Life insurance companies have underwriting guidelines which determine what applicants will be accepted for coverage, and which they will turn down.
Since life insurance is based on your longevity, how long you are expected to live, anything that may affect your longevity will have an impact on your approval for a policy.
For example, some life insurance companies may consider the following risk factors to be unacceptable:
1. Age - Over age 80
2. Weight - People who are obese
3. Chronic Illness - Diabetes or Heart Disease
4. Cancer
5. Aids/HIV
6. Depression
7. DUI's - More than 2 DUI's in past 5 years.
These are just some of the reasons a life insurance company may decline a person for coverage.
However, even if you have been turned down for life insurance, there still may be a plan available for you.
Some insurers offer graded benefit life insurance or guaranteed approval life insurance plans that provide a small amount of life insurance, with rates that are higher than standard rates for life insurance, due to the increased risk.
However, with guaranteed plans there is no health exam, and maybe a few health questions when you apply. Some insurers even offer up to $30,000 of simplified life insurance without any health examination. Learn more about guaranteed acceptance life insurance
Since life insurance is based on your longevity, how long you are expected to live, anything that may affect your longevity will have an impact on your approval for a policy.
For example, some life insurance companies may consider the following risk factors to be unacceptable:
1. Age - Over age 80
2. Weight - People who are obese
3. Chronic Illness - Diabetes or Heart Disease
4. Cancer
5. Aids/HIV
6. Depression
7. DUI's - More than 2 DUI's in past 5 years.
These are just some of the reasons a life insurance company may decline a person for coverage.
However, even if you have been turned down for life insurance, there still may be a plan available for you.
Some insurers offer graded benefit life insurance or guaranteed approval life insurance plans that provide a small amount of life insurance, with rates that are higher than standard rates for life insurance, due to the increased risk.
However, with guaranteed plans there is no health exam, and maybe a few health questions when you apply. Some insurers even offer up to $30,000 of simplified life insurance without any health examination. Learn more about guaranteed acceptance life insurance
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