Posted on Saturday, 31st October 2009 by admin
The answer to that question is yes. In fact, this type of life insurance provides many benefits to an individual that needs coverage quickly. Although most policies underwritten in this way are available for reasonably low amounts, at least one insurance provider will consider up to $500,000 within certain age limits.
Moreover, some carriers will accept credit cards as a payment mode. This indeed makes it a tempting offer. But remember that these benefits come with a price. Generally, this type is more expensive than fully underwritten coverage.
If you already have purchased your life insurance, take note that you have a two year period of contestability. This simply means that any “material misrepresentation” of your health, lifestyle or driving record can nullify your policy and leave your beneficiaries without the coverage you planned.
If you are still confused as to what type of life insurance policy suits your requirements, we think it is best to consult an insurance agent. That way, you will be able to get all your questions answered and make a well-informed decision in the end of the process.
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