Life Insurance Application: Three Possible Outcomes
When you apply for life insurance, one of three possible things will happen: You’ll be approved as proposed, denied, or expensively rated. If you’ve already been approved as proposed, then great! No need to read further. And if it’s expensively rated, the carrier may approve you with a much higher price/rate and/or ask for more information to underwrite further on what you need to do next in order to qualify and get the policy you want. If you’re denied, however, there are several reasons that could be behind that decision. More often than not, these are issues that tend to crop up later in life, as we get older. When you are already insured, you become “locked in” and don’t have to worry about developing medical conditions that would make you ineligible for life insurance. And once insured, you stay insured, which is precisely the reason why we urge you to get coverage as soon as you’re able…before medical conditions may develop.