Have you been declined for life insurance coverage or not applied because you have diabetes, have past drug use or other health issues? If that’s the case, you may think that it is impossible to get life insurance coverage to cover your mortgage or protect your families future.
The most common reasons behind life insurance declines is medical issues like diabetes. Statistically, they indicate a greater probability of dying prematurely. In fact, 80 % of most denials are based on chronic medical problems. Some examples are most cancers, cardiovascular disease, genetic heart related illnesses, diabetic issues, symptoms of asthma, HIV-AIDS, or being overweight.
Other reasons for being declined are high risk behaviour – even if you’re in good health, you may still find yourself getting declined. If you have taken drugs,  charged with speeding or been caught driving while impaired , then you can be declined for life insurance as well.
Generally, this formation is found out during the application and underwriting process where they review your medical history. According to the actuaries and underwriters of many insurance providers these problems and behaviors can make it much more likely that a person may die before their average life expectancy.
Another popular reason behind a life insurance being rejected might be a person’s involvement in dangerous activities or sports. For example, an individual who works in hazardous waste removal where toxic materials might effect a worker’s overall health might be reason for a higher rating or decline. Sporting activities like deep-sea diving, parachuting, and racing also reveal high-risk behaviors. These dangerous hobbies place people directly on an underwriter’s radar,  which may result in being declined or an increased rate is the outcome.
Many people when shopping for life insurance, don’t know that there’s a insurance plan on the market for nearly everyone- regardless being declined, of their health, profession, driving record, height, body weight, and so on. You just need to know which company is right for your specific circumstance. That’s where a life insurance broker can help you find the right company to apply to based on your information.
If you were recently declined for a insurance policy because of diabetes or other health related reasons, then the first thing you should do is to learn the reason for your rejection. The company that declined you will provide this information to you with a written request. The next step is to take the reason for the rejection and speak with a well-informed local insurance broker that has access to insurance company’s that offer reasonably competitive solutions for their clients who may possibly have health or risky activities and hobbies.  When you meet with a life insurance broker be sure to answer all questions openly and honestly in order to review options that are right for your specific circumstances. The life insurance broker can then provide you with some options about which insurers and the kind of insurance plans available to you.
Getting  declined or having diabetes or other health issues should not stop you from shopping for life insurance. Speak with a Life Insurance Broker in Ottawa to help you find the life insurance policies that you can qualify for and to help you through the application process.
The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. I recommend that you obtain your own independent professional advice (preferably me) before making any decision in relation to your particular requirements or circumstances.