Life insurance and critical illness cover can be crucial for families. If the main breadwinner in a household is suddenly unable to continue providing the necessary level of income, the futures of others in the home can be placed in jeopardy.
However, not everyone who could benefit from such insurance protection has it; potentially placing their loved ones at risk of serious financial problems should something bad happen to them.
According to the San Francisco Chronicle, there are a number of reasons that are often cited by those who fail to get cover of this kind.
It suggested that many individuals who have pre-existing medical conditions assume they will not be able to access such policies, so never bother finding out. The publication noted that while those with terminal diseases may find it impossible to get life insurance and critical illness cover, there are other life-long conditions that do not preclude people from getting policies.
In a word of advice, it stated: “As long as you fully disclose the condition and the medical treatment you receive for it, you may be able to get life insurance.”
Another common reason for people not trying to get insurance protection of this kind identified by the newspaper was obesity. However, it added that while this issue will almost always increase individuals’ premiums, in the majority of cases, it does not exclude them.
The news source went on to state: “To save money on your insurance policy, try to lose some of the weight before applying for coverage. Ask your insurance agent ahead of time at what weight the premiums change so that you have a goal to shoot for.”
Meanwhile, a third reason for people failing to get cover was said to be cost. But, as long as people tailor the type and amount of insurance they have to their budget, this should not preclude them from benefiting from such insurance, it noted.