Thousands of people submit a life insurance application every year. Approximately 14 percent of these life insurance applications are declined for one reason or another. In this blog post we will go over what the best life insurance companies look for in an application. After you read the article you will be able to pinpoint any potential problems you may believe you have. Always keep in mind that if one company declines you. Any company that you decide to reapply will have a record of it. Your agent will help you apply and do the best he can to prevent you from experiencing this negative event. Your agent will offer helpful advise and give you immediate life insurance quotes.
Let’s start a the top and over all the most common reasons your app could be declined.
1. Previous declines on life insurance applications. If you initially have applied and your life insurance application was declined. The next company that you apply with will know all about it. They get this information from the Medical Information Bureau. The main duties of the MIB is to notify life insurance companies about applicants that lied on their applications. Not only is it effective about databasing liars, it notifies the carriers of the hospital visits of their applicants also. Just about anything the company wants to know, the MIB system will inform them. You can still shop for the best online life insurance quotes.
2. A history of Cancer in your immediate family. Cancer has always been a disease that takes away many people each year. A lot will depend on exactly what type of Cancer you have and what your doctor is doing about it. The more severe it is such as breast cancer and pancreatic Cancer, the greater the concerns. Less serious forms of Cancer such as skin Cancer are normally acceptable.
3. Your driving record also represents a concern. If your MVR motor vehicle report contains a lot of speeding tickets there could be a problem. More serious violations such as drag racing on the street can put the hurt on you. Violations such as DWI/DWI violations can cause a very great concern. Auto accidents among young drivers are a leading cause of death. Working hard to keep a safe and clean driving record will allow you to reviews great awards.
4.The use of narcotics. The use of any type of drugs or narcotics can cause a real mess and completely trash out a life insurance application. There are times when Marijuana is acceptable but chemical type narcotics are out of the question. Do not apply for life insurance unless you have been prescribed a mild drug from your family doctor. Smoking Marijuana can go in either direction.
5. Dangerous occupations can be a big concern. The type of an occupation you have can either make or break a life insurance application. If you have any one of these hazardous occupations, pay close attention.
1. Roofers, especially hot tar roofers
2. Airplane pilots and flight engineers
3. Loggers and Lumberjacks
4.Structural Iron and Steel Workers
5. Commercial Fisherman
6. Construction Laborers
7. Farmers and Ranchers
8. Truck Drivers
9. Electrical Power Line Installers and Repairman
10. Refuse and Recyclable Material Collectors
We work with a long list of the Best High Risk Life Insurance companies to get these people insured.
If you have one of these occupations, we can help you find a policy with affordable rates.
6. Aids or HIV. Having HIV or Aids can trigger a decline on your application real quick. There are some high risk companies you can apply with and possibly be accepted depending on how advanced your condition is.
7. Elevated Cholesterol, Triglycerides and Lipids. The main focus will not be necessarily high cholesterol, but rather the combination of high LDL cholesterol, and low HDL cholesterol. The combination puts you at a high risk for heart disease and strokes down the road. The companies pay close attention to these reading after your blood test.
8. The heavy use of Alcoholic beverages. This has no bearing on casual drinking. If you have a positive marker indicating the your liver functions are high there could be a problem. A life insurance company is normally only concerned with applicants that drink larger amounts of alcohol on a regular basis.
9. Hepatitis. Hepatitis B and C that has already been diagnosed and treated is typically not a reason for denial, Especially once treatment is complete. But it can be an issue with a life insurance application if the condition has only been recently discovered, or if it is revealed by the life insurance medical exam itself. The severity of Hepatitis creates a large deciding factor on your application.
10. High Levels of Glucose or Blood Sugar. High levels of glucose otherwise known as blood sugar can be an indication of diabetes. This opens up the possibility for a host of other medical outcomes that many life insurance companies prefer to avoid. Diabetes can create many new health problems and diseases. The condition can rapidly advance.
11. Income Limitations. Some life insurance companies won’t write a life insurance policy for someone whose income is below a certain level. That level will vary between insurance companies. The reason that they impose this restriction is that many of these people will become more likely to commit suicide. This happens when their low income hits rock bottom. They never want to insure people below a certain income level, since it can result in issuing a large number of small policies. This can also help to produce reduced premium flows.
12. Elevated Liver Functions. Elevated liver functions can indicate inflammation or severe damage to the liver cells. This can cause the cells to leak above normal levels of certain body chemicals back into the bloodstream. Most typically, the elevation is mild, and the condition is temporary. But sometimes it can be an indication of more serious liver problems, and that’s what concerns life insurance companies. The best life insurance companies always consider a condition becoming worse in time.
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So what do you do if you have one of these conditions that could cause your life insurance application to be declined?
Contact an experienced independent agent or broker to shop the market to find the best company for your application. This would begin with a medical pre-screen so you can find the most applicable company. Use our quoting form to review what is available on the market. You will be able to review over 40 trusted life insurance companies. Take a moment to read our about us page to learn more about us and our business. Term is low cost life insurance that can get you the lowest life insurance rates possible. Call us today for a free life insurance quotes over the phone. Thank you very much for taking the time to read our life insurance blog post concerning life insurance applications.