Unless you have a terminal illness, no one ever knows for sure when they’re going to take their final breath. Unfortunately, too many young people don’t think about life insurance at a time of their life when they are healthy and insurable. This is a time when they have options for very low cost term life insurance and many types of permanent life policies that allow for the accumulation of cash, tax-free withdrawals and tax-free loans. Young adults feel that they have plenty of time – they often don’t consider the financial impact of their passing on loved ones who depend on them.
Many people assume they are insurable. It may be during a health exam with laboratory testing that is required for the life insurance policy however, that they learn about one or more health problems that makes them ineligible or which makes the cost of insurance too expensive.
Common Reasons Why People are Declined for Life Insurance
- History of one or more types of heart disease or stroke.
- History of cancer.
- Elevated cholesterol levels.
- Elevated glucose or blood sugar levels.
- Elevated liver function exam.
- Hepatitis B or C without treatment.
- A positive alcohol marker.
- Blood or protein in the urine.
- Multiple tickets, motor vehicle accidents, or DUI’s during a set period of time
- Insufficient income.
- Previous denials.
Get Life Insurance Before it is Too Late
It is true that some policies are “guaranteed” to approve you with a limited health questionnaire and without a medical exam. But these policies are only available with high premiums and for small amounts of coverage such as for end of life costs.
If you have a good paying job and are young and healthy, you are almost guaranteed to qualify. Even if you don’t yet have a family, you may want the insurance to help support parents and siblings, or to protect the interests of a business partner. You may be surprised to find out how inexpensive it really is to obtain a substantial amount of life insurance as a young person and never have to worry about being turned down later in life.