There are times when using a financial adviser to get a life insurance policy can help overcome previous objections from companies. We often speak to people who believe they will not be applicable for any life insurance policy or have already been rejected for various reasons.

Applying for life insurance to every provider can be a time consuming process, especially if you’re likely to be rejected. It can feel very demoralising being rejected; like searching for a “needle in a haystack”. Insurance providers can leave a footprint on credit files when they do their checks and with multiple rejections it can become difficult to obtain insurance anywhere. However, there are options and solutions to save time, hassle, your credit score and receive professional advice in the process.

One of our protection experts, Jennifer Arthur, gives two recent examples of clients she has managed to help secure life insurance policies for, despite being previously rejected.

Life Insurance Decision in Principle

Using a decision in principle system allows a client’s information to be submitted without doing a credit search and based on the criteria of each company, confirms the likelihood of acceptance.

“I had a client who was declined cover elsewhere. I used the Decision in Principle system to send the health details to providers for an initial response. Unfortunately every provider bar one was a declined. One insurance provider said they will offer terms at an agreed date from the cancer diagnosis. My client was delighted to know they could be covered, as they believed life cover would never be available again.

Another client wanted to look at life & critical illness for a new mortgage. Due to a family history of high cholesterol & two family members with cancer, cover was declined elsewhere. Using the decision in principle tool again, I established which provider would offer cover, without increasing the cost, although exclusions were added for specific family history cancers. My client was again delighted that their family could be protected, when they genuinely believed it would be impossible.

For anyone with health/family health conditions going direct to a provider can mean a footprint on your underwriting history – just like a credit score, meaning it is even harder to get cover.”

Financial Adviser Life Insurance

Using a financial adviser before applying for life insurance can help increase a person’s chances of being accepted. Financial advisers can use decision in principle technology, checking against over 30 insurance providers, to determine which insurers will offer cover and for the lowest cost. This system leaves the credit file intact, saves a person time because they don’t have to fill in multiple forms with every insurer and helps ensure the cover is fit for purpose.

Whether someone has a family history of illness or they themselves have an illness, this doesn’t automatically exclude them from having a life insurance policy. There are options to receive cover and through seeking professional advice you can ensure your

Speak to Pivotal Financial Planning today if you are reviewing your life insurance needs. Even if you’ve been rejected elsewhere, we could still help.