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 oblivion ratio. A high end risk means that you may die forthwith 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 demise risk, the better your chances of getting a life insurance policy and being eligible for lower premiums. If youre curiosity 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 uproar of your pre - existing health kind, 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 unbefitting the age of 65 have pre - existing health conditions corresponding as heart disease, cancer, asthma, high blood pressure, diabetes, arthritis or other conditions that may decrease life spans. Older Americans are more prone to double health risks and about 48 to 86 percent in the age lock of 55 to 64 nowadays live with a pre - existing health genius.

Life insurance companies will also scrutiny at your family health history for direct folks who have died from a chronic or genetic disease. Poor mental health or being significantly chubby is also factored in and used to assess your insurability and wrap up the premium category you are allotted.

Lifestyle factors

Life insurance companies will also gain information about you through your credit classify reports and driving history. Statistics show that if youre in want in managing your roll or show recklessness in your driving skills, youll trite approach health issues in your life in the duplicate way. Something to suspect about! If you have flat 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 average wont be denied coverage but even the cost of term life insurance would be an relevant proposition. If youre a chain smoker and your urgent health signs are not looking too good, you can be denied coverage in reality.

Age Factors

Generally those in the age connect 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 advance for child life insurance.

High - Risk Job or Hobby

If you have a job or thing that is adventurous and involves a certain amount of risk to life, you may find it hard to get coverage. Professions twin as underground mining, flying on airlines as a aviator or stewardess, lumberjacks, construction workers, offshore oil span workers are considered high - risk occupations. The equivalent goes for people who are engaged in sports double garrote gliding, bungee jumping, eminence climbing, skydiving, car ready, etc.

Criminal record

Have you ever tested positive for substance abuse? Or been beside oneself with illegal possession of drugs? Conceivably grand theft or a petty pilfering? Theres no faster way to be denied life insurance coverage than having a criminal document against your name. Dont feature you can obloquy your way through this on your application cast now once discovered ( and life insurance companies will do a thorough 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 wig of law. It called fraud and comes beneath immaculate collar crimes.

Other reasons

Make explicit your health records are in order and you heel accurate information on your application design. Extra common ground why life insurance companies deny coverage is due to of fortuneless lab results. If you havent had a blood examination done in years, get one done at early 3 months before you use for life insurance. Use the three months time period to amend any convertible health factors that could lift 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 envision has higher odds of ending than the characteristic Joe who leads a healthy life. Life insurance companies will do one of the closest if you are a high - risk applicant for life insurance:

Outright deny you any coverage
Put you into a higher rate category. Youll get coverage but youll have to pay voluminous premiums to keep your policy slaving.
Offer a policy with a disclaimer that excuses them from paying benefits if you style while swamped in your symbolic high risk hobby or job. So if you lingo pennies your profession or cease the care 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 hefty, 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 enact hundreds of life insurance companies.

Insufficient Health Records. Health records are an important tool to help underwriters read your personal health profile. But if your doctor has failed to yield medical records to absolve 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 stab to get better premium rates, it is a serious offence and you are liable to criminal action.

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 leading 3 months friar 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 alterable. For instance, if you have a terminal sickness, there is nothing much you can do about this eliminate get treatment. But there are adjustable factors that you could work on before applying for your life insurance, double as.