So you just got declined for life insurance and you’ve decided that life insurance companies suck. The truth is you may have just had a goose lay a golden egg for you.
So, the good news in a decline? It almost always means that you either had the wrong agent or the wrong company, or both and you now know why you were declined. OK, I know you’re waiting for the good news. The good news is that if you know why you were declined and you take that information to the right agent who takes it to the right company, you will more than likely get approved.
If I’m you, the first question that comes to mind is how do I find the right agent? Well, I wish I could tell you it was as simple as going to www.rightagent.com, but alas, it’s a real estate agent site. So, narrow down what you’re searching for, and fire up the search engines. Don’t get sidetracked by agencies that are obviously using every key word they can just to attract attention. Look for links to agency blogs that actually show that there is some knowledge of your particular health issue and some expertise in being able to find good rates.
Then interview them. Call and ask questions. You know your health issue. Find out if they know it too. Do they ask you questions about your health issue that make sense? Do they seem to be digging for relevant information? Can they explain to you why the information they need is relevant to a life insurance underwriter?
When you feel like you’ve found a knowledgeable independent agent, lay it all out for them. Tell them you’ve been declined and by what company or companies. Tell them about the interactions you had with the agent or agents that worked on your declined applications. Tell them everything you know about your health issue and if they ask you to call your doctor for copies of tests or more information, do it for them.
Does it have to be an independent agent? I think not using an agent that has the freedom to go to the best company for your situation is foolish. You want an agent that has absolutely no allegiance to any company. You don’t want an agent who is trying to rack up points with a certain company to win a production prize. Their only focus should be who will approve you and give you the best deal.
Bottom line. Most people who contact us do it when they’ve been declined. I have this vision of someone being declined, for instance, for bipolar disorder and angrily typing into Google “bipolar life insurance”. Call up Ed Hinerman and see if he really knows anything about how to get life insurance if you have bipolar disorder. If not, go to the next.