A critical trap that people fall into is applying for a policy with the wrong carrier that is not well suited for medical conditions you may have. Not all carriers handle various health circumstances the same way. One carrier may have a high tolerance for a specific health condition, while a different insurance company may strictly deny the exact same condition.
There is a need to take the life insurance after cancer in order to get the financial assistance in the treatment. You should get to know about the policy for the covering of the cancer treatment. As a result you have not to have the financially contribute due to the policy.
To make matters worse, since your application for insurance was denied, it will possibly be harder to obtain insurance from a different carrier as a result. In states that allow the application to ask if you have previously been denied life insurance the previously denied application could cause you to be grounds for being declined for coverage with other carriers as well.
Additionally, you should make sure you understand what the carrier you apply with will reports to the MIB (Medical Information Bureau) about your health. That way you will understand what information about your health other carriers with access to the MIB will be able to see as a result of your application for coverage.
With respect to buying from the right carrier, it should be noted that some carriers are extremely high priced compared to others for the same amount of coverage. Clearly it’s in your best interest to deal with a life insurance company that is competitively priced in the market place. Getting a few quotes or working with an independent agent that can offer you quotes from several carriers can be helpful to avoid over paying. It will also help you get a better feel for what life insurance rates are reasonable for the coverage you want. Most consumers aren’t insurance quote experts, so it’s hard to know if you are being offered a competitive premium rate or not. It may be helpful to get quotes for identical coverage with several carriers.
Lastly, beyond all of the other details already mentioned, it’s good to know what kind of financial rating the insurance carrier you are applying for has. Do you feel the company has strong enough financial ratings to pay claims through the duration of your policy? Insurance companies are masters of managing risk, but you should consider looking at their financials to ensure you are comfortable with the insurer your are considering.
Searching for the financial ratings of an insurance company is as simple as doing an online search for the term ‘XYZ Insurance Company Ratings’. Most states have a ‘Free Look Period’ where you can cancel your policy without charge. It never hurts to do your homework.
