{"id":10812,"date":"2022-12-26T09:14:38","date_gmt":"2022-12-26T09:14:38","guid":{"rendered":"https:\/\/chettioan.com\/?p=10812"},"modified":"2023-01-26T06:58:54","modified_gmt":"2023-01-26T06:58:54","slug":"term-life-insurance-with-simplified-health","status":"publish","type":"post","link":"https:\/\/chettioan.com\/term-life-insurance-with-simplified-health-10812.html","title":{"rendered":"Term life insurance with simplified health questions for a construction loan"},"content":{"rendered":"

Term life insurance provides financial protection for your dependents in the event of your death. This is particularly important if you are planning to buy or have a property built. Since in most cases a loan is taken out to finance construction, it should be insured. In the event of your death, the loan debt would be transferred to another borrower, but that borrower would not be financially burdened by the insurance. In addition, many banks also require term life insurance to secure the home loan.<\/p>\n

\"Upscale<\/span><\/p>\n

term life insurance is required by many banks to secure construction financing.<\/p>\n

Difficult access to term life insurance due to a previous illness<\/h2>\n

When taking out life insurance, pre-existing conditions lead to premium surcharges or rejection by insurance companies, as the probability of death is significantly increased. In recent years, there has been an increase in "widespread diseases" such as cardiovascular diseases, obesity and mental illnesses. However, it is precisely these groups of people who are often interested in term life insurance, even if their previous illness makes it difficult for them to access it.<\/p>\n

So-called special actions can provide a remedy here. In conjunction with construction financing for a real estate deal, easier eligibility criteria may apply to term life insurance. This means that fewer questions are asked during the health check, thus simplifying access to the insurance. From experience we can say that the use of the special actions makes sense, because they work well and are not more expensive than other term life insurances.<\/p>\n

Amount of coverage for a construction loan<\/h2>\n

Before choosing the amount of coverage, you should ask yourself the following question: Do I only want to insure the construction financing, i.e. the real estate loan, or do I also want to insure my family?? If you only want to cover the loan or remaining debt, you can choose a plan with a decreasing sum insured. The premiums and the sum insured fall annually by a constant amount or by an amount adjusted to their remaining debt. To avoid over-insurance and still guarantee sufficient coverage for your dependents regarding the loan.<\/p>\n

Special promotions in conjunction with a construction loan<\/h2>\n

There are several options for the special actions. The respective conditions are explained in more detail below.<\/p>\n

Special offer I<\/h3>\n

The conditions are a real estate financing or. New medical practices as well as no planned non-European stays abroad of more than 6 months in the next 12 months. Furthermore, a health declaration with the following content must be submitted:<\/p>\n

I hereby declare,<\/p>\n

– that I am currently fully able to work and <\/p>\n

– That I have no illnesses or injuries currently or in the last 2 years, respectively. for which I have been seen by a doctor or therapist (e.g. a doctor's appointment).B. (e.g., non-medical practitioner, psychotherapist) has been or will be undergoing treatment for more than 6 weeks, and<\/p>\n

– that no reduction in earning capacity or severe disability has been recognized or applied for in the last 5 years.<\/p>\n

The general conditions given by the insurance company are:<\/p>\n