Steps to Take After Your Life Insurance Application Has Been Denied

What you can do if you’ve been denied life insurance coverage.man looking stressed as he looks at life insurance online

If you’ve applied for life insurance and been denied, then this may come as a shock.  One common reason for getting denied is because the life insurance provider has determined that you are too high-risk to insure.  However, just because you’ve been denied coverage doesn’t mean that life insurance is an impossibility for you.  Here are some of the steps that you can take after your initial application has been denied.

  • Collect Information

As insurance companies consider life insurance applications, they conduct research to determine the applicant’s risk.  If they determine that you are high-risk, then they will deny your policy.  Luckily, you can request information about your denial from the company.  At this point, the insurer will provide detailed information on why they refused coverage.  For instance, they will say if the denial was due to your medical history, current exam results, driving record, or another factor.  Once you understand why your application was denied, you can take steps to address your risk.

  • Confirm Results

Underwriters are human, which means that it’s possible for them to make mistakes.  This is why it’s important that you double-check their findings.  For instance, if bad medical exam results were stated as the cause of your denial, then verify your current state of health with your primary care physician.  If they determine that you are in good health, then turning in this official report could mean your application will be reevaluated.

Sometimes, life insurance applications are denied due to occupational dangers, recreational hazards, criminal records, or financial instability.  If you have these records, but they aren’t updated or detailed enough, then an underwriter may deny you coverage because they cannot accurately assess your risk.  So, by providing additional information, you can have your application reevaluated and potentially accepted.

  • Work with an Independent Agent

Sometimes, the first company you apply with isn’t the best option for you.  After your application is denied, you should partner with an independent agent so they can help you find some better options.  Your agent can sort through all your carrier options and find a company that’s underwriting guidelines will accept you, despite your risks.  For instance, if you have diabetes, then your agent can look for companies that will cover individuals with diabetes so long as their condition is well-managed.

If your overall risk is just too high for coverage under standard life insurance policies, then your agent will help you explore other options such as “graded” or guaranteed life insurance options.

These are some of the steps that you should take if your life insurance application was denied.  Do you need help securing the right life insurance policy?  If so, then contact the experts at Miller Carlisle Insurance Services.  We are ready to get you the coverage that you need today.

How Life Insurance Serves You in Different Situations

Life insurance can do more than you think.family walking in grass

While most people only think about getting life insurance when they start a family, there are many contexts in which it pays to have this coverage.  Here are some of the different situations in which having life insurance coverage will benefit you.

  • When You’re Young and Single

Many people do not consider life insurance when they are young and single.  However, securing this coverage early in life has some definite benefits.  For instance, securing life insurance coverage will ensure that your parents or other loved ones are not forced to pay off your debts, such as student loans or credit card debt.  Additionally, your life insurance can also cover the cost of your funeral and burial, so your family does not need to worry about this considerable expense.

  • When You Get Married

When you get married, you now have a partner who is depending on your salary.  Even if you are both working, many couples need two incomes to make ends meet.  This is why you should consider securing life insurance.  Getting this coverage will ensure that your spouse has coverage for your lost income and well as coverage for your debts and final costs.

  • When You Buy a Home

When you buy a home, you will be saddled with a mortgage.  If you were to die unexpectedly, then your family might not be able to keep up with your regular mortgage payments.  As a result, they could risk losing their home.  Fortunately, you can secure life insurance coverage to take care of recurring financial responsibilities, such as your home mortgage.

  • When Your Employer Offers Your Life Insurance

If your employer offers you life insurance benefits, you should also secure a personal life insurance policy to supplement this employer-offered coverage.  Taking this step will ensure that you do not lose your life insurance coverage if you switch jobs or lose your position.  Rather than leaving your life insurance coverage in limbo, make sure you secure a policy separate from your employer.

  • When You Own a Business

If you own your own business or own a business along with a partner, then you have a whole company and team of employees relying on you.  This is why you should consider securing a separate life insurance policy to take care of your business-related financial obligations.

These are some of the different situations in which it pays to have life insurance.  Do you have more questions about your life insurance coverage?  If so, then contact the experts at Miller Carlisle Insurance Services.  We are ready to assist you with all your coverage needs today.

What Happens During a Life Insurance Medical Exam?

What you need to know about life insurance medical exams.person having their blood pressure being taken

When you go through the process of applying for life insurance, the insurance provider may ask you to complete a medical examination.  Many people are nervous about this exam because they are not sure what to expect.  To alleviate your fears, here are some of the important things to know about life insurance medical exams.

Exam Procedures

Life insurance medical exams are usually divided into two portions, a verbal questionnaire administered by a medical professional and a testing section.  During the questionnaire, you will be asked about your existing medical conditions, your family’s medical history, current medications that you are taking, and other health-related things.  During the second part of the exam, various samples will be collected for testing.  For instance, you will provide a urine and blood sample so the medical professional can screen for conditions such as high cholesterol, diabetes, and so on.  Common procedures and tests include the following:

  • Measurement of your weight and height
  • Measurement of your blood pressure and pulse
  • Blood work (to check things such as cholesterol, glucose, protein, and HIV)
  • Urinalysis (to check things such as HIV, protein, glucose, creatinine, and cocaine)

Exam Location

Despite what you might think, you do not actually have to go to a hospital or medical center for your medical exam.  Oftentimes, examinations are done in your own home.  The medical professional administering the questionnaire and the tests will travel to you.

Exam Duration

The questionnaire portion of the exam takes the longest, usually around 20 minutes.  Depending on your medical conditions and family history, this portion of the exam can take longer because the medical professional might have follow-up questions.  The sample-collection part of the exam only takes a few minutes.

This is what you need to know about your life insurance medical examination.  Do you need help securing the right life insurance to meet your needs?  If so, then contact the experts at Miller Carlisle Insurance Services.  We are ready to get you the coverage that you need today.

When to Expect Life Insurance Benefits

Find out when you will receive life insurance payouts.parents holding their baby

If a loved one has passed away, then you may already be feeling the financial impact of their loss.  This is why you may be worried about receiving their life insurance benefit.  Here is what you need to know about life insurance payouts following the policyholder’s death.

How quickly will I receive benefits?

According to the American Council of Life Insurers (ACLI), life insurance benefits are usually paid within 30 days of the insurance provider receiving the claim.  If you have all the necessary documentation, then you can receive compensation as quickly as ten business days.

Delays

Some of the common issues that can cause a delay in benefit distribution include the following:

  • Missing information or documentation– If the claim form is incomplete or inaccurate, then this will slow down the process. Additionally, if you do not provide a certified death certificate for your loved one, then this too will cause delays.
  • Suicide– Many life insurance policies include a clause stating that benefits will not be distributed if the policyholder dies from suicide within the first two years of the policy term. If the insurer suspects suicide within that time frame, they will investigate.  This will delay or even cancel the benefits distribution process.
  • The death occurred during a contestability period– A contestability period is usually the first two years after a life insurance policy has been secured. If the policyholder dies during this period, then the life insurance company has the right to investigate the claim.  Should an investigation ensue, then benefits can be delayed or not paid out at all.

This is what you need to know about the life insurance benefit distribution process.  Do you have additional questions regarding your life insurance?  If so, then contact the experts at Miller Carlisle Insurance Services.  We are ready to assist you with all your life insurance needs today.

Understanding Term Life Insurance

Here’s what you need to know about a term life insurance policy.Understanding Term Life Insurance

While most people understand the importance of securing life insurance coverage, many are unclear about their coverage options. One of the most popular types of life insurance is term life. But how does this policy work and what does it cover? Read on to learn more about term life insurance coverage.

What is it?

Term life insurance policies offer life insurance coverage for a set amount of time, or term. Usually, term lengths last for anywhere between 10 and 30 years. Many people secure term life policies because they are straightforward and because they offer coverage for an important period of their lives. For instance, many people secure a term life policy to last them until they retire or until their children are no longer dependent on them.

How does it work?

During your term, you will make your regular premium payments. If you die sometime during your term, your beneficiaries will receive a previously agreed upon death benefit. However, once your term length ends, your life insurer no longer has any obligation to you. If you were to die once your term is up, your beneficiaries will not receive compensation. If you still need coverage after your policy expires, you will have to secure a new policy.

How much does it cost?

Because term life policies only offer you coverage for a set amount of time, they tend to be cheaper than whole life insurance options. That being said, the actual cost of your premium will be dependent on a variety of individual factors. For instance, your insurance costs will vary according to your age, overall health, your lifestyle, and so on.

This is what you need to know about term life insurance policies. Do you have further inquiries regarding your life insurance coverage? If so, contact the experts at Miller Carlisle Insurance Services. We are ready to assist you with all your personal coverage needs today.

How to Find Your Lost Life Insurance Policy

How to Find Your Lost Life Insurance Policy

When your loved one passes away, finding their life insurance policy can be a time-consuming and frustrating ordeal.

When a client loses someone dear to them, they may be expecting a life insurance policy death benefit to help them through this hard time. Sometimes, however, the life insurance policy can become lost. But how, you may be asking, can an insurance company simply lose such a policy? Don’t they have a digital system in which everything is kept? Very likely, but there are various reasons a policy may become lost. If the policy of your deceased loved one got lost in the taverns of a life insurance company, here are a few tips on how you can locate that policy.

Why Benefits Go Unclaimed

Lost life insurance policies don’t happen because of an evil corporate business man. The reasons are actually not very grandiose. Some carriers may merge, while other times the beneficiary is unaware of the policy.

How to Find a Policy

  1. Contact the Employer – If the deceased was employed during their death, an employer-sponsored life insurance policy may be in place and the employer is simply waiting for you to claim the death benefit.
  2. Check That the Insurance Company Remains Active – When a policy gets lost, it is often because the insurance company that held the policy was absorbed or bought out by another company. Contact your state’s Insurance Department to find out what happened to your insurance company.
  3. Try the MIB Database –  This is a consortium of life and health insurers that contains every policy ever written since 1996.

To find your life insurance policy that is affordable and comprehensible, contact Miller Insurance Agency, Inc. in Carlisle. We’re happy to help you with the policy that you and your family need!

How to Locate a Lost Life Insurance Policy

How to Locate a Lost Life Insurance Policy

When you have to help a customer locate a deceased family member’s lost life insurance it can be a timely and frustrating process for both parties involved. 

Why Do Benefits Go Unclaimed? 

There are many reasons as to why a life insurance may go unclaimed. There may be times where carriers merge or are acquired, other times there is uncertainty about a policy continued in force, but many benefits go unclaimed simply because the beneficiary is unaware of the existence of such policy or they are unable to find it.

How to Find the Policy

  1. Search the insurance-related files. Make sure that you have checked your insurance files. It may just be stuck behind another piece of paper you might not have checked.
  2. Contact the employer. If the deceased person in question was working at the time of death, their employer may have a copy of the insurance policy.
  3. Look over canceled checks and bank books. Look for any checks that were written for the insurance company.
  4. Search the insurance company. It may be that the life insurance company in question may not exist anymore or was absorbed by another company. If so, contact the new company from which it was absorbed.
  5. Check your state’s unclaimed property office. Start with the National Association of Unclaimed Property Administrators and follow the on-screen instructions to see if they have a record of your insurance policy.
  6. The MIB database. The Men In Black can’t help you with such Earthly matters, but the Medical Information Bureau can. The MIB Group database has individual life insurance applications underwritten since 1996.

To find a quality life insurance policy that is affordable and comprehensible, without too much stress, contact Miller Insurance Agency, Inc. in Carlisle. We’re happy to help you with the policy that you and your family need!