General Insurance | Personal Insurance | Business Insurance | Life / Health Insurance | Emergencies 

Many life insurance companies issue non-medical life insurance, where you simply have to answer a series of questions in an application. However, depending on your answers, the company might require you to take a physical examination for any of the following: seriously impaired health, the existence of a terminal illness, or a request for an unusually large amount of coverage. If you refuse to take an examination, then the company has the right not to sell you a policy.

Yes, a company can reject you for a preexisting condition with almost no exceptions. A preexisting condition is a medical condition that the insured knows about before applying for coverage. Such a condition might affect either insurability or the premium amount.

Before buying life insurance, you should gather personal financial information and review your family’s needs. There are a number of factors to consider when determining how much protection you should have. These include:

• Any immediate needs at the time of death, such as final illness expenses, burial costs and estate taxes;
• Funds for a readjustment period, to finance a move or to provide time for family members to find a job; and
• Ongoing financial needs, such as monthly bills and expenses, daycare costs, college tuition, or retirement

Although there is no substitute for a careful evaluation of the amount of coverage needed to meet your needs, one rule of thumb is to buy life insurance that is equal to five to seven times your annual gross income.

People in their prime working years are more likely to become disabled than to be fatally injured. Thus, depending on your personal circumstances, one potentially excellent way to protect you, your family, and even your business is to acquire disability insurance. In essence, disability insurance provides “backup” income if you are temporarily out of work. Most disability insurance plans are somewhat flexible, and you can buy coverage for a variety of illnesses or injuries or exclude specific injuries, such as a bad back.

Within certain participation guidelines, two participants are the minimum number required to set up a group health policy.