Fears About Getting Approved for Life Insurance?
If you are looking to get approved and you are worried or concerned that you might be wasting your time or worse yet that nasty word decline show up as a result of applying. Let me be very forthcoming there is no guarantee of approval but there is a way to minimize your time being waster and getting a decline if you have an experienced life insurance broker who will guide you like a shepherd through the strategy and process step by step, no matter what health issue you may have. Some people are so concerned with their past health issues that they never take the first step for fear that it would mean an automatic decline. This is often not the case if the cancer, heart attack or stroke was in the past. Even with issues like diabetes and blood pressure there is hope and wide variety of differences in pricing. So below are 5 ways to get approved that will give you the best possible shot.
5 Ways to Prevent Getting Declined Despite Cancer or Heart Attack
1. Work with High Risk Insurance specialist Life Insurance Broker: who knows the in’s and out’s of the underwriting world. That person is usually someone who has had a lot of experience in dealing with a variety of health issues and applicants who have had them. You might ask, how do I know who that would be ? Other then myself Jack Bendahan the Lifeman, 9 years of high risk insurance experience, Money Sense Quotes and Roger TV Regular. I would recommend looking at the next 4 steps and if your broker mentions each one of them he could be a candidate.
2. It all starts with questions: What questions are you being asked. Here are what my questions focus on ? Height and Weight, Age, Smoking Status, thorough medical history, list of medications and dosages, hospitalization visits and lengths of time in hospital, accurate start dates of any serious incidence, current outstanding tests.
3. General inquiry is where its at: I would send the information received from our question to every single insurance company in the form of general inquiry. a general inquiry leaves out your confidential info, like your full name, making the inquiry anonymous. I would also put a call in to a senior underwriter and see how they might treat the case if I had not experienced it in the past. From all the response I get ….
4. Create a Strategy: If the client has a mixed chance of getting approved through regular underwriting insurance I would set up a strategy to apply to non medical insurance companies which ensure a guaranteed approval at a much higher cost. But simultaneously we would apply to regular underwritten companies to make sure that despite the outcome the client has something in place.
5. Multiple Applications: The mistake that so many make is that they do not apply to 2 or more companies when there is a health issue. I have seen 3 companies come back with three different decisions even though they got all the same information. Underwriters are human and not all insurance companies are created equally. Some will offer a discount if a client is given a higher price due to health issues. Make sure your broker knows this stuff.
If you have experienced health issues in the past speak to a high risk insurance broker at www.lifeman.ca, if you wish to get more information, feel free to download our Totally Free Ebook which targets a high risk life insurance step by step method.