Life insurance is crucial coverage if you have dependents. It ensures you can continue providing for them even after you’re gone. For residents of Tennessee, our team at Riskbusters Insurance is here to help ensure you have the life insurance coverage you need.
Reasons Life Insurance May Be Canceled
The most common reason for life insurance cancellation is non-payment of the premium. Given the vital nature of life insurance for your dependents, it’s essential to avoid this. With a whole life policy, you might be able to use your cash value to maintain the premiums during a difficult period. If you’re facing financial difficulties, contact your insurance company and try to negotiate a deal that allows you to keep your policy.
Another reason your life insurance policy may be canceled is if it’s discovered that you didn’t answer some of the application questions honestly. Any misinformation can result in immediate cancellation, so it’s crucial to answer honestly.
Reasons Life Insurance May Be Denied
The primary reason life insurance is denied is due to health concerns. Most insurance companies require a physical before issuing a life insurance policy. If you’re obese, have diabetes, or have high cholesterol, you may be denied life insurance. Many chronic illnesses, including heart disease, Parkinson’s disease, HIV/AIDS, or Alzheimer’s, can also result in denial. If your blood test shows that you’re an alcoholic, that may be enough for denial, and age can also be a factor in some cases.
Riskbusters Insurance in Tennessee helps customers decide on the type and amount of life insurance they need to provide for their loved ones.
