When you apply for life insurance, you’re taking a big risk. Declining an insurance application is a big risk, but it doesn’t always mean that you’ll be declined. The insurance company has likely looked at your financial information, employment history, family and personal circumstances, and potential risks. If they feel that you’re not a good fit for their insurance company, the application may be declined. There are several reasons why your life insurance application could be declined. It doesn’t mean that you’ll never be able to get life insurance. You have to learn why it was declined and what you can do to ensure it doesn’t happen again. Read on for 7 reasons your life insurance application could be declined and get it back on track.
1. Physical Health
Most life insurance companies require a medical exam performed by your primary care physician, who will examine you and write a report on your physical health. If your doctor finds that you have any medical conditions that could affect your ability to pay for insurance, the application will likely be declined. Some medications can make it hard for you to work or function normally, making it difficult for the insurance company to sell your policy if they discover these medications in the medical exam report. Some pre-existing conditions like polycystic kidney disease may require you to have a special policy. Policies such as polycystic kidney disease life insurance premiums can be expensive, so you should let the insurance company make sure you research all your choices.
2. Lifestyle Choice
It’s important to remember that you are responsible for your choices in your life. If you choose to live a lifestyle that puts your health at risk, and there is a possibility of you dying of an illness, the insurance company can decline your application. If your lifestyle puts your health at risk, or if there is a possibility of you dying from an illness, the insurance company can decline your application. The insurance company has to look at all aspects of your life to determine if it’s a good fit for your policy. They have to consider all areas where they feel liability could be involved. Your income, employment history, and family situation all play into the decision-making process regarding life insurance applications.
Age can be a big factor when it comes to life insurance applications being declined. Suppose you’re over the age of 40 and applying for life insurance. You have too many medical conditions or have been diagnosed with a condition that is considered high risk for health insurance companies. You should also check with your doctor about what type of coverage would best suit your needs and recommend it for people over the age of 40 applying for life insurance. If this has happened to you, there are ways to fix it. You can ask your agent to re-write your application or ask them if they will change their mind on whether or not you should be declined based on age alone.
If you’re unemployed, your life insurance application could be declined. Your occupation is a big factor in whether or not you’ll be declined. If you’re not employed, there is a chance that the insurance company will feel that you won’t be able to make good on your life insurance policy. Your occupation can also be a factor in how much life insurance you can buy. If you work as an accountant and are self-employed, it may not make financial sense for your employer to provide life insurance coverage for you in case of death. In addition, it may not be possible for your employer to provide the coverage in a way that meets the company’s financial needs.
Life insurance is a very important consideration for people over 40. You should have a solid financial plan in place, and you should be able to show that you have the means to make good on your life insurance policy. If you’re unemployed, check out how to get life insurance in retirement and life insurance without a job. Suppose you’re over the age of 40 and want to get life insurance; check out how to get life insurance in retirement.