 Why do people gamble in life without life insurance? |
41% of U.S. adults do not have life insurance coverage. (National Underwriter)
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marsh511 | What recourse do I have after being poorly rated for life insurance coverage (e.g. high rates)? |
If I re-apply, is there a database that another insurance company can see that reveals the results of a prior application? Does the life insurance co. have access to any and all medical records, or only those held by the doctor you indicate on your application? |
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mbrcatz
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The application gives the life insurance co. access to your medical records from a central databank.
Your best bet is to do what you can to fix whatever the problems are (quit smoking, lose weight, start excercising, get the diabetes under control, whatever), wait a few years, and try again. |
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Jerry H
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It's not really a matter of is there a database which Life compannies can access if you reapply, it's whether you commit fraud on your application. Odds are the company will find out if you should have been a decline or a significant uprate. The Life company does have access to all your medical records. What have you been told is the reason for your uprate? What rate for what limit have you been offered? |
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Hadley
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The Medical Information Bureau usually has the medical results of physicals taken by individuals applying for life insurance.
If you failed the medical exam and are declined coverage, or you think an error was made you can and should ask the insurance company to send you a copy of the medical exam results to you and/or your doctor.
If you failed because of a health-related problem you can ask your doctor about it. Or, if you failed the exam because of a mistake by the insurance company, you and your doctor and review the error and have it corrected as soon as possible.
You want any errors corrected so they don’t stay on your medical record, because you may be declined for life insurance by another insurance company because of the error.
Also, you may want to look into life insurance that does not require you to take a medical exam.
Two highly-rated life insurance companies that offer life insurance with no medical exam are:
1) RBC Insurance - they offer up to $150,000 term life insurance without a physical - http://www.rbcexpressterm.com/partners/default.asp?p=2041&promotioncode=FOIQA-TL-777
2) Globe Life Insurance - They offer up to $30,000 life insurance without a physical - - http://tcgtrk.com/click.pl?l=131&ca=3717&c=5676&t-subid=TL-777
I hope that helps, and good luck with your life insurance. |
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corpsengineer
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Yes there is, it is called the Medical Information Bureau. All U.S. life insurance companies contribute information on POTENTIAL insureds to the database. Even if you dont purchase the policy, your information goes in there. The trick is, companies are not allowed to make a decision based off of the database. Another rule is the company can only put your medical info. in there, not there underwriting decision.
My recommendation, I dont know who you applied with but any time one of my client's gets denied or rated by my company, I go to Ohio National, they have some of the best term life quotes I have ever seen. Especially for tobacco users. If your condition is worse than that, you might try Lloyd's or a guaranteed issuer. I have used Lloyd's before with several musicians and it worked nicely.
Hope this helps
Also, you dont have to get more physicals when you apply to other companies, as a broker I use the same physical for all companies. You just request it. |
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John
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I think every insurance company has different guide line. You may check the following site to get other company's quote.
www.jollainsurance.com
I got a life insurance from them what I wanted with lower premium than others.
Good luck! |
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Jim H
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You can apply to different companies, but I think a standard question is whether you've been declined for coverage.
Other companies may rate you higher, it's just a matter of how many physicals you want to take. |
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c
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Typically companies will submit info to a database to help prevent anti-selection and fraud. So they may see some of the health problems that you have.
By signing the application, you grant the life insurance company access to your medical records (their should be a clause in the application stating this). My guess is that they will only check with your attending physician, unless they see other reaons to expand their search (such as medical conditions that you want to try to hide). |
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Loganathan Raja Rajun R
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Look Idiot Life Insurance is based on Age, Earnings, Medical History and the Mobid & Mortallity rate of age groupsof the country, and riskd in your profession (Airforce, life threatning employment)
What U are trying to say one company declined. So why do u worry, U can apply to other companies and still get Life cover.
The only problem is ur premium. It will be costly. It is better to be honest with them and get insurance rather than concealing some facts and afterwards when U die and your nominee claims the insurance, they simply cite u have concealed many facts and decline to pay the insured amount as well forefiet the premiums paid.
Hence in insurance matters be straight forward and sincere which will pay u and fullfil the purpose. Otherwise u will be paying premiums and after ur death ur nominee gets nothing Do U Want that? |
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