by Guest » Thu Feb 04, 2010 06:51 pm
If you sign up for supplemental life insurance through your job, and no Evidence of insurability is required and when and if you do pass away can the life claim be denied? Is the insurer allowed to go back after the policy has been in affect for 10 years or more and ask to see medical records, to see if you were insurable in the first place?
Posted: Thu Feb 04, 2010 07:02 pm Post Subject:
No, this is why group insurance is considered more risky for insurers; it lacks the underwriting process. However, rates are typically higher on this sort of insurance than it would be if you were able to get a fully underwritten individual policy.
Posted: Thu Feb 04, 2010 07:16 pm Post Subject:
Ok, nice to know. You say these types are more expensive. Lets say if you are insured for 250K and are paying 40 a month through your job. You are telling me given you are in good health and over 40, a individual policy would be cheaper?
forgive me i know nothing about insurance and i thought 40 a month for a policy like that was cheap.
Posted: Thu Feb 04, 2010 09:08 pm Post Subject:
It's $40/month now....what will it be when you're 50, 55, 60, 65 years old? What if you leave your job?
Posted: Thu Feb 04, 2010 10:36 pm Post Subject:
Tell us:
Age
Male/female
Height
Weight
and if you have any health issues (e.g. high blood pressure, high cholesterol, depression, etc.)
And dgoldenz and/or I can give you an idea as to what individual coverage looks like for you.
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