Eligibility of Life Insurance
When calculating life insurance, insurance agents not only assess your financial documents, they also assess the risk factor by which you live your life. The insurance agency will take in basic factors such as age, sex, height and weight, individual and family health history, identity proof, employment status, marital status and number of children. Then they take into account existing insurance, the hazard levels at work, tobacco use, alcohol use, hazardous hobbies (such as bungee jumping) and travelling to dangerous countries which pose a threat to an individual’s life. Depending on your geographical location, citizenship or residency status in the country may or may not matter. This varies in different countries. In general, age eligibility would require the individual to be between 18-60 years old. Minors are ineligible for applying for insurance and senior citizens generally are not allowed to apply for life insurance as they have reached a high scale on their mortality index.
In the event of premature death, there exists a possibility of denial of life insurance. Insurance agents do not simply gesture that the insured individual has not died. There are a number of reasons why life insurance companies deny claims. The insurance agency claim that the insured person has provided false information or omitted information on their application, usually about medical conditions. Another reason could be self-inflicted cause of death. This does not necessarily mean suicide, but denial occurs in cases such as drug overdose, whether intentional or unintentional. A more common area is unpaid premiums. The life insurance company claims that the insured person did not pay or keep their premiums up to date even if their family claims the deceased has done so. How does one go about fixing these? Hiring a life-insurance lawyer to help with your case is the best way to go about it. It is not advised for you to fix the situation yourself. There are many legal technicalities and at best time is wasted and at worst, the case becomes worse. A lawyer with experience in life-insurance cases can help drastically with such cases.