I’m 18 Years Old, Do I Need to Buy Life Insurance Policy?

November 22 2008 by visitor in Orlando Life Insurance |Comments Off

Reader’s Question:

Do I need to buy a life insurance now even though I’m only 18? Do I still need to take the medical exam? How will the result in my medical exam affect my insurance rates in Florida?

Robert

Orlando FL

Yes you can. Florida insurance companies charge lower premiums to young adults. The reason behind this is you have a lower risk of death than people who are in their 50′s and 60′s.

Most of the Florida insurance companies require medical exam upon insurance application especially if you are buying an insurance policy with higher amount of coverage than a standard coverage.

Your health condition will determine the category of life insurance rates that the company finds proper for you. Health condition covers your height, weight and whether you smoke or not. You can ask your insurance agent if you have any questions on your insurance classification.

The impact on the insurance rates depends on the result of your medical exam. If your medical exam shows that you are 60 pounds overweight or a smoker with heart problem, the insurance company will likely offer a high premium because you are considered in a high-risk category. If this is
your case, you can still lower your life insurance premium by taking steps to improving your health condition. You can go back to your life insurance company after a few years to request to revise your life insurance policy.

 

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