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Hard to Get Life Insurance

by Jeff Rose on August 2, 2012 · 0 comments

hard to get life insuranceI t never fails.

Our office averages two to three phone calls a day of individuals who’ve had a hard time of trying to get term life insurance coverage.

Why such the struggle?

Most have some sort of high risk or pre-existing health condition that has made getting approved for life insurance difficult and the agent that they’re working with either doesn’t work with the right carriers or just doesn’t know how to do it.

What most people don’t realize, a lot of captive agents have a hard time getting their clients approved because their company has very strict underwriting guidelines.

So many people that call our office have either been denied when trying to obtain life insurance, or they’ve been quoted some outrageous rate.

If you’re one of those that find it hard to get life insurance, two things. One, you’re not alone. Two, you came to the right place.

 

How to get approved when you’ve been denied.

First I won’t sit here and try to convince you that we’ve got everybody approved through traditional underwriting. There have been some cases where there were just too many medical conditions that no life insurance company would touch them. On the flipside, we’ve had several instances where people were denied that we’re able to get them covered.

How do we do it? By being upfront with the insurance providers. If you have any type of pre-existing condition, diabetes, high cholesterol, drug abuse, sleep apnea, congestive heart failure, it’s imperative that you relay all the facts, all your medical history, all your current history, to the insurance company.

You have to demonstrate to them that either enough time has passed since you’ve had the condition, i.e. like a heart attack or stroke, and that you’ve been following the doctor’s orders to get yourself back on track.

Before quoting any of our clients with a term life insurance quote, we make sure to get their full medical history.

Many agents will quote you any number just to help to get you to the underwriting process, and then try a bait and switch. I promise you, you won’t like that if it happens to you and we don’t want you to have any surprises.

Pre-questionnaire- Trial Offer

Another mistake that individuals make when having a hard time trying to get life insurance is that they choose one company hoping that they will get approved. While getting denied by an insurance company doesn’t make it impossible to get life insurance, why not get an opinion before you apply and go down the formal process. This is what we call doing a pre-questionnaire.

Essentially we get all your information, your medical reports, your APS, your MVR, and submit that to several different underwriters seeing which one of them will both be willing to underwrite you. The underwriters then will come back over the quote to see where they might raise you, and then we can get a sense of the costs. This saves from getting a formal deny from an insurance provider and having to reapply all over again.

As you can see, getting life insurance does not have to be hard. You just have to educate yourself and also partner with an independent agent that knows what they’re doing. If you’ve had a hard time getting life insurance, be sure to contact our office at 855-457-6525.

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