Why might some not qualify for a policy?
Here are 11 of the most common reasons for denial of life insurance. Please keep in mind that having any of these does not mean you will be guaranteed a denial: 1. Obesity - not all life insurance companies measure obesity the same- talk to your agent to find the best company for you 2. High Cholesterol - high cholesterol, lipids, and triglycerides (high LDL and low HDL) increases risk of heart disease and stroke 3. Diabetes - some companies are more lenient to diabetes than others 4. Chronic Illness - Examples include cancer, diabetes, HIV/AIDS. heart disease, Parkinson’s disease, asthma. Alzheimer’s disease. If you are currently being treated and your attending physician statement shows shows improvement then you may be able to get approved. 5. Age - The older you are the harder it is to get approved for life insurance and the more expensive the premium. That’s why it’s important to get approved while you’re young and healthy; your premiums will also stay low. 6. Blood/Protein in the Urine - blood or protein in urine signifies either extreme exercise or kidney disease. If this shows up, you will need to go to your physician and show healthy follow up results in order to get approved. 7. Alcoholism - a few drinks here and there won’t affect your chances of acceptance. However, high liver function will cause the company to run positive alcohol markers to see if your drinking is much higher than typical levels, which will increase your chances of denial. 8. Hazardous Occupation - some examples of hazardous occupation includes farmers, electricians, police officers, truck drivers, roofers, airline pilots. Working in these occupations will increase your chances of getting denied. 9. History of Cancer - a family or personal history of cancer will increase your changes of getting denied. Less serious forms of cancer, such as skin cancer, will have less impact on your chances of acceptance than more serious ones such as breast cancer. The insurance company will review how far it’s progressed and how long you’ve been in remission. 10. Financial Reasons - your current income and total net worth will affect how much coverage you can get approved for. 11. Previous Denials - life insurance companies subscribe to something called the Medical Information Bureau (MIB) which shows each individual’s history of approvals/denials of life insurance. Previous denials will increase the risk of future denials, but doesn’t guarantee that you will be denied for life insurance. Ultimately, you should speak with a life insurance agent to find the best company for your personal situation.
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