All You Need to Know About Insurance Qualifying Life Event

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Several times, there has however emerged lots of thought from various proposed as regards the fact that what happens to their Insurance Plan when things change. For instance, a Lady named Sarah during her attempt to entering a contract with an insurance company she was sing and then she asked the broker a few questions and they include:

  • What happens to my health insurance should incase an event comes that will definitely change my Status?
  • What happens in a situation where I changed my name after marriage and then it will affect the name, I used in insuring my health, what will happen at this season, will I be given permission to switch the name or will the insurance contract be bridge automatically?
  • What will happen in a situation where an insurance policy was entered and it affected the warranty as stated by me, will it still be referred to as a misrepresentation?
Insurance Qualifying Life Event

All these questions did she ask desperately as one who needed answers due to the fact that she has heard lost of stories of how claims were denied from certain persons and it affected them so baldly because all the premiums that were invested were all lost and she does not want to be part of it as hearing that; so she being a young lady wanted to invest on time but wants to be clarified on time as regards this.

Insurance companies, as well as their policies, made different options for this, in particular, that was why the  Qualifying Life-Changing events was invented to as to meet up certain criteria and societal demand as to what will happen when there is a Shift in Status and demands a revisiting of an insurance policy.

What Is Qualifying Life Event?

This has to do with a major life change that may affect most especially your health insurance needs or it will impacts so greatly on your qualifications for existing insurance. There are several kinds of qualifying life events as some revolve around the changes in marital status, jobs, locations, income as well as family status. And most of these Qualifying life events include:

  • Change in Location: this has to do with relocation, that is when a person changes where he or she stays to a permanent site; for example, if we can use a student here as a scenario, let us say for example the student starts schooling and later changes location when he is done with school, the insurance policy classifies it as qualifying life event. It is also regarded as a change in Location.
  • Change in Family Positioning: this can also be referred to as a change of status and this event could be either a divorce took Place or marriage or the family separated, all these falls under the qualifying life event.
  • Change in your Level of Income: this occurs at that point in which there comes a change in a job or business and the incomes do not flow as before or your former income is not able to keep up with the plan you opted for.

This is the actual reason why a broker is needed in insurance because you will be guided properly on how to go about the different events that occurred; there may be no much successful insurance policy without a broker.

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