There are plenty of places to find the answers to frequently asked questions about life insurance. But what about the curveball questions that few people think about? The answers can still be intriguing. Here are some of the questions we get that don’t fall into the FAQ section.
Can you get life insurance even if you are unemployed?
While nothing says you must have a job to acquire life insurance, long-term unemployment could make it a bit more challenging. An underwriter for a company may view long-term unemployment as a liability of your lifestyle and an indication that insuring your financial value as being less necessary. It could potentially make it more challenging.
Do life insurance companies share information?
While insurance companies generally don’t share information, especially medical information, they may join groups like the Medical Information Bureau that serve as a shared database for members.
How common are life insurance medical exams?
Medical exams are relatively uncommon today. Exceptions may include when the insured amount is significant, there are medical issues, a questionable family medical history, or a height and weight issue that could prove to be problematic.
Can my insurance company cancel my life insurance policy should I become ill?
No. It is one of the reasons buying it when young and in good health is so important.
What happens if I lie on my life insurance application?
Lying on a life insurance application could void coverage, result in increased rates, or even put any potential benefits in jeopardy. It is best to be as upfront as possible.
Aren’t all life insurance companies the same?
Not at all. Every company has its own corporate setup to determine profits, varying degrees of customer service levels, and loss experiences. That is why comparing is important when choosing a life insurance company.
How many life insurance policies go unclaimed?
It is estimated that about one in every 600 life insurance policies goes unclaimed following the death of the insured. The value of these unclaimed policies is estimated to be about $2,000 per policy.
If you have any questions about life insurance, how it works, or how it can benefit your family, please feel free to contact us. As independent life insurance agents, we are qualified to answer questions about policies issued by any company. Reach out to us today.