What Are My Options if I Am Declined for Life Insurance?
What to do if your Life Insurance policy is rejected
You probably already know that getting life insurance quotes and applying for an insurance policy is a smart idea, but you could be wondering what your next steps should be if you are denied for life insurance.
There are a few reasons why you might be denied for life insurance. You might have health-related issues, or you might be older and unable to get the higher life insurance policy that you want. Luckily, you still have options.
Consider Investing in a Cheaper Policy:
One reason why you might have been denied for life insurance is because you might have been applying for a policy with a large payout amount. It can sometimes be difficult to get approved for these policies, especially if you are older or if you have health conditions.
Therefore, it can be a smart idea to apply for a policy that offers a little less coverage. There is no limit to how many life insurance policies that you have, so you can always apply for multiple policies with lower payout amounts. Then, your beneficiary will receive multiple payments at the time of your death.
Look for Life Insurance Policies That Don’t Require a Health Exam:
If you are a smoker, have diabetes or have other medical conditions, such as high blood pressure, then you might not do well at a health exam. Health exams are often held for many life insurance policies, and if you aren’t found to be healthy when you go to your exam, you could get denied for life insurance coverage.
Fortunately, not all life insurance policies come with a health exam requirement. Therefore, you can always look for a life insurance company that offers life insurance without requiring you to take a health exam.
Look for Guaranteed Acceptance Life Insurance:
Although there are quite a few companies out there that do not require a health exam for coverage, many of them still ask health-related questions. Certain things, such as having diabetes, can cause you to get denied, even if you don’t have to take a health exam.
Luckily, there are some life insurance companies out there that offer guaranteed acceptance life insurance. This means that you will be given life insurance regardless of your answers to these questions. These policies are often smaller and can be more expensive, but they can still be a great option if you are having a hard time securing coverage.
Just because you were declined for life insurance doesn’t mean that you should give up on securing a policy. Instead, try these tips and you are likely to find a policy that will work for you.