August 2, 2021

With real estate prices recovering to where they were pre-2008 in most of the U.S; many people are buying U.S. vacation homes, and homes abroad for various reasons. The appeal of international vacation homes are at an all-time high as property overseas continues to cost less than near home, even in high-destination areas. A growing trend among younger Americans (Generation X and Millennials) is CoOwnership of vacation homes versus vacation timeshares. Co-ownership is appealing to those who understand the equity benefits of owning versus renting a vacation timeshare. The 2017 Tax Cuts and Jobs Act (The Tax Act) is helping the fuel the appeal of buying a vacation property by assisting owners in taking advantage of tax breaks. Whether investing for the equity potential

Are You Hurting Your Chance for Life Insurance Approval?

If you need life insurance, be aware that there are hobbies, professions, and circumstances that will hinder your chance for life insurance approval even if you’re healthy.  An insurance company examines not only your health but also your personal history to determine if you’re insurable or an insurance risk:

Hobbies- Cliff Diving, Surfing (Big Wave), heli-skiing (being dropped from a helicopter to ski), Base jumping and free-running (involves jumping from rooftop to rooftop), parachuting, and in some instances being a pilot of a small aircraft.

Professions- Include being active military (possible deployment), working and living overseas, or traveling 75% of the year internationally for your job. Other high risk labor professions such as oil production, crop spraying, and some demolition professions such as working with explosives warrant a decline.  There are other professions that are considered high risk and may cause insurability.  

Financial Reasons- Applying for more insurance than is justifiable, filing for Chapter 7 bankruptcy, poor credit, or have quit making payments to creditors can be a risk factor.

Unhealthy Addictions- Current addiction to drugs and alcohol generally is an instant decline.  If you are drug and alcohol-free for three years or more or have gone through chemical dependency or alcohol treatment, you may now be insurable.  However, if you have had a DUI in the last ten years, you may be declined.  Having multiple DUIs is a guaranteed decline at most insurance companies.

Criminal Record- Being declined depends on a few factors such as how long ago the conviction was and what the occurrence was.  If you’ve had multiple felonies, you may be declined.  One offense is not necessarily grounds for a decline and how long ago you were on probation with no additional criminal occurrence will be considered.

If you have any questions or concerns about life insurance approval due to any of these situations, please visit with me.  There are many insurance companies to choose from, and not all will decline an application based on this article’s information.  During the application process, being honest when answering the questions is the first step.  If you do receive a decline, I may be able to assist you in applying to another company that insures people with these types of situations.

963240 – 0910

About the author 


{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}