Don’t confuse “postponed” with “declined.”
There’s a big difference between a ‘declined’ and ‘postponed’ application. A declined application means that the insurance company will not consider issuing an insurance policy at all. However, a postponed application means that while you’re currently declined, with some change or additional information they would be willing to reconsider your application.
Determine the reason your life insurance application was declined or postponed.
Whether your life insurance application has been declined or postponed, it’s important for you to find out why. Due to the confidential nature of your application, the insurance company will likely not tell your insurance broker why your coverage has been declined or postponed. However, you can get this information mailed to your doctor by providing authorization in writing to the insurance company. Once it has been determined why coverage was not granted, you’ll be able to verify whether or not the insurance company’s decision was made in error.
In some cases, the medical exam may have uncovered a serious condition that was unknown to the applicant. But if you’re generally in good health, it’s more likely that an abnormal test result was the reason for the decline or postpone of your life insurance application. In this case, providing the insurer with evidence, such as other test results, to show that you’re healthy is your best strategy.
Try no-medical life insurance.
If you have been turned down for life insurance, it is still possible to retain the coverage necessary to ensure the financial security of your dependents should you suddenly pass on. No-medical life insurance offers life insurance coverage to individuals who simply answer a few questions on an application. As the name implies, there is no-medical exam. That means that you could have insurance coverage in days, instead of waiting weeks or months for the medical results.
Canada Protection Plan offers no-medical whole life insurance, no-medical term life insurance, and no-medical critical illness insurance to Canadians who are hard to insure, or who have a fear of medical exams or needles. Call us toll free to at 1-877-851-9090 to get a quote on our no-medical life insurance policies.
