Steps to Take After Your Life Insurance Application Was Denied
You’ve finally got round to applying for life insurance and see a new message from the insurance agency – your application was denied. It can be tough to learn that you’re unable to get a life policy from an insurer, especially if you were fully expecting a yes. There may be a certain risk factor that is preventing you from receiving the coverage that you need. Even if you got denied for life insurance on Long Island, NY, there are still options!
Before an insurer denies an application, they collect a variety of information from several sources to determine your risk. If the risk is high enough, you are either rated, postponed, or denied. If you were denied, the good news is that the carrier can provide detailed information on why an application is denied – make sure you request this information.
Confirm the Results
Mistakes happen. Double-check that the data the insurer had was correct. If poor exam results were cited as the cause, confirm it with your primary care physician. In some cases, you could be denied for occupational or recreational hazards. Having records such as these, which aren’t updated or detailed enough, can lead to postponement or declines because the insurer cannot assess a proper risk profile.
Work with an Agent
The first company you apply to isn’t always necessarily the best. Passing along detailed information to an agent can allow them to search into better options. Agents that better understand the life insurance industry can help you to find and secure reliable coverage. If the root cause for denial is too great, a different type of life insurance policy altogether may be the last resort.
Ready to get started on your life insurance policy? Talk to the professionals at Premier Risk Insurance to find out how you can acquire affordable coverage. We serve Long Island and surrounding cities in New York, and we look forward to hearing from you today.