Asked 11/2/2011
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Can you buy life insurance if filed bankruptcy? |
Answer 1/1 - Submitted 12/28/2011
Yes, you should be able to purchase life insurance after filing a bankruptcy. A life insurance company is more concerned with your health history than with your financial history. They don't want you to die too early because then they will have to pay out a large death claim to your beneficiary. The larger the life insurance policy you want to buy, the more medical exams and records the life insurance company will request of you and want to review.
Even if you have some issues with your health history such as high blood pressure, you will most likely still be able to buy life insurance, you will just have to pay more for it. The older you are, the more you will have to pay too because the risk of health problems increases as you grow older, and of course, with every year that goes by you are a little bit closer to death
Remember, however, that you only really need life insurance if you have loved ones who depend on your income. Life insurance is a way to provide for them financially if your income was suddenly gone due to your death.
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