Life insurance carriers underwrite the risk for life insurance by looking at your answers to the questions asked of you on the application for life insurance. These questions inquire about your age, health and lifestyle.
In addition, you may be required to take a physical exam, blood and urine tests in order for the insurance company to determine the risk of insuring you for life insurance.
The insurance company wants to learn about your health and longevity to make a determination about how long they expect you to live, and what type of risk you are for being insured for life insurance.
There are many reasons someone may be declined for life insurance, or considered uninsurable.
Among the most common reasons people are turned down for life insurance:
6. Heart Condition.
8. High Cholesterol.
9. Mental Health Condition.
In addition, there are many other reasons people may be turned down for life insurance coverage, such as, poor driving record, long-time smoker with emphysema, Use of illegal drugs, etc.
However, even if you have been turned down for life insurance, you may still have options available to you for life insurance coverage.
Some life insurance companies offered policies to people considered a high risk, but the premiums may be high, and the amount of life insurance available is usually limited to around $25,000 or less.
Here's how you can learn about buying life insurance even if you have had life insurance coverage declined.