Have you just learned that your life insurance application has been denied? Were you expecting to be approved only to find out you have been placed in the “impaired risk market” because you have something in your background that puts you at a higher risk of prematurely dying? In this blog, we explain some of the options you still have if you have been denied life insurance.
Collect More Information
When an insurance company reviews your application for coverage, they collect all sorts of data on you from several sources to determine your risk rating. If you are high risk, your coverage might be postponed or denied. Either way, you have the right to request information regarding the reason for your denial.
Doubled Check Their Work
Information can be incorrectly conveyed and minor errors happen all the time that might have a substantial impact on your application. Review the data you request from the insurance company and confirm any exam results with your primary care physician. Some insurers will deny coverage based on undiagnosed lab results, which is why you want to obtain verification from your doctor. Your criminal record and credit report can also affect your application, so make sure the information contained in these things is current.
Consult With an Insurance Adjuster
Once you have researched the reason your application was denied and consulted with your physician to double check your test results, you should speak to an experienced insurance adjuster about looking into other options for life insurance coverage. An insurance adjuster can thoroughly assess the information you give them and come up with a strategy that will help you obtain a policy that fits your needs.
Do you have more questions about finding the right life insurance policy? Call (888) 451-0883 to schedule your appointment with one of our friendly insurance adjusters.