Life Insurance and Your Health - What is the Connection?
One thing to keep in mind when shopping for life insurance quotes is that your needs will most likely change over time. If you have a 10 year term life insurance policy, you may be looking to apply for another term policy or renew it after your initial one expires. Usually as we age, our life insurance can become more expensive to obtain. Your age and health are two of the primary factors in obtaining life insurance coverage. A person’s health can determine if they are approved, declined or rated, which means a much higher premium than quoted.
It is always a good idea to review your policies on a regular basis. Because as time moves on, your needs are going to change. You may purchase a home, get married or have children. So as these pivotal life moments occur, you need to be sure that you are keeping track of how much life insurance coverage you have, versus the amount you need to have.
Now think of it in these terms: What if the pivotal moments in the previous paragraph did happen but your health has declined over a period of time? Now you have a need for more life insurance but it may be much more costly than you anticipated. Sometimes people will be declined for life insurance and have to look at much smaller amounts of coverage, which can be very expensive, through guaranteed issue policies that require no health exam or health questions.
This is where good health comes into play. We know that just by our age increasing, so will the cost of insurance. If you work at staying healthy, can potentially help to manage the cost of life insurance as you get older. Depending on how early you purchase a life insurance policy, you could well end up purchasing several life insurance policies in your lifetime.
Yes, there are many factors and pivotal life moments that occur our lifetime, but your health and well-being are incredibly important when it comes to purchasing life insurance.
About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or DCody@Pivot.com.