The Top Five Reasons People Are Turned Down For Life Insurance

The Top Five Reasons People Are Turned Down For Life Insurance

Life insurance companies have the right to deny coverage to any life insurance applicant based on your finis scale. A high obliteration risk means that you may die right now and life insurance companies dont want to run the risk of insuring you and then immediately having to pay out claims to your beneficiary. The lower your departure risk, the better your chances of getting a life insurance policy and being eligible for lower premiums. If youre fascination whether you could be denied life insurance heres a list of the top five reasons why life insurance carriers may deny coverage.

Pre - existing health conditions

Depending on disorder of your pre - existing health savor, life insurance companies may deny coverage or hike up premiums to those with known health problems. According to the Health and Human Services analysis of January 2011, about 129 million Americans below the age of 65 have pre - existing health conditions equaling as heart disease, cancer, asthma, high blood pressure, diabetes, arthritis or other conditions that may decrease life spans. Older Americans are more prone to matching health risks and about 48 to 86 percent in the age couple of 55 to 64 just now live with a pre - existing health aspect.

Life insurance companies will also glance at your family health history for direct family who have died from a chronic or genetic disease. Impecunious mental health or being significantly obese is also factored in and used to assess your insurability and determine the premium category you are allotted.

Lifestyle factors

Life insurance companies will also gain information about you through your credit peg reports and driving history. Statistics show that if youre truly needy in managing your coinage or show recklessness in your driving skills, youll prosaic approach health issues in your life in the same way. Something to imagine about! If you have in rags credit history, too many traffic violations ( particularly DUIs ) you may be denied coverage.

Lifestyle assessment also includes your smoking and drinking habits. If youve been a chronic smoker for years, you casual wont be denied coverage but even the cost of term life insurance would be an estimable proposition. If youre a chain smoker and your needed health signs are not looking too good, you can be denied coverage in toto.

Age Factors

Generally those in the age tie of 17 to 74 are eligible for life insurance. Most companies deny coverage to people older than the age of 74. Those below the age of 17 can forward for child life insurance.

High - Risk Job or Hobby

If you have a job or interest that is adventurous and involves a certain amount of risk to life, you may find it insolvable to get coverage. Professions like as underground mining, flying on airlines as a captain or stewardess, lumberjacks, construction workers, offshore oil sect workers are considered high - risk occupations. The equivalent goes for people who are engaged in sports like winterkill gliding, bungee jumping, peak climbing, skydiving, car quick, etc.

Criminal record

Have you ever tested positive for substance abuse? Or been beside oneself with illegal possession of drugs? Feasibly grand pilfering or a petty stealing? Theres no faster way to be denied life insurance coverage than having a criminal enter against your name. Dont deem you can subterfuge your way through this on your application scheme owing to once discovered ( and life insurance companies will do a widespread job at uncovering this type of information ) it will only add to your list of felonies as lying on a life insurance application is also a crime fit to be tried in a conciliator of law. It called fraud and comes unbefitting chalky collar crimes.

Other reasons

Make undeniable your health records are in order and you heel accurate information on your application embodiment. Besides common impetus why life insurance companies deny coverage is thanks to of hard up lab results. If you havent had a blood examination done in years, get one done at prime 3 months before you forward for life insurance. Use the three months time period to correct any alterable health factors that could uplift your life insurance rates or make you uninsurable.

If youre in the second or third trimester of your pregnancy, you may not be able to promote for coverage. Women should get life insurance before they become pregnant to get the best rates.

The bottom line

Life insurance companies will deny coverage to anyone whom they sense has higher odds of sleep than the everyday Joe who leads a healthy life. Life insurance companies will do one of the next if you are a high - risk applicant for life insurance:

Outright deny you any coverage
Put you into a higher degree category. Youll get coverage but youll have to pay gross premiums to keep your policy buried.
Offer a policy with a disclaimer that excuses them from paying benefits if you structure while persevering in your inbred high risk attentiveness or job. So if you jargon copper your profession or leave the matter you love, you can still get life insurance at affordable rates through exclusions in the contract.

Life insurance is a competitive industry. Underwriting systems differ with each company so even if you do belong in a few of the categories listed major, you may still be able to find better rates for yourself by shopping around for life insurance. To get the cheapest life insurance, make use of online life insurance quoting services and brokerage firms that stand for hundreds of life insurance companies.

Insufficient Health Records. Health records are an important tool to help underwriters learn your personal health profile. But if your doctor has failed to dispense medical records to make allowances any of the information you have provided then coverage may be denied.

Inaccurate Information. Similarly, if you have provided any incorrect information on your application in an fling to get better premium rates, it is a serious offence and you are liable to criminal case.

Disappointing lab results! Most people have not taken blood tests for years. When they go through a medical examination they discover their sugar levels are high or they have a slightly high blood pressure. Get a checkup done at virgin 3 months abbot to applying for life insurance. During these months modify your diet, follow a heart - healthy lifestyle and your chances of doing better in the medical exam are higher.
Many of the factors that make a person a high - risk option for life insurance companies are not convertible. For instance, if you have a terminal infection, there is nonexistence much you can do about this eliminate get treatment. But there are alterable factors that you could work on before applying for your life insurance, homologous as.