Insurance FAQs
Health Insurance
How much life insurance do I need?
Assemble your personal financial information and review your family’s needs
before deciding on life insurance coverage. There are a number of factors to
consider:
- Immediate needs at the time of death, such as illness expenses, burial costs and
taxes
- Funds for a readjustment period, to finance a move or to provide time for family
members to find a job
- Ongoing financial needs, such as monthly bills and expenses
Can I be refused insurance if I have a pre-existing condition?
Yes, a company can reject you for a pre-existing condition with almost no
exceptions. A pre-existing condition is a medical condition that you know about
before applying for coverage.
Do I need a physical exam to get life insurance?
Many life insurance companies issue non-medical life insurance, which requires
you to answer a series of questions. However, the company may require you to
take a physical examination if you exhibit seriously impaired health or terminal
illness, or if you request a large amount of coverage.
How can I protect my family if I develop a serious illness or become disabled?
During your working years, you are more likely to become disabled than to be
fatally injured. So depending on your personal circumstances, an excellent way
to protect your family is to acquire disability insurance. Most disability
insurance plans are flexible, and you can buy coverage for a variety of
illnesses or injuries, or exclude specific injuries.
How many participants do I need to purchase group health insurance?
Within certain guidelines, two participants is the minimum number required to
set up a group health policy.