What to Do when Your Life Insurance Company Denies You Coverage?
When applying for life insurance, there is an underwriting process where there may be conditions that prevent you from being granted life insurance. Just because one company doesn’t grant you life insurance, doesn’t mean that’ll be the case for all the companies.
There are several factors that underwriters look at when assessing your risk: a severe health condition, family health history, your occupation, adventurous hobbies or extreme sports, and your driving record. Depending on your risk profile, you may be awarded life insurance despite some of these criteria, but it may come at a higher price.
If you are denied cover for life insurance, there are some things you can do to help yourself. Firstly, ask your doctor for help. You can approach your doctor and ask them to provide the insurance company with more detailed information regarding your health status and any medical conditions. Secondly, get copies of your medical records so that you have detailed information about past medical conditions, current conditions and a history of any treatment that you have received. A third option is to apply to a different insurer. Different insurance companies have slightly varying criteria, and another company may grant you insurance. If you are suffering from a medical condition, but your status could change in six to twelve months time, it is worth waiting that time and then reapplying for life insurance.
It is important to note that being HIV-positive doesn’t mean you can’t get life insurance. The insurance companies now have specifically designed life insurance policies for people living with HIV. Life insurance is there to provide financial security for the families of an HIV-positive individual in the event something should happen to this person. Some insurance companies may require you to have CD4 count testing done every six months; just to assess your health and quality of life. Your HIV status may impact the premium you pay each month on your insurance, and the procedure for disability payouts is slightly different.
Speak to people so that you get the best advice on how best to go about getting life insurance and what possible risk factors you have so that you can sort them out as best you can so that you increase your chances of being award a life insurance policy.
