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Been Denied Life Insurance? What to Do Now

No matter what situation you’re currently facing, the potential of rejection is something no one wants to foresee, especially when it comes to attaining life insurance. Rejection and denial are always disappointing but can even be scary when you’ve applied for life insurance only to learn that the company has declined your coverage. You figured coverage would be a guaranteed “yes.” If you’ve been denied life insurance from a provider, you could find yourself in the “impaired risk market.” That means there was a risk factor found in your background exam that stood out to the underwriter. Those can include: A pre-existing health concern like cancer or a chronic illness Lab tests showing a new disease or potential problems such as obesity or diabetes Lifestyle choices that can impact your future health, e.g. smoking Financial justification Notes of previous life insurance denials Past criminal record including items such as a…

How Often Should I Compare Life Insurance Rates?

If you’ve purchased life insurance, whether recently or some time ago, you might be unaware that procuring a life insurance policy is not a finite process. After all, your mortality isn’t a fun topic to consider. And once you’re done with the “hassle” of getting a policy, you’re probably ready to move on. Many who own life insurance policies likely aren’t comparing rates on a regular basis—especially given that almost 40 percent of Americans don’t have life insurance, Still, there are viable reasons to look into changing your policy, finding lower rates sitting atop the list. Staying up to date on rates for life insurance policies is a beneficial habit because insurance companies usually change their rates every year. With these fluctuating rates, you may be overpaying if you fail to regularly compare your rates with those of other insurers. So, staying current on rates could save you a considerable…

Is Life Insurance Really Worth the Time and Cost?

Let’s face it: Life insurance can look pricey on paper. A lot of people shy away from procuring a life insurance policy for this very reason. Is life insurance really worth the time and cost? For those skeptical or curious about investing in life insurance, we may need to do some myth-busting to get to the central question. We’ll break down what life insurance is and whether the cost and commitment make sense. Types of Life Insurance Explained To answer this question, it’s important to understand the two basic types of life insurance: term and permanent. Term life insurance offers a predetermined “death benefit” (a payout to the beneficiary of the life insurance policy). It covers the policyholder for a certain number of years, usually somewhere between five and 30. The annual premiums of this plan are set on a fixed rate. Like health insurance premiums, they are based primarily…

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