It’s tough to learn that the life insurance company you applied to will not be offering you coverage, especially if you were fully expecting a yes!
There may still be options, which include applying to a more suitable company or applying for a different policy type. For best options we suggest contacting our insurance agents and read about three actionable steps you should take if you’ve been denied life insurance.
- Collect information.Before an insurer denies an application, they collect lots of data from several sources to evaluate your risk. If the risk is high enough, you are either rated, postponed or denied. In any of these circumstances, requesting more information on the reason for denial is your right.
- Confirm the results.Errors can happen. Double check the data that was provided to the underwriter. If poor exam results were cited as the cause, confirm it with your primary care physician.
In other scenarios, you could be denied for occupational or recreational hazards, criminal records and even financial distress. Having records such as these, which aren’t updated or detailed enough, can lead to postponement or declines because the underwriter simply can’t assess a proper risk profile.
- Work with an agent.Even with proper research, the first company you apply to isn’t always necessarily the best. Passing along detailed information to an agent can allow them to search into better options. A well-trained high-risk life insurance agent can assess information thoroughly and find a better fit for you.
Please note, that there may still be options, which include applying to a more suitable company or applying for a different policy type.