Join now or Sign in with your favorite social networking sites.
Most of us expect to be asked to answer health and family history questions when we are looking into purchasing a life insurance policy. Likewise, people expect to be asked to get a medical exam. But do you know that if you are planning a trip it could affect your chances of obtaining life insurance?
Yes, your eligibility for life insurance can be affected if you have made exotic travel plans before your purchase life insurance. Depending on where you plan to go, your travel plans can cause your life insurance application to be declined. Even if you are not denied, your insurance company may postpone a decision on your policy until you return from your trip.
Why can my travel affect my eligibility?
The reason that travel could have impact on your life insurance has to do with risk. How risky are you to the company and how much will it cost them in the long run to insure you? This is the question the insurance company asks themselves to determine your premiums and if you will be accepted or not.
To make it simple, if you are planning a family vacation to Disney World or a romantic getaway to the Bahamas you should have no problem obtaining a life insurance policy. However, if you are thinking about going to do missionary work in Haiti you may have a problem.
Locations to avoid:
The following are a list of ten countries to avoid when considering the application process for life insurance. This list is just a sample of countries that may cause a problem. Each insurance company maintains its own list and the list can change as world event and politics change.
Whether it has to do with war, terrorism, violence, crime, natural disaster, or government these countries are considered unsafe for Americans and can prevent you from qualifying for life insurance. If you fail to tell an insurance agent about a planned trip when you are in the life insurance application process, and you do obtain a policy, be careful. If something happens on the trip the insurance company has the right to deny a payout on the claim because you falsified information during the application process.
Has your life insurance application ever been declined due to travel or any other circumstance? We’d love to hear about it.
Photo Credit: morgueFile