Friday, April 3, 2015

Facts of Life Insurance - How To Handle A Decline

If you have been declined for life insurance all hope is not lost.  Insurance underwriters don't like uncertainty.  If a client has a medical issue the underwriting department would rather see a period of time between the occurrence and the treatment provided as well as successful follow-ups.  Any ambiguity and they always assume the worst.  No news is bad news.

Check out ways to avoid being declined. How To Avoid Being Declined

Ideas to Consider if You've Been Declined:
1. Pick A Better Company - If you worked with a captive agent then the solution that was presented to you at application was within whatever company that agent represented.  Clearly that wasn't the best fit.
2. Shop Around - Companies change their underwriting standards.  Some companies are more aggressive with certain health issues than others.  Sometimes depending on their existing portfolio a company could more lenient on diabetes or heart issues for example.
3. Avoid a Second Decline - Companies can view your history through the MIB.  One red flag like a decline that pops up is less than ideal but, a second would really sting.
4. Better Explanation of Your Situation - An underwriter just reviews the material that's put in front of them.  A conversation or a cover letter outlining your past declination may present your case in a better light and many times can change the mindset of the insurance company.

Enjoy our video.....