Denied Life Insurance? Here Are Your Next 3 Steps

You’ve finally taken the plunge to get life insurance and then the application comes back as denied. It’s tough to learn that the company rejected your application – especially when you were expecting to sail through the process. Fortunately, there are still options available to ensure you have protection. If you’ve been denied life insurance on Long Island, NY, read on.

What to Do When Your Life Insurance Application Gets Denied

Gather information and review

Before a life insurance company confirm or deny a life insurance application, they gather information about the potential policyholder to understand their risk. If the risk is high enough, they may deny the application. Request that the carrier provides a detailed reason why you are unable to take out a policy with them, whether due to medical history, current exam results, or something else. Review the information and ensure it is all correct. Even a minor error could cause your healthy application to be rejected.

Work with an agent

The first company you apply to may not necessarily be the best. Utilizing a high-risk life insurance agent can help you find a better policy fit for your needs. He or she will walk you through the process and let you know which route to take to try to find coverage. For example, if you first got rejected because of your diabetes, you may need to work with a life insurance company that insures diabetic people who keep the condition under control with medication.

Explore your options

If the root cause for denial is too great, a different type of cover may be your last resort. “Graded” or guaranteed products make life insurance possible for those with pre-existing conditions or a high-risk profile. Although they cost more, they typically come with maximum death benefits.

When you’re ready to get started on your life insurance policy talk to the professionals at Premier Risk Insurance. We serve Long Island and surrounding cities in New York, and we look forward to hearing from you today.