How to Get Approved for Life Insurance: 5 Tips to Follow

Life insurance is a contract between you and an insurance company that promises to pay a sum of money to your beneficiaries if you die during the term of the policy. Life insurance can help your loved ones cover your funeral costs, pay off your debts, replace your income, and achieve their financial goals after you are gone. However, not everyone can easily get approved for life insurance coverage. Some people may face higher premiums or even rejection due to various factors that affect their risk of dying prematurely.

If you are one of those people who are worried about getting denied life insurance coverage, don’t lose hope. There are some things you can do to increase your chances of getting approved and finding a policy that suits your needs and budget. In this article, we will share with you five tips on how to improve your eligibility for life insurance and secure the protection you need for your family.

Tip 1: Stay in Good Physical Health

One of the most important factors that life insurance companies consider when evaluating your application is your physical health. Your physical health determines how likely you are to develop or die from a serious illness or injury that could shorten your lifespan. The healthier you are, the lower your risk of dying and the lower your premiums will be.

However, if you have a chronic health condition, such as high blood pressure, high cholesterol, diabetes, heart disease, cancer, or obesity, you may have a harder time getting approved for life insurance or you may have to pay more for your coverage. These health conditions can increase your risk of dying and make you a less attractive customer for the insurance company.

Therefore, it is advisable to stay in good physical health as much as possible if you want to increase your chances of getting approved for life insurance. Here are some suggestions on how to do that:

• Eat a balanced diet that is rich in fruits, vegetables, whole grains, lean protein, and healthy fats. Avoid processed foods, added sugars, saturated fats, and trans fats that can harm your health.
• Exercise regularly and maintain a healthy weight. Aim for at least 150 minutes of moderate-intensity physical activity per week or 75 minutes of vigorous-intensity physical activity per week. Try to include both aerobic and strength-training exercises in your routine.
• Manage your medical conditions and follow your doctor’s advice. Take your medications as prescribed, monitor your blood pressure, blood sugar, and cholesterol levels regularly, and attend your check-ups and screenings as recommended.
• Quit smoking and limit your alcohol intake. Smoking and drinking can damage your organs, increase your blood pressure, raise your cholesterol levels, and increase your risk of cancer and other diseases. Quitting smoking and drinking moderately can improve your health and lower your premiums.

Tip 2: Treat Your Mental Health

Another factor that life insurance companies consider when evaluating your application is your mental health. Your mental health affects how well you cope with stress, emotions, challenges, and relationships in your life. It also affects how you behave and make decisions that can impact your physical health and well-being.

Unfortunately, many people struggle with mental health issues such as depression, anxiety, bipolar disorder, post-traumatic stress disorder (PTSD), or substance abuse. These mental health issues can lower your quality of life and increase your risk of dying by suicide or other causes. As a result, many life insurance companies may deny coverage or charge higher premiums to applicants who have a history of mental health issues.

Therefore, it is important to treat your mental health as seriously as you treat your physical health if you want to increase your chances of getting approved for life insurance. Here are some suggestions on how to do that:

• Seek professional help if you are experiencing symptoms of a mental health disorder or if you are having thoughts of harming yourself or others. A licensed therapist or counselor can help you diagnose your condition, provide treatment options, and support you through your recovery process.
• Practice self-care and find healthy ways to cope with stress. Stress can worsen your mental health condition and affect your physical health as well. Some examples of self-care activities include getting enough sleep, meditating, journaling, spending time with friends and family, engaging in hobbies, or doing something fun.
• Reduce or eliminate substances that can harm your mental health such as caffeine, nicotine, alcohol, or drugs. These substances can alter your mood, interfere with your medication, trigger cravings or withdrawal symptoms, and increase your risk of addiction or overdose.
• Join a support group or community that can offer you emotional support, encouragement, and guidance. You are not alone in dealing with mental health issues. There are many people who share similar experiences and challenges as you do. You can find support groups online or in your local area that can help you cope and heal.

Tip 3: Make Better Lifestyle Choices

Another factor that life insurance companies consider when evaluating your application is your lifestyle choices. Your lifestyle choices reflect how you live your life and what kind of habits you have that can affect your health and longevity. Some lifestyle choices can enhance your health and well-being, while others can harm them.

Some examples of lifestyle choices that can lower your chances of getting approved for life insurance or increase your premiums are:

• Smoking: Smoking is one of the worst habits you can have for your health. It can cause lung cancer, heart disease, stroke, and many other diseases. It can also reduce your life expectancy by 10 years or more. According to the American Cancer Society, smokers pay about two to three times more for life insurance than nonsmokers.
• Drinking: Drinking alcohol can have some benefits for your health, such as reducing your risk of heart disease, if done in moderation. However, drinking too much or too often can damage your liver, brain, heart, and other organs. It can also increase your risk of accidents, violence, and suicide. According to the Centers for Disease Control and Prevention (CDC), excessive alcohol use is responsible for about 95,000 deaths per year in the United States.
• Engaging in dangerous hobbies: Some hobbies can be fun and exciting, but they can also be risky and dangerous. Some examples of dangerous hobbies include skydiving, rock climbing, scuba diving, bungee jumping, or racing cars or motorcycles. These hobbies can increase your risk of injury or death and make you a high-risk customer for the insurance company.
• Having a poor driving record: Your driving record shows how safe or reckless you are behind the wheel. If you have a history of speeding tickets, accidents, DUIs, or other violations, you may have to pay more for your life insurance or even get denied coverage. According to the National Highway Traffic Safety Administration (NHTSA), more than 36,000 people died in motor vehicle crashes in 2019.

Therefore, it is advisable to make better lifestyle choices if you want to increase your chances of getting approved for life insurance. Here are some suggestions on how to do that:

• Quit smoking or reduce your smoking frequency. Quitting smoking is one of the best things you can do for your health and your wallet. It can lower your risk of many diseases and increase your life expectancy. It can also save you money on your life insurance premiums and other expenses related to smoking.
• Drink moderately or abstain from alcohol. Drinking moderately means no more than one drink per day for women and no more than two drinks per day for men. Abstaining from alcohol means not drinking at all. Either way, you can improve your health and lower your premiums by avoiding excessive alcohol use.
• Avoid risky activities or get special coverage. If you enjoy dangerous hobbies, you may want to reconsider them or find safer alternatives. If you cannot give them up, you may want to look for special coverage that caters to high-risk customers. However, be prepared to pay more for this type of coverage or accept lower benefits.
• Drive safely and obey the traffic laws. Driving safely means following the speed limit, wearing a seat belt, avoiding distractions, and not driving under the influence of alcohol or drugs. Obeying the traffic laws means respecting the rules of the road and avoiding violations that can result in fines or penalties. By doing so, you can reduce your risk of accidents and injuries and lower your premiums.

Tip 4: Plan Ahead

Another factor that life insurance companies consider when evaluating your application is your age. Your age affects how long you are expected to live and how likely you are to die during the term of the policy. The younger you are, the longer your life expectancy and the lower your risk of dying. The older you are, the shorter your life expectancy and the higher your risk of dying.

Therefore, it is advisable to plan ahead and buy life insurance as soon as possible if you want to increase your chances of getting approved for life insurance and finding a low rate. Here are some suggestions on how to do that:

• Buy life insurance early in life. The best time to buy life insurance is when you are young and healthy. You can lock in a low rate for a long term and enjoy peace of mind knowing that you are covered for many years to come.
• Choose a term policy over a permanent policy. A term policy is a type of life insurance that provides coverage for a specific period of time, such as 10, 20, or 30 years. A permanent policy is a type of life insurance that provides coverage for your entire life as long as you pay the premiums. A term policy is usually cheaper than a permanent policy because it has a lower risk of paying out a death benefit.
• Compare quotes from different companies. Different companies may offer different rates and terms for the same type of policy depending on their underwriting criteria and risk assessment. Therefore, it is wise to shop around and compare quotes from different companies before you buy a policy. You may find a better deal or a more suitable option for your needs and budget.

Tip 5: Look into Alternative Options

Another factor that life insurance companies consider when evaluating your application is your eligibility for their products. Not all life insurance products are available for everyone. Some products may have stricter requirements or limitations than others. Some products may not suit your needs or preferences at all.

Therefore, it is advisable to look into alternative options if you are denied life insurance coverage or if you are not satisfied with the options you have. Here are some suggestions on how to do that:

• Consider a no-exam policy. A no-exam policy is a type of life insurance that does not require a medical exam or extensive health questions to qualify. It can be a good option for people who have health issues, lifestyle choices, or age factors that make them ineligible for traditional policies. However, a no-exam policy may cost more and have a lower face value than a traditional policy.
• Consider a guaranteed issue policy. A guaranteed issue policy is a type of life insurance that does not require any health questions or medical exams to qualify. It can be a good option for people who have been denied coverage by other companies or who have terminal illnesses. However, a guaranteed issue policy may have a high premium, a low face value, a graded death benefit, or a waiting period before it pays out.
• Consider a group term policy. A group term policy is a type of life insurance that is offered by an employer, an association, or an organization to its members or employees. It can be a good option for people who want to get some coverage without going through the hassle of applying individually. However, a group term policy may have limited benefits, no customization, no portability, or no conversion options.

Conclusion

Getting approved for life insurance coverage can be challenging for some people due to various factors that affect their risk of dying. However, by following the tips we shared in this article, you can increase your chances of getting approved and finding a policy that meets your needs and budget.

Life insurance is an important financial tool that can protect your family from the financial consequences of your death. It can provide them with income replacement, debt repayment, funeral expenses, inheritance taxes, and more. By getting approved for life insurance coverage, you can ensure that your loved ones will be taken care of after you are gone.

If you are ready to apply for life insurance today, don’t hesitate to contact us. We can help you compare quotes from different companies and find the best option for you. We can also answer any questions you may have about life insurance and guide you through the application process.