You’ve done the legwork to find the coverage you need. You went through the entire application process, only to hear you don’t qualify. Don’t panic yet because you still have options to get affordable life insurance that suits your needs.
Find Out Why
If you were denied a policy, the first thing you should do is find out why. Even if the denial letter offers a general reason, it’s a good idea to call the insurance company to get a detailed explanation. There may be reasons for your denial that you can fix or resolve.
If the insurance company has incorrect or out-of-date medical, financial, or driving record information, you might be able to provide updated information that could change their determination. If certain lifestyle factors resulted in your denial, it’s a good idea to know what they are, so you can work on changing or improving them.
Consider an Appeal
Depending on the reason for your denial, you may want to try appealing the decision. Make sure you have all the facts so that you can support your appeal with hard data and documents. This might include up-to-date medical records, financial records, or driving records.
Ask Your Employer
If you’re still working, it’s a good idea to find out if you can be covered by life insurance through your employer. If you don’t know, ask your Human Resources department. Many employers already cover their employees under a group life insurance policy. Often, additional life insurance is available as well.
However, this coverage won’t be a long-term solution, because it will end when you no longer work. It could, however, buy you time to fix the reasons for your denial.
Talk to a Life Insurance Agent
In addition to checking with your employer, it might be helpful to contact a life insurance agent. Life insurance agents are very knowledgeable about what may cause a denial. Life insurance agents can always give you advice about applying, common reasons for denial, and talk to you about your unique situation as it relates to finding coverage. They may even be able to review your application and point out areas of concern.
Address the Reasons for Denial
There are many reasons your life insurance application may have been denied. For example, if you were denied coverage because you have diabetes that isn’t well-controlled, you can take the necessary steps to get your condition under control. Other conditions, like high blood pressure or high cholesterol, can be improved or eliminated through lifestyle and diet changes.
Other reasons for denial could be a poor driving record. In this case, you may not have a choice but to wait for some time to pass before you can reapply and get approved for life insurance. Life insurance companies look most closely at your driving record for the past three to five years.
If you have a risky hobby or profession, that could also constitute a reason for denial. Rock climbing, base jumping, riding a motorcycle, commercial fishing, mining, and even being a farmer are considered risky and might contribute to a denial of coverage.
The Coverage You Need from Americo Senior Life
If you’ve been denied coverage somewhere else, contact Americo Senior Life to see how we can help. The Americo family of companies has been in the insurance business for over 100 years.
Our individual, permanent whole life insurance policies for seniors offer protection ranging from $5,000 to $30,000. Whole life insurance policies can offer financial security at a very low risk. A policy from Americo means you can rest easy knowing your final expenses will be covered. Apply online today through our easy, fast, and secure portal and get pre-approved in minutes.