Thinking of increasing your life insurance coverage? You might need to provide Evidence of Insurability (EOI). EOI is basically proof to your insurance company that you're in good health and pose a reasonable risk. It's like a health resume, showing them why they should be comfortable increasing your policy's value.
Why is it needed? Because adding coverage later in life, or beyond certain limits, can increase the insurer's risk. They want to ensure they're not insuring someone with serious, undisclosed health problems.
EOI can involve filling out a detailed health questionnaire, undergoing a medical exam, or providing medical records. The specific requirements vary by insurer and policy. Don't be alarmed – it's a standard part of the process! Understanding EOI helps you navigate policy changes and secure the coverage you need for peace of mind. So, next time you consider bumping up your coverage, remember EOI and be prepared to showcase your good health!
