It’s a contract between the life insurance policyholder and the insurance company. When the policyholder passes away, the insurance company promises to pay the policyholder’s designated beneficiaries a sum of money.
What to do if you get turned down for life insurance
Shop around. Companies use different methods and factors to decide who they'll insure. If available, consider a group plan - some don't require a medical exam.
Reasons insurance companies can't turn you down
They can't refuse coverage based on your:
- Marital status.
- National origin.