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Can You Get Life Insurance If You Are Unemployed?

Life insurance may be available even if you’re unemployed, depending on age, health, past income and the insurer’s underwriting rules.

Written by : Knowledge Centre Team

2025-08-02

1190 Views

10 minutes read

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In these challenging times, every person wishes to guard their loved ones against unforeseen circumstances that might leave them financially shattered. Hence, buying a life insurance policy is the first thing that comes to the mind of people. Life insurance acts as a financial blanket that helps your family members remain economically secured if anything unfortunate happens to you.

However, what if you are unemployed? Can you still own a life insurance policy?

Buying life insurance can be a challenging task. The insurance companies have a particular evaluation process, and you should meet the criteria to obtain coverage.

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How being Unemployed Affects your Life Insurance Eligibility?

For our health as well as the finances, present times are of great uncertainty. As a result of the COVID 19 pandemic, many individuals have been jobless, bursting out, or lost work hours, and everyday life has become unpredictable. How does it affect life insurance? Should you worry about qualifying for life insurance if you're unemployed or if you're on the verge of being unemployed?

If you are unemployed, your resources will undoubtedly suffer, and your insurance application might get delayed or denied. The insurance company considers various factors when evaluating your application, including your family's medical history, occupation, overall health, and, most importantly, your financial position.

Also, you should be aware that each insurance company has its screening process, hence being jobless may not always be a barrier to getting the required life insurance for unemployed people.

Learn can you get a life insurance plan if you are self-employed?

How to Get Life Insurance if you're Unemployed?

If you're unemployed, there are certain measures you can take to boost your chances of being approved for life insurance:

  1. Reduce your coverage requirement: This is one of the most effective steps that can increase your odds of getting a life insurance policy. If you are presently unemployed, you can opt for a policy that presents reduced coverage.
  2. Seek more cost-effective insurance: If you're on a tight budget, term life insurance coverage may be the best option. It's usually less costly than other alternatives and covers you for a fixed duration of time, ranging between 10 to 40 years.
  3. Justify your position: Provide a copy of your CV and prepare a letter explaining your circumstance before initiating your application procedure. Your insurer may be more inclined to accept your application if you've just lost your job and have a strong probability of finding employment in a similar position.

Read these 5 reasons why your life insurance application could be rejected.

Life Insurance Plans by Canara HSBC

Now that you are informed of all the aspects an insurance company considers while approving life insurance for unemployed people and how you can deal with such aspects, you are fully equipped to make an informed decision.

If you're looking for a reliable life insurance company that will be reviewing your case personally and will help you get insurance suitable for your needs.

Here are some of the most comprehensive life insurance plans offered by Canara HSBC

iSelect Smart360 Term Plan:

iSelect Smart360 Term Plan by Canara HSBC provides comprehensive insurance coverage to people till the age of 99 years. Also, the iSelect Smart360 Term Plan presents some supplementary benefits like:

  • Return of premium option when the policyholder outlasts the maturity period of the life insurance plan.
  • Increasing sum secured on the life insurance plan selected by the policyholder.
  • Apart from securing the policyholder's life, iSelect Smart360 Term Plan also includes the alternative to cover your spouse.
  • For people not comfortable with paying huge premiums, this insurance plan provides a limited premium payment option.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Life Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

Family Shield: Enhanced Protection

iSelect Smart360 Term Plan
  • 3 Plan options
  • Life cover till 99 years
  • Steady income benefit
  • Block your premium at inception

Start Young, Pay Less, Stay Secured

Young Term Plan
  • Life cover till 99 years
  • Coverage for spouse
  • Block your premium rate
  • Covers 40 critical illness

Fixed Returns, Zero Risks & Worries

iSelect Guaranteed Future Plus
  • 4 Plan options
  • Life cover + Guaranteed benefits
  • Accidental death benefit
  • Premium protection cover