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Death policy mitigates risk

I am often asked if it is hard for people aged fifty plus to obtain life insurance. Generally speaking, the insurance company evaluates your profile. After obtaining blood and urine samples, which are standard, they may ask for an ECG or complete physical. It is also common for the insurance company to refer to your attending physician to confirm various medical information highlighted in your application. Other issues they look at are your build, driving record and family history as well as smoking habits. Past history such as a criminal record or alcohol or drug abuse is also considered. This information is assessed by an underwriter at the insurance company and a decision is made as to whether to offer insurance or not. Sometimes a decision is levied that carries a substandard risk which translates into an additional premium charge on the basic cost of insurance.

Each applicant is evaluated uniquely. People who have endured major illnesses such as cancer or heart attack may still be eligible for insurance. It’s important when going through the application process that all pertinent information is properly disclosed to the insurer. If the insurer uncovers additional information after the policy is issued, they do reserve the right to rescind their offer. While this rarely occurs, it underscores the importance of being honest. I can state that after 28 years in the business, every death claim I’ve seen submitted – and they’ve been numerous – has been resolved satisfactorily.

To summarize, life insurance is a guaranteed future payout of a lump sum of money. Take the market risk out of your retirement portfolio by adding a life insurance component. Everybody knows we’re living through difficult times. People are carefully reevaluating their investments and reassessing their retirement needs. Life insurance guarantees that monies will be available on the death of the insured therefore making certain that the surviving spouse maintains their quality of life and is not held hostage to any unprecedented negative economy or worldwide crisis.