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If you were turned down for life insurance, it could have been one of many reasons. The most likely reason is because of a health condition (or multiple conditions). However, your height/weight could have been a factor along with possible drug or alcohol issues in the past.
You can request a copy of the information that was used in the decision to decline you.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Why were you turned down for life insurance? There could be numberous reasons or just one. If you were declined you should have been notified of the decline and advised to your rights to appeal the decision. Life insurance underwriting looks at your medical history, your current health, your driving record, your credit history and other things health and financial. You should have received a letter.
The answers above are right on. It could be for a variety of reasons.
Think about what is taking place when you buy an insurance policy. You are buying a promise from an insurance company that they will pay your beneficiary a significant sum of money if you die. They are taking on a risk. That is why we pay premiums for this. The greater a risk of you dying (they use health, medical, and other info to help judge this) the higher the premium.
If, during their review of your application, they find something that makes it "too risky" for them to take on that risk, they may decline an application. (You ALWAYS have the right to request the records that were used that caused them to make their decision.)
And keep in mind, even though one insurance company didn't want to take on that risk, there are other companies that may say yes or even specialize in insurance for individuals whose situations are similar to yours. So by speaking to a qualified professional in your area, you may find that you can, in fact, obtain life insurance coverage for yourself!
There are a variety of reasons why life insurance would be denied to a potential insured applying for coverage: Medical issues, no financial justification, the recreational activities are too dangerous, there is no insurable interest, the travel destination during the next two years is too dangerous, the driving record is too egregious, drug abuse, vocation hazard , etc. There are reasons that a death claim would be denied like fraud or suicide in the first two years.
Sometimes people are turned down for life insurance for very benign reasons, such as, they did not fit the age guidelines for a certain face amount. Sometimes the reasons for being denied are more involved, such as their blood sample showed that they may possibly have diabetes without knowing it.
If you are turned down, contact your agent to see if he/she knows the reason for your decline. If you cannot get the answer that way, you are free to contact me. I can usually figure it out by asking a few questions, and can find the lowest priced policy for which you do qualify.
Life & Health Insurance Agent, The Tooker Agency, Riverhead NY
The MIB is a an organization made up of life and health insurance companies that exists to allow them to share medical information, similar to how Credit Reporting Agencies exist to share financial information. Sometimes people are denied a life insurance policy based on information provided by the MIB. While the information provided by the MIB is usually accurate, there could be misinformation there that would cause you to be denied insurance.
You can get a copy of any information the MIB has about you by going to their website www.mib.com.
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You can request a copy of the information that was used in the decision to decline you.
Think about what is taking place when you buy an insurance policy. You are buying a promise from an insurance company that they will pay your beneficiary a significant sum of money if you die. They are taking on a risk. That is why we pay premiums for this. The greater a risk of you dying (they use health, medical, and other info to help judge this) the higher the premium.
If, during their review of your application, they find something that makes it "too risky" for them to take on that risk, they may decline an application. (You ALWAYS have the right to request the records that were used that caused them to make their decision.)
And keep in mind, even though one insurance company didn't want to take on that risk, there are other companies that may say yes or even specialize in insurance for individuals whose situations are similar to yours. So by speaking to a qualified professional in your area, you may find that you can, in fact, obtain life insurance coverage for yourself!
If you are turned down, contact your agent to see if he/she knows the reason for your decline. If you cannot get the answer that way, you are free to contact me. I can usually figure it out by asking a few questions, and can find the lowest priced policy for which you do qualify.
You can get a copy of any information the MIB has about you by going to their website www.mib.com.