If you turn down a life insurance policy, take comfort in the fact that you’re not alone—and that there are options.
Individuals are usually denied life insurance policies because they fall into the high risk category. This is often due to health and wellness challenges such as diabetes, weight problems, or a previous medical diagnosis of a major illness.
There are also non-health factors to refuse a life insurance policy. They can consist of participating in entertainment and risky habits such as skydiving; have a DUI or acceleration ticket background; have a detrimental job such as roofing; have a bad person record or less than the ideal financial history; be a smoker; and stop working drug test.
Regardless of what the factors are, here are some actions to take if you refuse a life insurance policy.
- Contact your representative and/or insurance provider. They can ensure errors are not made in your application. They can also give you an understanding of why you were denied a life insurance policy.
- Verify the result. If poor health and fitness are mentioned as a factor of refusal, contact your doctor to make sure that there is cause for concern. If the rejection factors are not related to health and wellness, check to make sure that the factors they mention are legitimate.
- Consider pulling options. If you reject a life insurance policy on the basis of inaccurate or insufficient information, you can appeal the option. You will have the best chance of winning your appeal by submitting fast and complete information. This means having your doctor contain as much up-to-date information in your clinical file as possible and submitting one of the most recent and up-to-date information about your personal background. This can consist of anything from your credit record to your driving record to enhanced information about your job.
Getting Coverage After Rejecting Life Insurance
If you’ve been denied coverage before and still want to get a life insurance policy, here’s what you can do.
- Deal with certified insurance representatives. Many people turn down a life insurance policy after trying to do it themselves when looking for life insurance policy coverage. A certified insurance representative who works with many insurance providers will help you choose the one that offers the best authorization opportunities. A representative can also assist you with the application and appeal process if your life insurance policy is rejected. What’s more, some representatives also focus on helping people who are at greater risk to get a life insurance policy. Check out our representative locator to start the process today.
- Use with various insurance providers. Every insurance provider has various criteria for approval of the forever insurance. Try using perpetual insurance with various insurance providers (or insurance providers) before giving up hope.
- Direct appearance into the work environment life insurance policy plan. You may be fortunate to obtain coverage through your employer’s team life insurance policy plan. It may not give you the limit of coverage you want, but with a life insurance policy, something is always better than nothing. Most team life insurance plans do not usually require you to undergo a clinical examination.
- Try again later. Use waiting time to get control of health and wellness issues, quit smoking, tidy up your driving record and increase your financial resources. Insurance providers who see progress in these locations are often more likely to offer you a life insurance policy.
- Consider various life insurance coverages. This gives birth to duplication which is also a better percentage of life insurance policies compared to none at all. Here are some plans to think about if you’re tired of your choices:
- Efficient life insurance policy issues: With this option, you usually complete an online life insurance policy application quickly. A clinical examination is not required, but you may be asked about your health and fitness. There is usually a high level of authorization, and you can often get instant coverage. The downside is that the limits of coverage are often reduced and are often more expensive, on a dollar-for-dollar basis, compared to traditional life insurance policy coverage.
- Cover life insurance policy issues: You can skip clinical exams and clinical questionnaires with a guaranteed life insurance policy. As the name suggests, coverage is guaranteed for anyone who uses it. However, there is often a period of waiting before a full payment is certain to be made to your recipient in the event of your death. The waiting period can be extended to several years. You also won’t have the ability to access larger limits of coverage and higher costs of coverage, on a dollar-by-dollar basis, compared to traditional life insurance policies.