It’s tough to learn that the life insurance company you applied to will not be offering you coverage, especially if you were fully expecting a yes! You may fall into the “impaired risk market,” which means you have something in your background that makes you a higher risk for dying prematurely—think things like diabetes, obesity, a previous cancer diagnosis or even a history of DUIs.
While many applicants with this type of history understand they’re up against a hurdle or two, it’s not any easier to be denied life insurance coverage. But, often times, it doesn’t mean the hunt for an approval is over. There may still be options, which include applying to a more suitable company or applying for a different policy type.
Here are three actionable steps you should take if you’ve been denied life insurance.
Adults and parents worry. We worry about our family’s health, safety, financial security and future. But more families need to put their money where their heart is by buying term life insurance. However, the issue isn’t a matter of hypocrisy, but a lack of research and financial literacy. According to a Life Happens and LIMRA study from this year, 65% of households have not purchased life insurance because they think it’s too costly.
To show that this is a common misconception, the group asked Americans to estimate the cost of a 20-year, $250,000 level term life policy for a healthy 30-year-old male. Eight in 10 people overestimated the cost, saying it would $400 a year, which is more than double its actual cost of about $160 a year or about $13 a month. Astonishingly, one in four thought it would cost more than $1,000 a year.
$100,000 Contribution will Fund Research, New Education Materials to Expand Free Insurance Curriculum for High School Students Arlington, Va. – April 25, 2013 – The nonprofit LIFE Foundation today announced that its Next Generation financial literacy program will expand thanks to a $100,000 grant from the foundation of financial services provider ING U.S.. The company’s […]
The LIFE Foundation Joins with Scholastic to Help High School TeachersEducate Students on Financial Literacy Arlington, Va. – January 28, 2013 – The nonprofit LIFE Foundation is joining with Scholastic this year for its Next Generation education program, which is designed to provide high school teachers with interactive tools to educate students about the importance […]
CONTACT: Brooke Parker 212-445-8142 -or- Katharine Carver 212-445-8210 Falling Premiums, Product Innovations and Advances in Underwriting Make 2008 An Ideal Time for Consumers to Purchase Life Insurance Arlington, VA – December 20, 2007 – Along with eating healthier and hitting the gym, here’s a New Year’s resolution to add to your list: buy life insurance. […]
FOR IMMEDIATE RELEASE CONTACT: Brooke Parker Brooke Parker 212-445-8142 -or- Jennifer McFadden 847-669-2294 NEW STUDY SHEDS LIGHT ON AMERICANS’ REAL RISK OF DISABILITY LIFE Foundation-Sponsored Study Explores Disability Trends by Gender, Age and Occupation to Coincide with Disability Insurance Awareness Month Washington, D.C. – May 1, 2007 – Americans are slightly less likely to suffer […]