6 Reasons Why People Get Turned Down for Life Insurance

6 Reasons Why People Get Turned Down for Life Insurance

Life insurance is a necessity today, and responsible adults will strongly consider getting some form of insurance in order to cover final expenses and to provide for their families after they’re gone. As important as it is, life insurance can also be difficult to obtain for some. Health concerns, age, and other risk factors can make a policy difficult to find. If you’ve been denied a life insurance policy, you may have been given a reason why, but if not then consider the 6 most common reasons someone might be denied coverage.

1. Smoking

Life insurance for smokers can be very difficult to come by simply because of the damage to your health caused by smoking, and the fact that many smokers suffer earlier deaths than nonsmokers in the same age bracket. It is possible to obtain a policy if you do smoke but you may need to shop around to find such a policy, and in the meantime, you may consider this as just one more encouragement to quit the habit!

2. Diabetes

As with smokers, life insurance for diabetics can be difficult to find because of the seriousness of the disease. Diabetes can lead to heart problems, infections, and slow healing especially after surgery or serious wounds. There are companies that offer these policies but again, you may need to search a little harder to find what you need. You might also need to provide proof that the diabetes is being managed and is under control to qualify for a policy.

3. Hypertension

High blood pressure, especially if not treated properly, can lead to stroke and other serious and fatal conditions. You may find it easier to get a policy if your hypertension is currently controlled, but this may still put you in a high risk category. You might also have certain requirements such as ore regular checkups for your policy to remain in force, to ensure that you are always being treated for your condition.

4. Obesity

Being obese is not just a matter of aesthetics; this condition is linked to hypertension, heart disease, asthma, increased risk of heart attacks, certain cancers, and sleep apnea, any and all of which can be fatal. A person who is obese may need to search for high risk life insurance. They may also need to show that they are under a doctor’s care for any of the health concerns they may have because of their obesity.

5. Age

Those over 50 usually have a harder time finding life insurance than others because they do not have as much time to pay on that insurance policy as someone who is much younger. Their longevity is more limited so a carrier may reject them on that basis alone. Those over 50 are also typically more prone to serious health concerns and risks, which is also why it’s often difficult for them to find a policy, even if they’re in good health.

6. A combination of factors

While some companies may insure those who are over 50 or those who have hypertension, if you have a combination of these factors then it may be very difficult to find a policy. Those who have more than one risk factor when it comes to life insurance may struggle to find an adequate policy at a price they can afford.

None of these factors should put anyone off to shopping around for a policy that’s right for them. There are many companies who offer no medical exam life insurance and who will work with you to craft a policy that is right for your situation and for your budget. If you’ve been turned down for coverage from the same company that provides your auto or homeowner’s policy, you may simply need to choose a company that specializes in life insurance to get the coverage you want and need. There are plenty of options from which to choose no matter your situation, so don’t delay in getting quotes. This will mean the protection you need for your family at a price you can afford.

AUTHOR BIO:

My name is Lance Peterson; I am a graduate in Finance from UPenn. I am a banker, whose expertise stretches to areas like loans, investments, hedge funds, insurance and other related fields. I am also the Content Manager for Lifeinsuranceblog.net