Many people are under the impression that having a particular health issue disqualifies them from obtaining good life insurance coverage.
Others think that if they are approved they will have high insurance premiums that will make it unaffordable.
What most people don't know is that there are New Jersey Life insurance companies that specialize in obtaining coverage for those who face challenges due to health ailments.
Purchasing affordable life insurance does not have to be frustrating! In this article, I will discuss three major choices you need to make before deciding on an insurance policy from a New Jersey life insurance company.
The first choice you must make is the type of insurance policy you are looking for.
A policy for just a known amount of years or one that will last a life time.
If you are looking to purchase insurance just for a specific amount of years, then you may want to consider a "Simplified Issue Term Insurance" policy.
Usually, this type of insurance policy is the most cost-effective because it is able to give you a large amount of insurance for a minimal monthly premium.
However, what you must remember is that your insurance coverage is only in force for that specified period.
For example, let's say you have a 20 year Simplified Issue Term policy, after 20 years that policy will have to be renewed (if possible) or new coverage has to be purchased; otherwise, you will not have any insurance coverage once your term expires.
If you are looking for life insurance that will last a life time, a "Simplified Issue Whole Life" insurance policy would be the best option.
Sometimes these policies are referred to as "Final Expense" policies.
One of the benefits of this type of policy is that it normally lasts your lifetime as long as you continue to pay the premiums on time.
Another benefit to this type of policy is that it accumulates cash value or "interest" that you could borrow again if it was absolutely necessary.
These types of policies have limited health questions and do not require medical examinations.
When choosing your policy, it is always best to meet with a qualified licensed insurance professional before making your decision.
The second thing you want to consider is how much life insurance you actually need.
This amount will vary from household to household.
In many cases, people underestimate the amount of insurance he or she might need.
Not only do you have funeral expenses, but there may be medical expenses as well.
Others may have a wife, husband or children they need to consider also.
In that case, leaving money to your family is very important.
Whatever the case, this is another step in the decision-making process that you need to think about carefully.
As I mentioned before, it is best to meet with a qualified licensed insurance professional to assist you in this process.
Finally, you must be clear and specific about all ailments you are currently diagnosed with.
Because there are usually no exam requirements with Simplified Insurance policies, it is very important that you know specific information about your conditions, treatments, and year of diagnosis.
This is extremely helpful and will only make the application process go that much faster.
When it comes to an insurance policy, you can never give too much information, but you can definitely give too little.
In closing, there are some cases where some people are just not eligible for insurance.
However, be encouraged, because in most cases there are New Jersey Life Insurance companies approving policies every day for those who are suffering from many health issues.