Life insurance in Millbrook, NY can provide a financial safety net for your loved ones when you are no longer around. Purchasing a policy is an important part of protecting your family and planning future finances. However, some people may struggle to get approved for a policy. Here’s a look at the common reasons why insurers decline life insurance applications.
You’re a thrill-seeker
Accidents of all kinds soar into the hundreds of thousands every year in America. If you’ve got an adventurous outlook and you like to participate in dangerous hobbies like sky-diving, rock climbing or white-water rafting, you may find that no insurer will jump at the chance of insuring you. The riskier your lifestyle, the more you may struggle to obtain coverage.
You regularly travel overseas
If you routinely travel abroad, a life insurance company may refuse to accept your application. Insurers sometimes assign risk levels to different countries based on the likelihood that you could contract a serious illness there. If you are able to get approved, you may face higher premiums.
You have a poor driving history
That’s right – life insurers are concerned with your driving record. If you have a history of accidents that suggest you’re a reckless driver, then you may not be able to secure life insurance coverage.
If you are turned down for life insurance, you still have some options. You can ask if your employer offers life insurance as part of its benefits package or you can look into guaranteed plans that don’t require medical exams.
You have a dangerous profession
Are you into an occupation that constantly involves a lot of risk and danger? Chances are your life insurance coverage may be declined. Certain professions carry a lot more risk than others, making insurers reluctant to offer policies. You are likely to be way safer sitting behind a desk than flying an airplane! Some of the professions that are often denied life insurance include pilots, truck drivers, loggers, roofers, police, construction laborers, fishers, ranchers, farmers, and electricians.
Your personal income can have a say in whether or not your insurance coverage is approved. Insurance companies fix a certain level of financial status, and if you fall below that level, your request for a coverage will be denied. While approving their policies, insurers want to be sure that the policy owner has the financial capacity to meet the cost of premiums. Additionally, they may also check your credit report to see whether you have any outstanding debt or a history of bankruptcies.
While applying for a life insurance policy, your physical health may be taken into account. If you suffer from any major health condition or other chronic illness, including diabetes, heart disease, high cholesterol, and so on, the insurer may consider you as high risk, causing you to be denied life insurance coverage.
Are you ready to secure reliable life insurance? The team at Kneller Insurance Agency is here to help with all of your life insurance needs. Contact us today!
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