It’s almost taken for granted that an application for insurance will automatically be approved; after all, the insurance company wants to be able to provide you with the cover you need. However, many people are turned down for insurance and for a variety of reasons: read on to find out why.
Medical conditions
In the case of life insurance, existing medical conditions may exclude you from taking out insurance. Recent diagnoses, ongoing treatment, outstanding investigations and high readings (blood sugar, blood pressure and cholesterol) may all be factors that will preclude you from cover. However, there is still hope — a good independent insurance intermediary will work hard to find an insurer who can cover you, no matter your needs.
Oversights and claims
You may have failed to mention a previous incident when applying for insurance, such as a minor car bump from a few years ago. A high claims record will ring alarm bells with many insurance providers, and even the area in which you live can affect your chances of taking out a policy — if there has been a high number of accidents in your postcode, the automated system may turn you down without your case being looked at by a person.
Credit
A monthly insurance premium is basically a loan of the whole amount divided over twelve months. If you have poor credit you may be refused this loan but should still be able to take out the policy, providing you can pay the full amount upfront.
Risk
All insurance policies are a balance of risk. If an insurer deems you, your property, or your car exceptionally high risk, they may refuse to insure you. High value claims and changes of circumstance can all make you a high risk.
If you are turned down for insurance, talk to one of our professional and knowledgeable team, who will be more than happy to discuss your requirements.
