There is hope for people who have been declined for life insurance – part one.
Getting declined for life insurance can be frustrating; even traumatic. You need the coverage; you are ready to pay for it; you’ve complied with everything the company has asked.
So what’s the problem?
There are a number of reasons for why people are declined. With the right broker, and system for obtaining coverage, they can all be navigated for a an approval. This series will explain how to do so, starting with:
You applied with the wrong company.
The fact of that matter is that life insurance carriers specialize in the risks they will underwrite aggressively. Think of all the risk factors included in your application: current health; health history; family health history; vocation; avocation; lifestyle; financial record; driving record; criminal record. No one company will have the knowledge-base and experience needed to be comfortable abd confident with every risk. So they will choose the ones that best match their expertise.
If your risk profile matches this expertise, then you have applied with a company that is right for you. But if there is no match, then the carrier will either decline your application, or charge you a higher premium than necessary.
it is the job of your broker to know which carrier will aggressively underwrite which risk. The primary function of Prequalification is to tap this “industry intelligence,” and direct your application accordingly.