September is Life Insurance Awareness Month

Do you have family members who depend on your income? The National Association of Insurance Commissioners (NAIC) tells us that September is “Life Insurance Awareness Month” and reminds us that lifestyle choices and factors can have an impact on the availability and cost of insurance coverage. “The cost of an individual health or life insurance policy takes into account your age, height, weight, medical history, occupation, driving record, your family health history and other personal habits like smoking.” Insurance companies also take high risk activities such as mountain climbing, horseback riding, motorcycle riding, flying, or hang-gliding into consideration.
NAIC provides an overview of the information an insurance company will typically request on a life or health insurance application, along with an overview of the underwriting process and some tips on what you should do if you are denied coverage. Also see NAIC’s Life Insurance Buyer’s Guide (PDF).
Additional information:
Buying Life Insurance and Annuities in Massachusetts – from the MA Office of Consumer Affairs
Life Insurance – info from the CT Insurance Department
Annuities and Life Insurance – from the NH Insurance Department
The Facts of Life and Annuities (PDF) – from LIMRA International, Inc. (Life Insurance and Market Research Association)