This is a guest post by Liran Hirschkorn from chooseterm.com
Life insurance policies are a lot like people; they’re all different. With that in mind it’s easy to understand that it’s important to match unique policies to unique individuals with unique situations, such as an individual suffering from some form of diabetes, needs affordable life insurance for diabetics, which is completely different from a young mom with great health needing a policy. Maybe you already have a policy through work, or an individual whole life policy, but situations arise that put you in risk of losing coverage
Maybe you’re just planning on traveling through extended vacations, or maybe you’re looking to settle somewhere long term; either way, a term life insurance policy can provide specific coverage or additional coverage to suit your needs. Before you travel, be sure to check that you’ll be covered should an accident occur overseas so you can find extra coverage.
Extreme sports that have a higher chance of injury and death are often excluded from coverage if you want a lower rate on your premiums. These might be hang gliding, skydiving, rock climbing, SCUBA, motocross, and a host of other activities that are deemed risky by the insurance companies. It gets even trickier when you start factoring in those multiple companies as each one has different policies and ways of doing things. This is why it’s beneficial to work with an independent insurance agent who is able to work with the best life insurance companies without being tied to any one of them.
While government offered SGLI is great for most active duty soldiers, there are still plenty that require or would like more than the maximum $400,000 that SGLI provides. It can be difficult to find companies or policies that work with members of the armed services and cover them in the line of fire, but it’s not impossible. Once again, stacking multiple policies can help to provide at least some coverage even in the most dangerous positions.
Many people feel that they have adequate coverage, but then get contracted or assigned to a job for a specific amount of time. This might be an overseas position, onsite job, or even just a position that causes a change in your salary for an amount of time; whatever the case, if you want to improve your coverage a term life policy can do just that. If all you had was coverage from an employer offered group life insurance policy, then a term life insurance policy can help to give additional coverage where many group policies fall short. Don’t just assume that your work policy will provide ample coverage, double check before
You can be classified as “high risk life insurance” for any of the above mentioned scenarios, but it is possible to get life insurance in these cases and pricing will likely will boil down to your health. Smoking, high blood pressure, and family history of cancer, or heart disease. It may sound like someone’s beating a dead horse, but do not call it quits if one company denies you coverage or charges exorbitant prices. Keep looking until you find the term life policy (or policies) that works with your unique situation.
Liran Hirschkorn is an independent life insurance broker and the founder of Chooseterm.com. He strives to make life insurance accessible and understandable to everyone so that no one has to go underinsured for lack of knowledge.