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When you apply for life insurance, the insurer has to determine if it should provide coverage to you. 

Individuals with pre-existing conditions may not be able to buy a life insurance plan. There is no guarantee of this. The insurer will go through a process to determine if an individual should have access to a policy. It will, ultimately, determine if there is evidence of insurability. 

Insurability essentially determines whether an individual can safely carry insurance. It’s important to understand. It can help you understand why or when an insurer may deny coverage to you.

Defining Evidence of Insurability

This term, sometimes referred to just as EOI, is an application process. You will provide the insurance company with information about your health. They may also request information about any people that will share the policy with you. 

It is then up to the insurer to determine if you are a high risk. Those who are high risk have key factors that limit their likelihood of living a long life. Insurance companies base life insurance costs, as well as whether they offer this plan based on these factors. How much risk does a person present?

Why Should You Answer Health Questions?

A big question many people ask is if they must answer health questions when getting this coverage. The answer is generally yes. It may be a requirement to obtain the life insurance policy. 

There are various privacy laws protecting the sharing of this information. You generally won't have to share information beyond where it is necessary.

Some group life insurance plans do not require the answering of health questions. Individual life insurance plans often do. For group plans, you may be able to secure a lower premium cost. This is generally true if the plan’s participants document lifestyle improvements and general health. 

Some insurance companies offer a guaranteed policy. They will usually not collect health data from those who are older and apply. The requirements for obtaining a policy and EOI differ from one agent to the next.

If you are considering life insurance, chances are you will provide health information to your insurer. This should not be a deterrent to obtaining quality coverage for you. Life insurance can still be accessible to many people with existing health conditions.

Mitchell & Mitchell Insurance Agency, Inc. is here to help you get the San Diego life insurance coverage you need. Learn more about our coverage options. Call (415) 883-2525 for more information.

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