Buying life insurance doesn’t end with the decision to do so. You have to go through an application process, and often a medical exam as well. But while many people get accepted with relative ease, certain factors may lead to you getting declined. Below we discuss a few of them.
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Poor health: Some insurance providers may deny you coverage if you have a chronic or critical illness. However, there are insurers that deal with high-risk life insurance, albeit for a higher premium. Follow your doctor’s advice to maintain your health for the best chance of getting coverage without issue.
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DUIs on record: One DUI on your record may be okay with some insurers, especially if you’ve maintained a clean driving record since the incident. But multiple DUIs will likely result in being declined by most insurance providers since it represents risky, life-threatening behavior.
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High-risk hobbies: If you regularly participate in extreme sports or other high-risk hobbies (scuba diving, bungee jumping etc.), you may get denied coverage because the risk of your death is too great. This sometimes includes international travel as well. Again, you can often find coverage with another insurer for a higher cost.
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Bankruptcy: You may be declined if you’ve filed for Chapter 7 bankruptcy, at least until the proceedings have been discharged. However, plenty of insurers may offer you coverage if you’ve filed for Chapter 11, 12 or 13 bankruptcy, so long as you continue making regular debt payments.
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Criminal record: While you can often find coverage if you have a misdemeanor on your record, you may get declined if you have a felony on record. Insurance providers have varying rules in regards to the type of crime and your probation period.
Do you need help finding a life insurance policy? Our agents work tirelessly to help you find the coverage you need to protect you family.
Learn more today. Call J Philip Chubb Insurance Agency at 925-968-4800 for more information on Pleasanton life insurance.
Posted Thursday, July 15 2021 11:59 AM
Tags : life, insurance, premiums, costs, coverage
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