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When Term Insurance isn't Available

Individuals who are not able to buy term insurance due to any reason should opt for a personal accident insurance policy

If I am not eligible to take a term insurance policy due to medical reasons, what could be the second best option for me to be adequately insured?
- Santosh

Insurers have full right to reject a term insurance proposal if they find the proposer to be high risk. This mostly happens if the proposer has a chronic ailment. This is the reason why we usually stress that you must buy life insurance when young. If you are faced with a situation where you cannot obtain a term insurance cover, you can try to obtain personal accident insurance which will insure you against death due to any accident. If possible, do go in for adequate health insurance. In such case however, pre-existing illnesses will not be covered for the initial 2 to 4 years.

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