You are in good health and also you see your doctor regularly, so what should you do now you were refused for life insurance in line with the results of the medical exam?
The first step isn’t to panic. Though it may be possible that a life insurance medical exam can reveal serious health problems of which you will possibly not have been aware, in many cases you may be denied insurance or charged higher premiums simply because the medical underwriter found something troubling that she or he could not explain from your medical history.
Medical underwriters concentrate on classifying risks, so when they find something abnormal high levels of liver enzymes or blood sugar results which are off the charts, as an example in many cases they’ll decline or postpone a determination rather than make a guess regarding the nature from the problem and also the medical risks involved.
“We come in the risk-assessment business, not the identification business,” says Dr. Stephen Zimmerman, chief medical director for American General Life Cos.
Your following Steps
First, ask the insurance policy company for that specific details of your life insurance application denial. All states have laws requiring an insurance company to provide the particular reasons for any declination.
Some states permit the information being sent right to the applicant. In other states, any medically related reasons must be sent to a physician of your choice. When the reason you had been denied life insurance coverage was lab work done as part of your application, a replica of the lab work will probably be sent to your physician. If the reason was information found in a physician’s report, the specific reason, and perhaps a copy from the report where the information came, can be sent to a doctor to be reviewed together with you.
Once you know why you were denied term life insurance, go to your doctor. Both you and your doctor should determine if there is something wrong with your health, and stories abound about life insurance coverage applications who have saved lives by alerting the applicants to serious medical problems. Even when all tests keep coming back negative, you might face some challenges in buying life insurance coverage in the future unless the problem area is fixed.
You see, insurance companies have access to the link between your previous insurance exam through the Medical Information Bureau (MIB), a clearinghouse of medical information that insurers share, even though you can request your MIB file and possess outright errors removed, the outcome of your test, although unfavorable as well as perhaps unexplained, might not be wrong.
Whenever you next submit an application for life insurance, you will likely need to make an argument to the insurer as to why it should will give you policy (or a policy in a better price), although you may apply to an alternative insurer. Fortunately it isn’t really hard.
Providing the life insurance company using the results of tests that report you do not have medical conditions associated with the results of your insurance medical exam can go a long way toward assisting you to go from no life insurance coverage to having the ability to buy an affordable life insurance policy.
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