Reader’s Question:

What are the disadvantages of getting a no exam term life insurance in Colorado?

Jenny

Thank you for asking Jenny.

Some say that simplified issue term life insurance is for unhealthy people or those who can’t qualify for fully underwritten life insurance. There are many people that try to take advantage of simplified issue life insurance by lying on their application and trying to hide their medical problems. I would suggest you to avoid doing this. There is the legal and moral issues behind committing insurance fraud to consider.

Also, just because the Colorado life insurance provider does not complete a full examination before they issue the insurance policy, it does not mean that they will not dig through your medical records and history and verify the accuracy of your answers on your application after you die. Colorado life insurance providers have the right to investigate the accuracy of your application if you die within two years of purchasing the policy. When you sign the insurance policy, you give the company the right to investigate all of your personal records Just because they streamline things upfront doesn’t mean they aren’t going to do everything in their power just to avoid paying a $100,000 life insurance claim in the future.

Goodluck!

MariCAR