Life insurance for smokers is more expensive because smokers are at greater risk of passing away while they're covered by their insurance policy. Life insurance companies may require a nicotine test during a medical exam before they approve you for coverage.
Guaranteed issue life insurance policies are a type of life insurance coverage available to people who would typically be denied for an underwritten policy. While these policies are easy to qualify for, the death benefit may be relatively low and paying the premiums for coverage may not be worthwhile.
Many life insurance policies have suicide clauses that prevent beneficiaries from receiving a death benefit if the policyholder dies by suicide within the first two years of obtaining or increasing coverage.
If you cancel a whole life insurance policy when you haven't had it for very long, you face surrender fees and may not get any of your policy's cash value. If you've been covered for longer, you have options that may allow you to take the cash value, keep the death benefit, or both.
Variable life insurance is a type of permanent life insurance. You pay higher premiums than for term life insurance and some money is invested into sub-accounts similar to mutual funds. Invested funds can increase or decrease in value, and when investments grow, they gain receive favorable tax treatment.
Indexed universal life insurance is a hybrid life insurance and investment product. The policy can remain in effect your whole life. You'll also earn returns on money invested based on the index with your policy.
You should refinance student loans with a cosigner only if you need one to qualify for the lowest rates. If you have a loved one who is willing, and if you're confident you'll be able to pay back your debt, it may be a good idea.
Life insurance companies test for prescription drugs and illegal drugs. If they find certain drugs in your system, your application for coverage could be denied or you could be charged more.
Being a marijuana user could affect your ability to obtain life insurance and raise your costs for a policy. Different insurance companies have different policies when it comes to the impact of marijuana on life insurance coverage.
A history of depression can make buying life insurance more difficult and more expensive. However, you can still get covered—you just need to shop around for the right policy and be prepared to provide details on your medical history.