If you have been declined life insurance, it is important to find out why your application was rejected. Typically, it is based on a combination of health and lifestyle factors such as smoking or drug use. You can ask your doctor for a copy of your medical records or ask the insurer to send over whatever medical information they have for you. Here are some of the most common medical conditions and lifestyle factors that cause an application to be rejected:
| Medical Conditions | Lifestyle Factors |
|---|---|
| Cancer | Smoking |
| Diabetes | Obesity |
| Heart disease | Excessive alcohol consumption |
| High blood pressure | High-risk occupation or hobbies |
If you are a high-risk person, an insurer may determine that it is not in their financial interests to insure you or they could set very high premiums which are prohibitively expensive. However, there are specialist insurers out there who will cover certain medical conditions, so you could still find a deal – your options may just be more limited.
If you have been rejected life insurance or are struggling to find cover, consider a specialist over 50s policy. These are a type of ‘whole of life’ insurance policy that promise guaranteed acceptance, and you’re not even required to answer any medical questions when applying for it. While over 50s life insurance policies are a safe option, note that these types of policy typically demand higher premiums and lower payouts.
When you have been declined life insurance, do not put another application in right away. It is likely you will be rejected again on the same basis. Find out why you have been rejected and go from there. Build a solid picture so you can productively hone in on your search. Knowing this, you can then tailor your life insurance comparison accordingly rather than relying on guesswork.
If you have been refused life insurance and have discerned where your application failed, you can always seek guidance from an advisor if you don’t want to navigate the complex world of life insurance alone. Speaking to a professional will give you clarity when you proceed to compare life insurance deals.
Remember, it is usually a combination of factors that leads to a rejection. Do not worry if you develop a medical condition after you have successfully taken out a policy, your cover should still be valid.
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Article Sources
- Investopedia. Refused Life Insurance? » What To Do Next
- Progressive. What To Do If You'Ve Been Declined Life Insurance
- Forbes. Why Have I Been Refused Life Insurance?
- The Guardian Life Insurance Company of America. Declined For Life Insurance? Here Are Your Options
- Bankrate. Five Reasons Why Your Life Insurance Application Could Be ...