What To Do If You Can't Get Life Insurance
It's unfortunate that sometimes you may be denied life insurance by some providers. That can happen if you are recently diagnosed with an illness that would lead to a greater risk of mortality. But there are coverage options and things to consider if you find yourself in this situation.
Check for Life Insurance With No Questions Asked
If you were denied life insurance, it's probably because you went through a company that asked you to do a medical evaluation and checked your health records. Certain red flags on a medical inspection will lead an insurance company to view you as a high risk client. But there are other providers that are able to insure everyone without a medical record evaluation. Of course, the premiums will be higher if you are under a no questions asked policy, but it may be the best way to get coverage for now.
Get Group Life Insurance
Another possibility is to look for life insurance through a group policy. These may be offered, for instance, by your employer. They don't have quite the same benefits as a regular life insurance company. For example, the payment on these life insurance plans is usually capped at a certain percentage of your yearly salary, say 200%.
Take Care of Your Health
There is still some hope that you would be able to get on a plan with a lower insurance premium later on. If you have a heart attack, insurance companies will be reluctant to take you on board right after the attack. But if you are able to get control of your health, develop a more active lifestyle and healthy diet, and reduce your cholesterol levels, these are all positive signs that your health is returning to normal. You might be able to get a great health evaluation a year later, and then insurance companies will be more willing to insure you. Start talking with your doctor now about what treatments can help you bring these traditional health markers under control.
As you can see, there are still a few different options to look into for getting some life insurance coverage, even if you are denied at the moment by a traditional life insurance provider. It's a great idea to speak with an insurance broker who can point you to insurers in your area who may be willing to work with you on getting some form of coverage.
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