Can You Still Get Life Insurance If You Have Been Denied?
Life insurance is an important financial tool that offers safety and comfort to you and your loved ones. What happens, though, if your application for life insurance is rejected? Being turned down for life insurance in the United Arab Emirates (UAE) does not always mean that you are ineligible for protection.
Today we will see the alternate methods for obtaining life insurance coverage and examines the choices accessible to UAE residents who have been denied life insurance.
1. Recognize the Basis for the Rejection
It is essential to understand the reason behind an insurance provider’s denial of coverage.
- Some frequent grounds for denial are –
- Pre-existing illnesses
- Risky jobs
- Dangerous hobbies
- A history of particular conditions
- You can better understand the challenges you could face when looking for other life insurance choices by going over the circumstances of the denial.
2. Obtain Expert Assistance
It is best to get the advice of a knowledgeable insurance broker or financial advisor to help you overcome the difficulties of obtaining life insurance after being rejected.
- These experts have in-depth knowledge of the insurance sector and can help in finding suitable insurance providers that focus on offering protection to people who have previously been denied.
- They may also help you acquire and prepare the required paperwork, as well as speak out for you during the application process.
3. Examine various insurance options
It is important to think about alternative insurance options if regular life insurance policies are not an option for you because of previous denials.
- For instance, savings plans (guaranteed or non-guaranteed) don’t need to be underwritten medically and are normally accessible to everyone, regardless of their medical history.
- These policies can be a good option for people who have been turned down for normal life insurance coverage, despite having higher premiums and less coverage.
4. Take a Look at Group Life Insurance
Explore the possibility of receiving coverage through a group life insurance policy if getting individual life insurance proves to be difficult.
- Group insurance plans are frequently provided by businesses or trade associations and might not call for medical underwriting.
- However, the coverage amount could be restricted, and if you quit the group, you might lose the coverage.
- But, while you are looking for individual coverage, group life insurance can be a useful short-term alternative.
5. Improve Your Insurability by Working on It
It’s essential that you take action to start increasing your insurability if you’ve previously been rejected for life insurance.
- Changing one’s lifestyle, such as giving up smoking or adopting a healthier one, as well as efficiently managing one’s current health conditions may fall under this category.
- You could perhaps qualify for coverage in the future by showcasing favorable changes in your health and lowering risk factors.
There are several solutions if you get your life insurance denied and hiring an insurance broker can help you in speeding up the process and also understand it. Contact New Age Insurance Brokers to get started with the process.