You have certain health conditions and have been declined before. Are you insurable?

Because I am an insurance broker, I am contracted with multiple insurance carriers. We can bypass the carrier that declined you and find coverage for you elsewhere. Example, I have a client who was declined twice from two different carriers. My client was discouraged and almost gave up. I explained that we can continue trying until we get approved. Insurance carriers each have their set of underwriting guidelines, it is my job to find a carrier whose underwriting criteria aligns with the health conditions of my client. With that said, three time’s a charm, my client was approved the third time around.

You already have coverage through work.

Having coverage through work is only applicable while employed. Meaning, once you are no longer employed with your employer your coverage ceases. When you have coverage through your employer you are not the policy owner, but rather you are provided with a certificate of coverage. Your employer is the policy owner. Let's say 10-15 years from now your employment ends - your coverage ends as well. At that point, you realize coverage is necessary and decide to get quotes. Unfortunately, the quotes you receive are much higher than the quotes you were provided with 10-15 years prior. Having coverage through work is a great benefit, but securing coverage on your own and being the policy owner provides greater value. Can you stack coverages? Yes you can. You can definitely get your own coverage on top of what is provided through work.

You have certain health issues which only allow for a product too small in coverage and too expensive in premiums.

I suggest, at the very least, to secure basic coverage for funeral / burial costs, which would help offset the financial burden of loved ones.

You are too young to think of life insurance.

Being too young and too healthy is the absolute best time to get life insurance coverage because it is much cheaper. As you age and develop certain health conditions the chances of getting coverage at a decent rate is slim. Getting coverage while you are young, thriving, and living your best life is prime.

You just bought a house and adding another bill is not in the cards at the moment.

Getting coverage (Mortgage Protection) especially after buying a house is something I wish a lot would grasp. Your mortgage is your biggest debt, why not get some type of coverage so your family can continue living in their family home. If your mortgage is through., e.g., FHA and you have mortgage insurance tacked on to your loan, that is not going to cover your home loan when you pass away. A lot of people confuse the two. Mortgage protection is separate and would have to be secured separately by you. If your mortgage is too high and you cannot afford the monthly premiums to cover that amount, at least consider getting protection to cover a few years of mortgage payments so that within that timeframe your family can figure out the next steps at their own pace rather than having to worry about how to pay next month’s mortgage during their time of grieving.