The most common and obvious reason that people get dwindle for life insurance coverage is because they have a specific health condition, but its not the only reason. There are still many reasons for opting life insurance it may differ from person o person.
Here are the 6 reasons why you should opt for life insurance:
1. You are having a specific health condition: as an example, if someone has cancer or has had a heart attack recently might get dwindle for a traditional life insurance policy. However, there are many people who get declined for life insurance for health reasons simply because they applied with the wrong insurance company.
2. You are participating in high risk activities: Where most insurance companies will insure scuba divers, for an example, this all depends on the type of diving you do, the amount of times you dive in a year and how deep you dive.
3. There are specific financial reasons: as you can typically get coverage of anywhere between 10 to 30 times of your annual income and depending on your age. If you don’t have any income, but your spouse does have then you can typically get as much coverage as your spouse can get.
4. You have filed for bankruptcy: If you have filed for a Chapter 7 of bankruptcy, you will be typically got declined for coverage until the proceedings have been discharged for at least 12 months.
5. You have had DUI: If you have had more than three DUI’s in the last of 10 years, every insurance company would decline you for insurance.
6. You have a criminal record: The difference between an approval and a decline is typically dependent on a couple of factors. At first, how long it has been since you were convicted, and second what type of conviction it was.