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Our journey through life is filled with twists and turns, some of which we see coming a mile away, others that catch us totally off guard. That's part of the joy of being alive, the wonder of what lies in store for us and how we will handle it when it comes. However, as much as this attitude of ‘bring it on’ is to be applauded and encouraged, it makes sense to take any precautions we can in case the events that come our way are not to our liking.
Acquiring decent life insurance is a fine example of this. It takes little time and effort and can be much more affordable than expected. This article examines the benefits of taking out life insurance and how to do so with enough information and an understanding of the requirements and exclusions.
Why do I need life insurance?
Life insurance represents a unique opportunity to protect ourselves against worst-case scenarios that see us expire unexpectedly or be diagnosed with terminal illness. Neither of these are pleasant to contemplate, no matter our familial circumstances, but they can have massive repercussions for our dependents and people relying on us. Even the most basic life insurance policies will provide ample funds for our loved ones to continue living in the manner they have grown accustomed to after we are gone.
Eligibility for life insurance
Understandably, life insurance is not available to anyone who wants it without certain restrictions and caveats. Although you should check the fine print carefully and confirm any exclusions with your shortlisted providers, it is generally safe to assume the following requirements will be in place:
Pre-existing medical conditions must be declared — Whether or not your provider insists on a thorough medical check before providing life insurance coverage (unusual, but not unheard of), you are still bound to declare any pre-existing or hereditary medical conditions that might lead to a claim. Any lack of transparency will be taken seriously and may lead to your claim being contested or denied.
Age — Most life insurance providers will only offer coverage to individuals aged between 18 and 73.
Permanent residency or citizenship — Only official permanent residents and naturalised citizens are eligible for life insurance.
High-risk occupations — Exclusions may vary, but individuals engaged in dangerous forms of employment may find themselves ineligible for life insurance. Check with your shortlisted providers, and expect to face resistance if you work in the following industries: Electrical engineering (especially power-line workers), steel and iron, mining, oil, aircraft engineering and piloting, and construction.
Dangerous pastimes and activities — Once again, these limitations will vary, but if you spend your weekends jumping motorcycles over chasms, your insurance providers will want to know about it.
Final thoughts on life insurance
The future is unknowable, but that doesn’t mean we have to barrel headlong into it with abandon and do nothing to protect ourselves and our loved ones. Something as simple as taking out a quality life insurance policy can take a great weight from your shoulders and allow you to enjoy your time. Knowing your loved ones will be well-cared for if disaster strikes is worth the price of the premiums alone.
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