Have you been denied life insurance?
In the event of a disaster, life insurance is a terrific method to protect your loved ones and family from financial strain. Unfortunately, not everyone applying for life insurance can get it.
The Reasons Your Life Insurance Application Was Rejected
Underwriting is how an insurance company evaluates your life insurance risk. Underwriting is when the life insurance company determines that your risk of death is too high. Even should it charges you more premiums; it’ll deny your application. These are the nine most frequent reasons you’re not eligible for life insurance.
1: Medical Problems
Here are a few conditions that can lead to a decline in performance. The following list isn’t complete. If you suffer from pre-existing conditions, the insurance company will want to be aware of all details before making the decision.
Cancer: Since there are various cancers and many possibilities of results, the odds of survival are greater for advanced cancers.
Heart Disease: Although mild or moderate heart attacks could result in higher rates of heart attacks, more severe heart attacks can result in a total decrease.
Diabetes: There’s a lower chance that you’ll get denied insurance for life due to the effects of diabetes than for critical disability or illness insurance. If you’re suffering from additional complications due to diabetes, your risk of rejection increases.
Cholesterol: The positive side is that you can obtain life insurance even if you suffer from high cholesterol. It’s not a problem if your HDL/total cholesterol ratio is exceptionally high. Being a victim of vascular disease or having other health problems (e.g., smoking, high blood pressure, or family background) isn’t helping your situation.
Kidney Disease: Since the condition is inheritable and can get passed down through generations, insurance companies will want to know the family history of your loved ones. Additionally, the older you are at the time of being diagnosed and diagnosed, the more likely that insurance companies will deny your application.
Multiple Sclerosis: Like a heart attack, the mild or moderate MS symptoms could cause more excellent rates.
Depression: The stress or anxiety of depression alone will not cause rejection of your Life insurance applications. However, when you add an attempt to commit suicide, hospitalization, or a history of drug or alcohol use, the likelihood of being denied rises.
2: A Dangerous Job
It is not always easy to find a low-risk desk job. Specific jobs are riskier than others. These are the jobs that could cause an increase in risk:
- Miners
- Deep-sea fishermen
- Electric power line installers
- Drivers of trucks
- Firefighters
- Explosives workers
- Airline pilots
3: Financial Reasons
The number of death benefits you’d like to purchase should be reasonable. If you’re worth less dead than the living, the insurance company is likely to deny your application. Because of this, they will consider your income and net worth about the level of coverage you choose.
4: Lifestyle Choices
Alcohol Abuse: A few drinks daily aren’t likely to cause rejection. Still, a significant amount (>5) could be a cause for concern to the insurer. Couple this with a history of drug abuse or a bad driving record, and you’ll have an issue obtaining the traditional life insurance policy.
The Abuse of Drugs: If it’s been a while since you’ve been a user of an illegal substance, you might be eligible to obtain life insurance. The chances of being denied are higher if you’ve been using in the last few years and you have a past of having relapses.
Risky Sports and Activities: Some life insurance companies might offer a policy to exclude the dangerous activity. Others may refuse to cover you entirely based on how difficult they view the particular activity. A majority of life insurance companies consider the following sports as high-risk.
- Skydiving
- Rock climbing
- Racing motorized vehicles
- Scuba diving
- Backcountry skiing
5: Lab Results
In the process of underwriting, the applicant may undergo a medical examination to prove her health. While medical studies are becoming less frequent due to sophisticated underwriting methods, the insurance company can still request one in the event of medical conditions.
Blood pressure, blood samples, and urine samples taken from the test results will indicate how well you handle a chronic illness’s effects.
In terms of costs, The life insurance company will pay for medical tests, meaning you don’t have to fret about additional fees.
6: Record of Driving
The application for life insurance will ask you whether you’ve been the victim of any moving violations, license suspensions, or DUIs in recent or recent. The more you’ve been involved, the greater your chance of getting rejected for life insurance.
7: Criminal Record
Suppose you are applying for an insurance policy for your life. In that case, the ideal scenario is minor violations that don’t involve using force, theft, or prison time. If you
- If you are facing criminal charges,
- Are you on parole or probation?
- Are convicted of violent crimes or re-offenses,
A life insurer could deny your application.
8: Foreign Travel
You must fill out a foreign travel questionnaire if you state that you have visited or will visit a high-risk nation within the next 12 months. It will ask about the country you plan to visit, their frequency, duration, and the reason for traveling.
9: Obesity
Suppose the underwriter finds your body mass index of yours is excessively high. In that case, they will likely deny an application for life insurance. The odds of rejection increase if you have other chronic illnesses linked to being overweight, like heart disease or diabetes.
Have You Ever Been Denied Life Insurance? Contact Us Today
It would be beneficial if you knew that your insurance payment would guarantee your family’s financial stability if anything happened to you. If it’s a term life policy or whole-term life insurance, we’ll be sure there’s a solution for all, even those who’ve had a bad experience!
We are Ottawa Life Insurance. We have been offering health, life, and group insurance for businesses and individuals in Ottawa. We’re committed to helping our clients remain secure in situations of emergency. Call us at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca for further information.
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