When Your New York Life Insurance Company Says No

Find out what you can do when you hear the answer no from your New York Health Insurance Policy.

If you have been denied life insurance coverage for any reason, don’t assume that you are not insurable. Whether you have a history of poor health, a dangerous occupation or have recently been diagnosed with a serious illness, New York Life Insurance offers the following ideas that may get yourself and your family the life insurance coverage you need.

• Take advantage of group life insurance, if offered by your employer.

Group health insurance is available to employees regardless of their risk level or health background, so opting for the maximum coverage available is advisable. Keep in mind that coverage amounts offered are generally one to five years’ worth of your annual salary. Taking advantage of any group insurance offered by your wife’s employer is also a good idea.

• Consider exchanging your group coverage for individual coverage.

A big advantage of group insurance coverage is that it is easily exchanged for an individual policy. You will not need to pass to a medical exam and its premiums are based on age only. You will also be guaranteed coverage even if you discontinue working for that particular employer. Odds are that your group new york  life insurance policy does not have a high payout, but being able to offer your loved ones even a small amount of financial security is better than nothing.

• Insure yourself and your spouse with a survivorship policy.

Even if you have been denied personal new york life insurance coverage, you will most likely be approved for survivorship life insurance if your spouse is considered low-risk. This type of life insurance coverage offers protection for both you and your spouse and only pays-out upon the death of each of you.

• If you are deemed uninsurable but your spouse has coverage, considering using a “spouses paid-up insurance purchase option” (SPPO) rider.

In the event that your insured spouse dies, this rider will allow you to purchase a new individual policy with premiums exclusively based on age and the sex of the applicant.

As a last resort, you may want to consider the use of a guaranteed policy, a simplified issue policy or a credit life insurance policy. Each has their own set of drawbacks, including possible denial of coverage depending on your answers to health-related questions, low payout amounts, high premiums and limited availability. Credit life insurance is considered the least desirable insurance available and generally only covers the outstanding amount owed on a recent expenditure, like a vehicle.

Contact your New York Life Insurance agent for more information regarding each option.