Can I get life insurance if I have a risky job or hobby?
Yes, but it may affect your coverage or payments. If you work in a high-risk field, such as construction, aviation, or law enforcement, or if you take part in risky hobbies like scuba diving, rock climbing, or skydiving, the insurer may consider you a higher risk. This could lead to higher costs or specific exclusions in your policy.
Can I get life insurance with a pre-existing condition?
Yes, in many cases you can. Having a pre-existing condition does not automatically disqualify you from getting life insurance. Insurers will review your overall health, medical history, and how well your condition is managed.
Depending on your condition and severity, you may pay a higher premium or have fewer policy options. Some policies do not require a medical exam and may be more accessible if your condition makes traditional underwriting harder. Working with an agent at Ozzo can help you find the best option for your situation.
Will my policy be affected if I move to another country?
Many life insurance policies remain valid if you move abroad, but some insurers have restrictions or require additional approval.
What if I don’t have a will?
Life insurance benefits will typically be paid directly to your named beneficiaries, regardless of whether or not you have a will.
What if I outlive my term life policy?
If you outlive your term life policy, the coverage ends, and no payout is made. You won’t receive a refund for the premiums unless you purchase a special policy with a return-of-premium feature.
At that point, you can apply for a new policy, convert your existing policy to permanent coverage (if your insurer allows it), or go without coverage if you no longer need it. It’s a good idea to review your options before the term ends so you can plan ahead.
Does life insurance cover accidental loss?
Most life insurance policies provide coverage in the event of an accident. Some insurers also offer optional accidental death benefit riders, which provide an additional payout if the policyholder’s passing is due to an accident. These riders can be a valuable way to enhance your coverage, offering extra financial support for your loved ones during unexpected circumstances.
What happens if I pass away during my policy’s waiting period?
It depends on the type of policy. Some life insurance plans, especially guaranteed issue or simplified issue policies, include a waiting period that usually lasts one to two years. If you pass away from natural causes during that time, your beneficiaries may not receive the full death benefit. Instead, they may receive a refund of the premiums you paid, sometimes with interest.
If the death is accidental, many policies still pay the full benefit during the waiting period. It’s important to review your policy so you understand what applies to your coverage.
What happens if my beneficiary passes away before me?
If your beneficiary passes away before you and you haven’t named a backup (called a contingent beneficiary), the payout may go to your estate instead of directly to a person. This can cause delays and may be subject to probate.
To avoid this, it’s a good idea to name both a primary and a contingent beneficiary. You can update your beneficiaries at any time to make sure your policy reflects your current wishes.
Are there any exclusions I should know about?
Most life insurance policies have specific exclusions that limit when benefits can be paid. Some standard exclusions include:
Suicide within the first two years of the policy.
Death resulting from illegal activities.
Fraudulent misrepresentation on the application.
While these are standard exclusions, every policy is different. It is important to carefully review your policy’s terms so you fully understand what is covered. If you have any questions, Ozzo is here to help clarify the details and ensure you have the right protection for your needs.
Will my policy be affected if I develop a medical condition later?
Once your life insurance policy is in place, your coverage and premiums will not change if you unfortunately develop a medical condition later. Life insurance companies assess your health only at the time of application, and once approved, your policy is locked in as long as you continue paying your premiums.
However, if you want to increase your coverage or apply for a new policy later, your updated health condition may be considered, potentially affecting eligibility or premium costs.
Can I get life insurance if I’m a freelancer or self-employed?
Freelancers and self-employed individuals can and should get life insurance. Your job title or employment status doesn't prevent you from getting coverage. When you apply, the insurer will look at your income, health, and financial responsibilities just like they would for anyone else.
Do I need my own policy if I have life insurance through work?
It’s a smart idea to have your own policy in addition to any coverage through your employer. While work-based life insurance is a great benefit, it’s often limited in coverage and can be tied to your job. You could lose coverage if you leave the company or your employment status changes.
Having your own policy ensures you’re always protected, regardless of your job.
