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.
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.
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.
It may be possible to buy life insurance after a diagnosis of heart disease, but it depends on the severity of your condition. If you are able to get a policy, you may be charged more for coverage because insurers consider you to be at higher risk.
A diagnosis of HIV or AIDS can make it more difficult and expensive to get life insurance coverage. However, you can find a policy that provides protection for your loved ones.
Lung conditions such as COPD, emphysema, cystic fibrosis, and pleural effusion can affect your eligibility for a life insurance policy. You can still get covered, but you may need to take steps to improve your health to make premiums more affordable.