Have you been Denied a Life Insurance Policy? How many times, have that happen to you? Then, My question to you is “What Next will you have yourself do?”.
If you’re already thinking about the above question no need because will have the answers already spelt out below.
Check out this subheading.
What to do if My Life Insurance Policy Application is Denied?
There are some things we face in life that make us stand out as bad experiences for us especially when you are trying to do certain things to protect your family. That is the case when your application for life insurance is rejected.
1. Review The Information Sent
Was your application rejected, Go through the mail sent to you. If you don’t understand you can contact your insurance agent if you want to know more.
Know that the Insurance companies will look at your potential health and non-medical risks as they go through your application.
2. So Review Your File
Once you determine the reasons why your application was rejected, you have to be sure you understand the facts. If any information you provided is untrue or simply incorrect, now is the time to correct it.
If your reason for refusal is based on inaccurate or insufficient medical information, you have the right to appeal. The best way to do this is to ask your doctor to provide your insurance company with as many medical records as possible.
3. Workplace Alternative
Another scenario is If your life insurance policy application appears to have been denied, you can also contact your employer. Your job can offer a range of life insurance plans that you can apply for.
Has your Life Insurance Policy Application been Denied? These Simple Step Can also help you
Step #1: Ensure You Talk to your Broker
If your life insurance application or claim is denied, you should talk to your life insurance agent or broker first. They may contact you first – i.e the life insurance companies will call to inform you, the new customer, why the application has been denied, they first tell the broker and then send a letter directly to the customer.
One thing about having a declined application is that the insurer will usually indicate the reason for denying your application. So it helps you to know how to fix the issue to ensure your application is approved the next time.
Another thing to keep in mind is that when you sign up with another life insurance company, you can re-use the medical exam from the first application, which can save a few weeks on the application schedule and make the process faster.
Step #2: Make The Necessary lifestyle Changes
In certain situations, the insurance company will not deny your application directly but will postpone your application to some future date, maybe about six months to a year later. For example, if you have a recent medical diagnosis, the insurer will usually allow an entire year to allow your body to heal or recuperate the medication or symptom and then contact you to check later to see your improvement.
If your application is delayed for other reasons, in the case that you are healing from alcohol or drugs, it can be difficult. But you can apply again, if you notice you have better medical test results you can then be approved.
Step #3: Find Other Insurance Provider
If a life insurance company believes you are in serious danger, they may decline your application but you may still be able to insure yourself by purchasing another form of life insurance from another company.
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