of these policies are applicable on your outstanding debt; your debt can be paid off entirely even when you’re not there anymore. Mortgage life insurance is certainly is good example. In the event of your death your entire mortgage balance will be paid off by your policy. It pulls your loved-ones out of a significant debt burden.
You must do a careful research about your chosen guaranteed-issue life coverage policy prior to sign up. The cost of such insurance policies may vary from one provider to another. Thus it is very important that you consider all the factors mentioned above before signing up.
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