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So your life insurance application was declined – now what? You still have choice, you still have options – there are always options!

  1. Try to find out as much as you can as to why you were declined – I have seen a number of different reasons that life insurance companies decline: diabetes (type 1 & type 2), heart conditions (previous bypass surgeries/pacemakers/cardiomyopathy etc.) cancer, depression, COPD, lifestyle and occupation.
  2. Talk to a professional that specializes in working with the difficult to insure – What have you been diagnosed with? Is it well controlled? When were you diagnosed?  Are you still undergoing treatment?

Often, one life insurance will decline a case that another life insurance company will accept – some insurers have more appetite to insure different conditions than others. A good broker should be able to steer you to the right company for your condition.

And for the really difficult cases there are Simplified Issue products as well as Guaranteed Issue products. Simplified Issue products do ask a number of medical questions and the plan you qualify for depends on your answers to the questions – there are NO medical exams, or doctor reports with Simplified Issue. With the Guaranteed Issue products it is simply just that – Guaranteed! Everyone can get coverage from 18 – 80 regardless of your health. The guaranteed issue plans are ‘deferred’ plans – that means they pay out for accidental death during the first 2 policy years, and all other causes after 2 years. If death arises due to illness during the first 2 policy years, then your beneficiary will receive a refund of your premium plus some simple interest. 

If you are not sure which plan you will qualify for, then ask me! I’ll find out as much about your condition as I can, then show you the best plan you can qualify for!