Life does not always go as planned, and when we are denied something, we can quickly become overwhelmed and stressed. Here is a simple, 3-step guide on what to do after you are denied life insurance.
1. Remain Calm
As humans, we tend to panic when things do not go as we plan. Stress rises in our bodies obscuring the clarity of thought and logic. Take a breath. Relax. Being denied life insurance is not the end of the world. There are many other companies out there for you to choose from and being denied by one company does not guarantee you will be rejected by them all. Remaining calm will allow you to process the situation and will allow you to rationally plan out your next steps.
2. Collect Information
You can never have too much information. We have more information instantly available to us than any other time period in the history of the world. Take advantage of that. Sit down with your agent and ask why you have been denied. Sometimes it turns out to be something really little that you did not even realize was a problem. It could turn out to be as little as missing some information, a miscommunication of a test, or a minor health issue. If it does present to be a bigger issue, ask if there is another option for you. Communities Digital News writes about Graded and Guaranteed policies being some nontraditional options available for those who have been denied insurance. If all fails, always ask your agent for a recommendation for other possible companies to cover you.
3. Shop Around
There is a multitude of companies out there to look at. Do not get discouraged by one company’s denial. Simply start by asking your agent if he has any recommendations. Most people are well connected in their field and can recommend a much better fit for you. He may end up placing you with a company that can accommodate your desires and needs better than the first company. Do not forget to do your own research though. Doing your own research helps you 1) formulate your own opinion, 2) know the company and what it stands for when you walk in, and 3) know what all is other there for you.
Keep your head up even if you have been denied. There is still a lot out there for you. You may have to make some life changes to get approved, but you will get through it. Take a breath, and look at your options. Being denied life insurance is not the end of the world.