What can I do if I am denied life insurance?
If you’ve recently applied for life insurance and your application was unsuccessful, this can be upsetting and frustrating. However, it’s important not to become disheartened – there are plenty of other insurance providers out there.
This article will discuss what to do if you find yourself in this position, helping you understand the reasoning and allowing you to make changes to be accepted at a later date or by a different insurance provider.
Why your life insurance application may have been denied
There are numerous reasons why your life insurance application may have been denied. However, this is usually a result of health and lifestyle factors. To gain a greater picture of your overall health, ask your doctor for a copy of your medical records and see if there are any noticeable concerns.
If you are unsure, you can speak to a life insurance advisor for support, helping you pinpoint exactly why your application was unsuccessful.
If your application was denied due to health factors, this could be any of the following:
- High cholesterol
- Family history of cancer (or if you currently have cancer)
- HIV and AIDS
- High blood pressure and blood sugar
- And more!
These are just some of the health factors that might have impacted your application. However, this could be a result of lifestyle factors too, such as:
- Smoking or heavy alcohol consumption
- Working a high-risk job
- Too low of an income
- If you’ve previously been rejected multiple times by different insurance providers
If you have a combination of health or lifestyle factors included in this list, then your life insurance application is more likely to be rejected.
Look around for other insurance providers
First things first, if your application was denied due to your health or lifestyle factors, then you may want to work on these (if possible). Usually, although one insurance provider may have rejected you, there will be other providers out there who will accept you.
It’s worth shopping around and applying to different providers. If in doubt or to seek further advice, speak to a life insurance advisor or professional.