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 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
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
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
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.