Insurance is based on risk, so the reality that your age, health factors and hobbies play a larger part in determining your monthly premium. If you have a passion for extreme sports, or you're a smoker, it stands to reason that you could be placed in a 'higher risk'' group for life insurance. However, every application is different, so in this article, we'll take you through the factors that help us decide whether to issue life insurance for 'higher risk' individuals. What counts as ‘high risk’ life insurance? When you apply for life insurance with legal & General, you will be asked to complete an application form and possibly a further specific questionnaire, to allow you...
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Buying life insurance for America’s most dangerous jobs Not all jobs are created equal. The U.S. Bureau of Labor Statistics rates occupations based on the rate of accidents and fatal on-the-job injuries, highlighting the most dangerous jobs in the country. One of the top most dangerous jobs in the country is fishing. Fishermen run a high risk for death; for instance, they can be swept overboard by high waves. Charles King worked in Alaska crab and halibut fisheries for more than two dozen years. Almost everyone who's worked in the fishing business knows someone who's fallen overboard or been on a boat that sank. With such a risky profession, you might think it'd be tough to get life...
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More than half (52%) of POC say they believe they have plenty of time to save for retirement Less than half (46%) say they have made progress with setting long-term financial goals Less than one-third (32%) of POC are currently working with a financial professional MINNEAPOLIS – Sept. 9, 2020 – Although they suggest feeling reasonably prepared for retirement, Americans who identify as people of color (POC) report limited retirement-focused investments and lack of progress toward achieving important retirement goals. These findings indicate a potential misinterpretation of their financial situation that may put POC’s retirement readiness at risk, according to the 2020...
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Understanding What “Uninsurable” Means To You When you buy insurance, you want to feel confident that you have coverage in every situation. But some risks can’t be covered. What should you know about uninsurable risks and perils? We’ve prepared a helpful guide explaining what you should know about “uninsurable” situations. What Are Uninsurable Risks? When someone or something is deemed uninsurable, the insurance company cannot or will not provide coverage. With TD Insurance, your policy documents provide you with the details on risks that are covered, and those that are excluded or deemed to be uninsurable. Risk describes the likelihood of certain events happening. Insurance is designed to...
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Life insurance is not one-size fits-all. Your life insurance needs are probably different than your neighbor’s. And guess what else? You will probably be in a different insurance risk class than them too. What are life insurance risk classes? Risk Classes are categories that life insurance companies use to group people with similar health and lifestyle risks. Companies create these classes by using data to determine which factors affect a person’s life span, and weighing how important each risk factor is. Basically, the lower your risk of death, the better your risk class will be, with better risk classes meaning lower premium payments on policies. These risk classes are typically organized...
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“I am proud to be a part of Cura Financial Services, working alongside the insurance advisers who work tirelessly to source the best insurance policies for our clients.” I originally joined financial services as a web programmer at the age of 21 but was quickly tempted by financial services and became a protection adviser. I now run Cura, a multi award-winning protection intermediary, specialising in hard-to-place protection cases, such as people with health conditions. I dislike excessive red tape and have a passion making the insurance industry more inclusive and accessible for everyone. Qualifications: Bsc Hons Computer Programming. CII Financial Protection, Group Risk Fun Fact: At...
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Financial worries can be a significant cause of stress but taking proactive steps will help you cope. In these uncertain times, elements of our financial lives are beyond our control. That can lead to feelings of anxiety and helplessness. However, there are proactive steps you can take to help build mental resilience and cope more effectively with financial worries. Here are five tips to help you deal with financial uncertainty. 1. Actively manage your stress levels It’s important to remember that our reactions to negative events can be as damaging as the events themselves. Stress-related reactions can include poor concentration, irritability, anxiety, insomnia, reduced productivity and...
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Five ratings life insurers give policyholders - explained When you apply for a life insurance policy, there are a lot of factors that determine what rating you will be given. This article will help you better understand the basic risk ratings that life insurance companies use to categorize policyholders. When you begin the underwriting process, the company will review medical, non-medical and financial risk factors from your life insurance application and medical exam results, if required. You could be asked to take a blood test, and some life insurance companies conduct phone interviews to gain more insight into your family health history or to ask you additional questions. Once this...
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Each insurance company could take into account different parameters while underwriting which could also have a bearing on premiums. Photo: iStock Six factors that could impact your health insurance premiums 5 min read . Updated: 19 Jun 2020, 02:26 PM IST Disha Sanghvi Your age, gender and even the body mass index could affect the premium you pay for your health insurance policy If you’re still uninsured and finally want to take the plunge, understand that health insurance premiums could vary due to a host of factors such as age, your geographical location, pre-existing diseases, and the sum insured you opt for, among others. Also, each insurance company could take into account different...
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Impaired Life Insurance The facts about getting impaired life insurance Impaired life insurance includes any person who may not be able to make a standard application due to medical conditions, hazardous occupations or high-risk hobbies. As these factors could lead to a reduced life expectancy, insurers view them as higher risk. Impaired life insurance rates and terms will vary depending on your risk factors, but most will have an increase in premium or special terms like ‘exclusions’. Any application for impaired life insurance will require you to provide further details of your risk factors such as your medical history, working conditions or hobbies. What does Impaired life insurance...
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