Everyday Baby Steps
Just because your life insurance application has been declined does not mean you have to give up on life insurance. Some people apply several times before getting their application approved. It has been estimated that 75% of declined life insurance applications can be turned into approvals – it’s just a matter of finding out why it was declined, and then fixing the problem.
There are various reasons why a life insurance application may be declined. The applicant may have a pre-existing medical condition, they may have a high risk job or hobby, they may be overweight, or have used drugs in the past. Or there could be something missing or erroneous in the application. The GIO life insurance page is designed to help you make the right decision, get all your questions answered today.
If you have had your life insurance application declined, here are the steps to follow.
Think about who declined your application
Many life insurance providers will not take on a life insurance applicant if even one part of the application has failed. This may be a pre-existing medical condition such as Type 1 diabetes, or a history of mental health issues. The key to solving this issue is finding a life insurance provider that is willing to overlook whatever other providers do not.
Find out why your application was declined
This is the most important step in the process. It’s important to find out exactly why the application was declined. Contact the insurance provider or underwriter to ask them for the exact reason.
Some providers may say it was declined due to the information on your medical records, or because of lab test results. If this is the case, you need to dig deeper. You need to try to find out the exact reason for the decline.
To get this information, you may need to give your insurer authorisation to send the details of why the application was declined to your medical provider. These steps will vary according to the country and state you live in, so check locally for more information on this one.
Check Your Medical Records
If you are unable to find out anything more specific than the application was declined due to information in your medical records, you will need to scour your medical records for more clues. Medical records are not always correct, and it’s up to you to find that error and get it corrected.
Check your medical records for instances where your doctor asked you to get a second opinion and you never did. Where you stopped taking medication before your doctor advised it. For life insurance providers and underwriters, your doctor’s opinion is ‘law’. If there is something in your medical records that they don’t like, it’s up to you to prove it’s not an issue with a second opinion.
Reapply With the Right Insurer
Once you have sorted out the issue that caused your application to be declined in the past, it’s time to reapply. Find an insurer that offers you the policy you need, and make sure the cost of the policy is competitive.
If you have found out the reason behind your declined application, and there is nothing you can do about it, it’s time to look for an insurer that will offer you life insurance despite that reason. Do your homework and find the right insurer for you.* sponsored guest post
We all know there are starving kids in Africa and many other developing countries around the world, as well as in our own wealthy nation. Most of us feel bad about the problem, but we don't know how to help or we choose not to take matters into our own hands, thinking we can't solve things on our own. However, in 2012, five compassionate individuals, led by businessman Stan Smith, decided to do something about the problem when they created the non-profit, PB+J Foods, Inc.photo from PB+J website
PB+J's mission is to eradicate Severe Acute Malnutrition in underdeveloped nations and to help these countries build self-sustaining economies to help the citizens and communitiesm prosper independently. According to the World Health Organization, "severe acute malnutrition is defined by a very low weight for height (below -3z scores of the median WHO growth standards), by visible severe wasting, or by the presence of nutritional oedema" From the PB+J website:
"Severe Acute Malnutrition (SAM) is the number one killer of children under five years of age. Nearly 20 million children around the world suffer from SAM, and it contributes to the death of more than 3.5 million children every year. Without proper treatment, the majority of children that survive will live with compromises to their physical and cognitive capabilities. There are companies that have tried to address this problem by producing Ready-to-Use-Therapeutic-Foods (RUTF), such as fortified peanut butter paste, and sell this product to hospitals and world relief agencies. However, the cost is usually prohibitive for third world hospitals to purchase, and supply can be erratic."
What PB+J founders did to fight SAM was to set up manufacturing sites run by hospitals and clinics to producs fortified peanut butter paste to fight hunger in malnourished children in that hospital's community. The sites sustain themselves by hiring local people to work there. In just 17 months, the organization saved the lives of 1200 starving children in Malawai, Africa.
Head over to the PB+J website to learn more about the organization and how you can help. You'll find a very informative video on the site. There is something we all can do to help those less fortunate.
* This is a sponsored post. All opinions are my own.