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What If I Was Declined Life Insurance?
If your declined life insurance, you may be feeling confused, frustrated, and hopeless. However, don’t get too down. Just because a declined life insurance policy does not mean that you won’t be able to get covered. It also doesn’t mean that you’ll need to go with a no exam life insurance policy, either.
The following will help you get accepted for life insurance and help you understand why your declined. Don’t give up on getting cheap life insurance; there are many things that you can still do to make this happen.
Why Was I Declined?
The reason for your declination is the first thing that needs to be figured out. If you find out you were declined for your pre-existing medical condition, or for something like a DUI, then you’ll be far more likely to be accepted the next time around. This is because once you’ve pinpointed the issue, you can research life insurance companies that tend to be more lenient towards people in that specific high risk category.
Here Are The Top Reasons Why Life Insurance Gets Declined
When applying for life insurance you must be certain that past history won’t prevent you from getting coverage. It is discouraging when applying and being declined. However, even if a decline happens, don’t lose hope. An experienced independent agent like the agents at PinnacleQuote will guide you to the right carrier.
Overweight or Obese
These are a red flag for life insurance companies since they are conditions which often lead to severe health complications, particularly cardiovascular issues.
While being overweight or obese may not necessarily be an explanation for a decrease in and of itself, it will often result in higher premiums. And whether or not it exists in combination with other health risks, a decrease is highly likely.
Some life insurance companies will not write a life insurance policy for someone whose income is below a certain level. That level will vary between insurance firms. The reason that they impose this limitation is they don’t need to cover people below a certain income level. For instance, it could lead to devoting a large number of little policies which produce reduced premium flows. The companies see this as a process of cost containment.
If you want a million dollar life insurance policy but have no assets and make $20,000 a year. There is a great chance that you won’t receive coverage.
Elevated Cholesterol, Lipids, Triglycerides And High Blood Pressure
The principal concern here is not necessarily high cholesterol, but instead the mix of elevated LDL cholesterol, and low HDL cholesterol. The combination puts you at higher risk for cardiovascular disease and stroke. If you have untreated high blood pressure with a history of elevated readings, life insurance carriers would like to see it more under control before giving you a policy.
An elevated liver function
may indicate inflammation or damage to the liver cells. This may cause the cells to leak above normal levels of certain chemicals into the blood. Most typically, the altitude is light, and the problem is temporary. But occasionally it can be a sign of more serious liver complications, and that’s what worries life insurance companies.
One of the issues for an applicant is that they may become aware of the elevated liver functioning just after having a life insurance medical exam. In that case, there’s no way to know if the status is temporary or something more serious as you have not had the chance to find follow-up medical attention. The life insurance provider nevertheless could presume the worst and most deny your application.
Health Impairments That Will Cause A Decline
These are some of the most common health impairments that will cause a decline.
History of Cancer
Even though cancer results have been improving dramatically recently, life insurance companies continue to see cancer as a high threat situation. Much depends on the form of cancer which you had, just how far it progressed, and how long remission has been.
The more severe forms, for example, breast cancer, may receive further scrutiny.
Elevated Levels of Glucose or Blood Sugar
High levels of glucose or blood glucose may be an indication of diabetes, and that opens up the chance to get a host of other medical outcomes that lots of life insurance businesses prefer to avoid.
That is another one of those conditions that often isn’t discovered by the applicant until they undergo a medical examination for life insurance. This is because high levels of glucose or blood sugar normally don’t have any symptoms, especially in the early going.
Hepatitis B or C diagnosis treatment is not a reason for denial once therapy is complete. However, it can be an issue if diagnosed before a life insurance policy application, or if it shows up on the life insurance exam itself.
To be able to get life insurance, you’ll first have to start some therapy, which could make you eligible for life insurance approval at a subsequent date.
AIDS or HIV
Although AIDS and HIV are better known now than in the past, and despite survival rates have improved dramatically, some life insurers nevertheless view them as red flags and might deny your application. But there are businesses out there which will offer life insurance, and people are the ones that you need to apply to.
Lifestyle Habits That Will Cause A Decline
The combination of damage to health that occurs from alcoholism, in addition to the prospect of engaging in life-threatening activity is enough for most life insurance companies to issue a refusal.
When alcoholism is a present issue, the ideal strategy in applying for life insurance will be to delay your application until you have quit drinking. The life insurance carrier needs to know sufficient time has passed that the claim of being sober can be substantiated.
Though marijuana use is slowly gaining acceptance among life insurers. Due in no small part to how the process of legalization in more and more states. Admitted or confirmed use of more powerful drugs are typically an automated decline when you submit an application for life insurance.
Just as is the case with alcoholism, even if you have a drug habit, the best strategy is to eliminate the medications and to start establishing a history of a drug-free life. In most cases, this will take up to three decades.
Much like participating in hazardous extracurricular activities, a jagged driving record can indicate that you live a harmful way of life. This is not to underestimate, as automobile accidents are among the leading causes of death, and especially prevalent among young men and women.
A history of numerous accidents or tickets, or certainly of repeated DUI/DWI episodes is a cause of concern for a life insurance provider. You might find it impossible to get life insurance before you are able to demonstrate a reasonable history of driving.
Past Declines on MIB Report
It’s possible to blame the Medical Information Bureau for this issue, however, life insurance companies subscribe to the system, which enables them to share information on approvals and denials with other insurance companies. The main purpose of the system is to alert insurance companies about applicants that lie about their health conditions. Such applicants often go from 1 insurer to another, hoping to be able to pull off the huge lie and make they policy they want.
Hazardous Occupation That Can Cause A Decline
Some occupations carry a greater amount of risk than others. This will make life insurers reluctant to approve policies if you’re working in a job that has particularly hazardous.
- Logging workers
- Fishers and related fishing workers
- Airline pilots and flight engineers
- Structural iron and steel workers
- Refuse and recyclable material collectors
- Electric power-line installers and repairers
- Drivers/sales workers and truck drivers
- Farmers, ranchers, and other agricultural managers
- Construction laborers
Should you work in one of these jobs, don’t be shocked if your life insurance policy application was declined.
What Are Your Alternatives from a Declined policy. For These or some Other Reasons? The point of this list isn’t to tell you why you can’t get life insurance. But rather to provide the most usual reasons for denial, and more important — what you can do about it.
The first step is to discover the particular reasons for the denial. Make sure you find this information in writing, as it might be rather particular, and record more than 1 reason. You’ll need this information in order to determine your next course of actions. That usually involves applying to another life insurance provider. But you should not do this until you know what the denial motives are. This way you can prevent a repeated refusal.
***It’s important to understand that simply because you’ve been denied a life insurance policy in the past, does not mean you can never be accepted by another life insurance carrier.
What Do I Do If I Get Denied Life Insurance?
First of all, when you have health issues, going with the cheapest policy is not always your best option. It’s more important that you are working with the right insurance company, one that will provide reliable coverage.
Secondly, while we always encourage people to get multiple quotes before settling on a life insurance company, you shouldn’t apply for them all at once. You definitely want to check out the best life insurance companies. But if they see how many current companies you’re applying with, they’ll be less likely to insure you.
Finally, order copies of any medical records that were used by the life insurance company in declining your application. You will need to check these documents carefully to make sure they do not contain false or questionable information. In case you run into any, you’ll need to make sure the data is fixed since it will appear in the database which virtually all insurance companies have access to.
How Can I Get Life Insurance After A Decline?
Don’t give up on finding life insurance from a past decline. Life insurance is one of the most essential purchases that a person can make. Without it, your loved ones are at risk of financial insecurity if something unfortunate were to happen to you.
Without life insurance, your family will inherit any of your debts. Furthermore, they’ll need to pay for your final expenses, which usually costs around $10,000. It’s also important to remember that after you’re gone, your family will no longer be receiving the benefits of your salary or retirement income. You may want to consider replacing any income with your life insurance plan, as well.
This is likely your most important strategy. Where one company might deny you, another may approve your program and welcome your business. For example, some life insurance businesses have a more positive view of smokers compared to others.
The trick, if you are a smoker, is to use only to those carriers that have a positive view of smoking. These carriers will provide you cheaper smoking life insurance rates. However, since you do not work in the market, you can not know who these companies are.
The most effective way to find life insurance is by hiring an independent insurance agent. An agent will know the ins and outs of the industry. They’ll find the insurance companies with the most lenient medical underwritings. No matter whatever medical condition you may have, or any other reason for your previous denial of life insurance.
How Much Life Insurance Should I Get?
Choosing the amount of life insurance to buy is a huge decision. You want to make sure that you get a large enough life insurance policy to support your family after you pass. Below, we’ll list some things you may want to consider covering:
- Any debts you may have
- Children’s college tuition
- Final expenses (funeral services usually cost around $10,000)
- Replacement of salary or retirement income
Once you decide on what you would like covered, then it’s time to calculate the total cost. From there, you’ll have an idea of how much life insurance you’ll want to buy.
What If I Was Declined Life Insurance
Where can I get the Best Quote for Life Insurance?
First, PinnacleQuote is here to help. Second, Speak with one of our agents, and they’ll be able to answer any and all of your questions. Third, We can help set you up with the best life insurance companies and find the most reasonably-priced policies for you. Finally, Working with us will save you a tremendous amount of time, energy, and money.
PinnacleQuote Life Insurance Specialists, National Independent Agent
Above all, you want to make sure when shopping for life insurance that you want to go with an independent agent over a captive agent. Actually, PinnacleQuote is a licensed national independent life insurance agent in 49 states. At the same time, has relationships with dozens of carriers. In any event, if you’re looking for a simple process, then let PinnacleQuote hold you by the hand. Therefore, we will provide you with the best life insurance rates in the industry, that’s made possible by the relationships we have accumulated over the years. Ultimately, with 25 years experience in the Investment/Life insurance industries, PinnacleQuote will provide you the best service to protect your family.