You can still get life insurance. Which plan will depend on the reason for denial. There are some plans that do not ask if you have ever been denied insurance. If you can answer the rest of the health questions with a no answer you can get the insurance. I have a couple plans that ask no health questions at all. Just because you are denied insurance by one company does not mean you cannot get insurance through another.
You probably get solicitations in the mail all the time, or see ads on TV saying "you cannot be turned down".
While it is true there are some "guaranteed issue" life insurance plans, they are quite expensive when you compare the premium to the death benefit. A special risk agent can probably save you some money and let you know if you qualify for a medically underwritten plan.
Self-employed Employee Benefits Provider, Upland, California
You can always buy life insurance, the real question is what you will pay for it.
Most life companies look at your age, sex, smoking status and health issues when deciding whether to insure you or not. They can often charge a "rating" (a premium surcharge) for specific health problems.
Some insurance companies have guaranteed issue policies that ask no health questions but are expensive. Some companies offer a graded death benefit policy that pays you an increasing death benefit the longer you own the policy. Usually in the first year or two they will return your premiums paid plus interest. Then they will pay an increasing amount of the death benefit purchased until they reach 100% of the face amount requested (generally with in 5-10 years).
There are two other possible options to look for if you are denied insurance.
1.) Are you working? Does the company that you work for have a life insurance plan they offer to their employees? If not, would they be willing to look into one for the company?
2.) Remember Life insurance is a cash benefit payable to your beneficiary. You may elect to invest a monthly sum
that you can afford into a deferred annuity. ( simply put an annuity is a way to accumulate money for future goals). Of course, the longer you can contribute the more will be payable at your death.
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While it is true there are some "guaranteed issue" life insurance plans, they are quite expensive when you compare the premium to the death benefit. A special risk agent can probably save you some money and let you know if you qualify for a medically underwritten plan.
Most life companies look at your age, sex, smoking status and health issues when deciding whether to insure you or not. They can often charge a "rating" (a premium surcharge) for specific health problems.
Some insurance companies have guaranteed issue policies that ask no health questions but are expensive. Some companies offer a graded death benefit policy that pays you an increasing death benefit the longer you own the policy. Usually in the first year or two they will return your premiums paid plus interest. Then they will pay an increasing amount of the death benefit purchased until they reach 100% of the face amount requested (generally with in 5-10 years).
There are two other possible options to look for if you are denied insurance.
1.) Are you working? Does the company that you work for have a life insurance plan they offer to their employees? If not, would they be willing to look into one for the company?
2.) Remember Life insurance is a cash benefit payable to your beneficiary. You may elect to invest a monthly sum
that you can afford into a deferred annuity. ( simply put an annuity is a way to accumulate money for future goals). Of course, the longer you can contribute the more will be payable at your death.