We can’t even to begin to imagine the number of life insurance policies that are declined each day. It has to be some staggeringly huge number and here at Risk Life we wish there was some way to collect them all, bandage the wounds and help get them the approved life insurance they deserve. The truth is that if your life insurance application involves some impaired risk, some health issue, just going out and applying for life insurance is more likely to backfire than succeed.
We noted the other day that Selectquote, arguably the biggest agency online or off, was advertising how good they are with prostate cancer. Agencies like Selectquote use the law of large numbers of clients approach. If you have enough people call or email and ask for quotes it really doesn’t matter if you get them approved, of if they’re approved get them the best rate they deserve. They know the numbers are in their favor and the declines aren’t going to hurt them because they process a trillion applications a year. They also know that in most cases, like prostate cancer, if they happen to get an approval some people are going to take it without knowing whether it’s really the best deal they can get or not. Agencies like Selectquote don’t shop cases. If you have had prostate cancer you are going to have your application go to the Prostate Cancer Company they use, where they know they will get some approvals and some declines.
So what do you do if you get declined through Selectquote or Farmers or Allstate or New York Life? We imagine that most people would 1. Give up believing the outcome to be the real truth or 2. Type into Google something like “declined prostate cancer life insurance”. If you do a search using declined or rated or treated unfairly you will come up with a trillion options in 1.26 seconds. The first page is a good place to start. Throw out the shady three at the top. They paid their way up there and probably don’t deserve your time. Ignore the options on the right. They are using pay per click and you will probably find the company that just declined you in that row.
That leaves several options. When you look at them, stay away from those that are trying to educate you on prostate cancer. In all likelihood you know far more about it than they do. And steer clear if it just takes you to a homepage. Those sites are just good at using keywords to suck you in knowing that they really have almost zero expertise in the area you need. Look at those sites that talk about what it takes to get approved and how to turn declines into approvals and provide relevant, useful information.
Call or email one of those and then pay attention when you speak to an agent about your experience. If they seem to ask all the right questions and seem to understand what the answers mean, and especially, and listen to this, if they ask you to provide more information like pathology reports or labs you may be on to something. If they quote you the day you call blow them off. Good impaired risk life agents always shop cases and it always takes at least 2-3 days. At Risk Life we shop even cases that are identical to a recent case we got approved. It would be a waste of time and energy if the underwriting world never changed, but companies change, companies hire new medical directors who lead the underwriters and underwriters get new information and change their stance.
P.S. Declined is not the end of the road if you need life insurance. Being approved at a rate too high to afford shouldn’t keep you from forging on. Stay focused and you can find that experienced agent who uses all the tools available and only uses those companies that are leading the parade in innovative underwriting. If you have any questions or have been declined, charged too much or just had a strange encounter with an inexperienced agent, call or email us directly. Let’s turn things around.
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