UPDATED: Mar 26, 2020
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Accidents HappenWe can’t know when accidents are going to happen, only that they inevitably will. In 2017, injuries accounted for over 169,000 deaths and were the third leading cause of death in the U.S. Poisoning, motor vehicle accidents and falls accounted for over 82% of all accidental deaths, according to data from the Centers for Disease Control and Prevention (CDC). A term life insurance policy will cover you for death due to an accident of any kind, as well as death due to natural causes. But you need to be in good health and be a reasonable risk to qualify for a term life policy, or at least to get an affordable rate. Sadly, not everyone will be eligible for one.
Reasons You May Not Qualify for Term Life InsuranceLife insurance companies develop their underwriting guidelines to determine an applicant’s eligibility for coverage as well as the rate the policy owner will pay for the policy. There are dozens of reasons people do not qualify for term life insurance. Here are some of the more common ones. Poor Health You have significant medical conditions or history that prevents you from qualifying for life insurance. Conditions we commonly see that exclude people from coverage or cause the rates to be unreasonably high include:
- Heart Disease
- Stroke / TIA
- Excessive Weight
- Bipolar Disorder / Major Depression
- Diabetes (uncontrolled)
- Kidney / Liver Disease
What if You Cannot Qualify?If you cannot insure yourself against death due to natural causes, at the very least, you need to protect yourself from dying due to an accident. Some protection is better than no protection. And that’s precisely what an Accidental Death Insurance policy is designed to do. Accidental Death insurance is straightforward to apply for and is guaranteed coverage; meaning, you cannot be turned down. Also, there are no health questions to answer and no medical exams to complete. Here are more reasons Accidental Death is such a good value.
- You can buy coverage up to $500,000.
- You can buy coverage up to age 70 and keep it until age 80.
- It provides coverage for death sustained from an accident, even work-related accidents.
- The policy pays an additional amount above the policy benefit if you die while driving or riding in a car, or as a passenger on a common carrier such as a bus or plane.
- You can add a spouse and dependents to the policy.