Will I Qualify for Life Insurance?
Typically 95% of life insurance applicants qualify for life insurance. Life insurance companies have a process called underwriting, where they assess whether it is worth it or not to issue a policy. They will review your health, medical history, family history, nicotine use, driving record, and hazardous activities. The insurance companies take that information and compare it to the underwriting guidelines. The healthier you are, the lower your premiums will be. It’s important to tell the truth about your health information on an application. If the life insurance company finds out that you lied on your application, it could increase your premium, cancel your policy, or deny a beneficiary’s claim to the death benefit.
Life Insurance for Cigar Smokers
Many people think that since they smoke cigars, they will have a hard time qualifying for life insurance or have to pay higher rates. But if you smoke cigars, and no other forms of tobacco or nicotine, then some life insurance companies will qualify you for non-tobacco rates. Life insurance companies have four general health ratings: preferred plus, preferred, standard plus, and standard. Many insurance providers will automatically place smokers in the standard category, but there are some providers who will not.
Life Insurance for Diabetics
While it may be harder to get life insurance if you have diabetes, it’s not impossible. Whether or not you are approved for life insurance depends on a few factors. If you keep your diabetes under control with diet and exercise or medication, then you will likely have a lower premium. If you do not see a doctor regularly, then your premiums will likely be higher or you may not be approved.
Life Insurance for People with Disabilities
Whether or not you can get life insurance when you’re disabled, all depends on why you are disabled. A disability can be from a mental condition, a physical injury, or from an illness. There are some life insurance companies that will approve people with disabilities. They base their criteria on how the disability affects your overall health. They also consider your income, your lifestyle, and your health history.