Life Insurance Apply While Young and Healthy, Avoid Being Denied

I am a firm believer in insurance. No, I am not an agent, let’s get that out first hehe. 

For those who are already earning and have set-up an emergency fund, next to seriously consider is getting yourself insured, as soon as you can. 

Why? Because it could be that in the future when you become interested to get a life insurance, your application will not be approved by the insurance company due to pre-existing conditions. 

Two people close to my heart experienced this. Their life insurance applications were denied because at the time of application they are already suffering from various illnesses namely diabetes, hypertensive, hypothyroidism.

• Friend 1 is diabetic hypertensive. Life insurance application denied by Sunlife.
• Friend 2 is suffering from hypothyroidism and high BP. Life insurance application denied by Prulife.

Both my friends underwent the company sponsored free medical check-up and lab tests and both were found to have health issues, hence, their application for life insurance were denied.

Lesson: Apply for life insurance while young and healthy. Don’t wait too long, avoid being denied.

One advantage of getting insurance as soon as possible is that the insurance premiums are cheaper if one is young at application age. Premiums will be higher the older one gets, even for the same benefits and package.

Those who are in their 20s and early 30s, please start thinking of getting life insurance now. 

Last year I was hospitalized twice for major operations. I’m okay now, praise God!  Anyway, because I have life insurance with daily hospital income benefit rider (HIB), I was able to file a claim from Sunlife, my insurance company after I was discharged from the hospital. HIB is just one of the many possible benefits of insurance. I also recommend getting Critical Illness rider to the life insurance. 

Aim for Additional Income Streams To Help The Finances

I know it is very difficult to consider insurance if one is burdened with the kid’s tuitions, when one’s salary is just enough to get by, when one has lots of bills to pay, when a family member is sick, etc. I pray that whoever is reading this and who are finding it hard to juggle all bills at once right now, that may you find another way to earn or have multiple new side gigs or businesses. An additional income stream(s) is the quickest way to triumph over financial burdens, for life to get a bit easier money-wise. 

For those who are doing well financially but who doesn’t think about insurance yet, I hope you take time to study about it and pursue it. Life insurance is a gift to yourself and to your family. 

But here’s the caveat, if you don’t have emergency fund yet, focus your energy and resources in building one before you get an insurance. The reason behind this recommendation is that what if you are approved for insurance and you begin paying the monthly, quarterly, or annual premium, then all of a sudden, in the middle of the year, you got laid-off from work, and you have no emergency funds. 

Remember that the insurance bill will still keep coming and coming until end of the paying period. The insurance company will not defer the billing on the ground that the client doesn’t have work. If you can’t pay the premiums and after the grace period lapses, your insurance contract might be voided and all premium payments made might be forfeited. Now, if you have emergency fund, you can still pay the premium dues. 

For better financial standing, first step is to build an emergency fund, once that is secured, then the second step is to apply for life insurance.

Before signing up for an insurance plan, evaluate various offers from different insurers and then choose the most fitting life insurance for you. Here’s hoping you will get approved when you do apply. Cheers!