Many life insurance providers offer non-medical policies, where you only need to answer a series of questions on the application. However, depending on your responses, the company may require a physical exam, particularly if you have serious health concerns, a terminal illness, or are requesting a large coverage amount. If you refuse the exam, the insurer may choose not to issue a policy.
Life / Health Insurance FAQs
Can an insurance company refuse to insure me if I have a preexisting condition?
Yes, an insurance company can deny coverage for a preexisting condition. A preexisting condition is any medical issue known to you before applying for insurance, and it may impact your eligibility or premium rates.
How much life insurance do I need?
When determining how much life insurance to purchase, consider the following factors:
- Immediate Needs: Final expenses, burial costs, and estate taxes.
- Readjustment Period: Funds for a family member to adjust, such as covering moving expenses or providing time for job search.
- Ongoing Financial Needs: Monthly bills, daycare costs, college tuition, or retirement savings.
A general guideline is to purchase life insurance equal to five to seven times your annual gross income, though individual needs may vary.
How can I protect my family if I develop a serious illness or become disabled?
Disability insurance is a valuable option to protect yourself, your family, and your business if you become temporarily unable to work due to illness or injury. It provides income replacement for a wide range of conditions and injuries. Many plans are flexible, allowing you to select coverage tailored to specific needs.
How many participants are needed to purchase group health insurance?
To establish a small group health insurance policy, a minimum of two participants is typically required, with specific participation guidelines depending on the insurer.
