11 months ago
People don't generally like to think about life insurance, but it's something many adults find necessary, and if you're not healthy, you could have trouble finding a company to provide you with insurance.
Julie Grooms wrote in and asked, "My husband and I, ages 45 and 40, were recently turned down for life insurance. The reasons? We're overweight, and I take prozac. We're in good health other than needing to lose weight. I don't understand why they won't insure someone just because of these problems."
Wayne Whitaker with the Insurance and Safety Fire Commissioner's Office says that's something that happens often.
He says life insurance companies are providing a product like any other company, and they can turn away whoever they want.
He says factors like age, weight, smoking, diseases like diabetes, and terminal illnesses like cancer can make a company reluctant to write you a policy.
He says it's because they're looking at premium income versus payout. Basically the younger and healthier you are, the more money they'll make.
Whitaker says it's not impossible to get life insurance if you're older and have health issues.
He says shop around. Don't think no one will insure you just because the first company you talked with didn't.
Get an independent agent that represents several companies. They may have more resources to find you the coverage you want.
Settle for limited coverage. Whitaker says you might not get full coverage, but you should be able to find a company that can give you at least some coverage.
If you have questions about life insurance or any other type of insurance, you can call the Insurance Commissioner's Office at 1-800-656-2298.
