If you’re wondering how long you must wait before you can reapply for life insurance, chances are your recent attempt to get insurance didn’t work out as you hoped. Perhaps it was denied, postponed, or approved at a much higher price than you expected. Now you’re wondering when you should give it another try.

The good news is…

That you’ve come to the right place. We at IBUSA specialize in helping “higher risk” applicants find and qualify for the coverage they need. We often meet clients who have already had an application denied.

In this article, we’ll address some of the most common questions we receive about how long to wait before reapplying for life insurance. We’ll also discuss the factors that determine the answer to this question.

The questions we’ll cover include:

• How long do you have to wait to reapply for life insurance?
• Should you reapply with the same company?
• What should you do if it looks like you won’t be able to qualify for a traditional life insurance policy any time soon?
• How can you increase your chances of finding the best life insurance policy?

Without further ado, let’s dive in!

How long do you have to wait to reapply for life insurance?

The amount of time one may have to wait to “reapply” for life insurance will typically depend on the reason “why” someone wants to reapply in the first place. For example…

Are you interested in reapplying because you have been denied coverage?

If so, understanding “why” you were denied and “which” life insurance company denied your application will likely determine what your next steps should be. In some situations, you may find it possible to “reapply” immediately. At the same time, in other cases, you may need to wait or consider choosing a different “type” of life insurance policy altogether.

Situations that could cause someone to be denied by one carrier only to be approved immediately afterward by another could include those applying after:

• Recently applying for bankruptcy,
• Being convicted of a felony,
• Using marijuana,
• Being prescribed an “injectable” medication to treat their type 2 diabetes,
• Being diagnosed with type 1 diabetes or any number of other pre-existing medical conditions,
• Etc…

Are you interested in “reapplying” because you didn’t receive the rate you hoped for?

For those looking to “reapply” for coverage because they weren’t able to qualify for the rate that they had been quoted initially, it may be possible to reapply right away with a different insurance company, which may be more “sympathetic” or “lenient” than the first company you choose. Or you may choose to “appeal” the rate you “earned” from the original carrier. However, you’ll probably have a better chance of starting fresh with a new insurance company.

 Choosing to “reapply” because your original application has been POSTPONED for some reason?

If this is the case, what will happen most of the time is that the insurance company choosing to postpone your life insurance application will also provide instructions on what you can do to have your application “reconsidered ultimately.” Depending on what these instructions are, you may find it easier to apply with a different company right away rather than wait until the original company is satisfied.

Where things may become complicated is when…

Individuals have been diagnosed with a pre-existing medical condition that will likely preclude them from qualifying for traditional coverage for a set period. Conditions that could fall into this category may include:

• Cancer survivors,
• Recent heart attack or stroke survivors,
• Newly diagnosed individuals are in the process of getting their condition under control. Conditions may include:
  • High blood pressure,
  • High cholesterol,
  • Diabetes,
  • Depression,
  • Etc…

The amount of time an applicant may need to wait can and will likely vary depending on the condition and its severity.

Should I reapply with the same company?

Occasionally, it may be sensible for an individual to reapply with the same company that denied, postponed, or approved an application at a higher rate simply because that company is actually the best option for them. However, in most cases, applicants will find that applying with a different life insurance company better suited to their needs is better.

Applying with a new…

Life insurance companies will also allow one to schedule a new medical exam (or perhaps avoid one altogether by applying for a no medical exam term life insurance policy), which may contradict any findings that could have been the cause of one’s previous postponement or denial. 

What should I do if it looks like I won’t be able to qualify for a traditional life insurance policy any time soon?

Sadly, it’s a fact of life that some folks won’t be able to qualify for a traditional life insurance policy now or anytime soon. In cases like these, if someone is still interested in obtaining coverage for their family, they will need to seek out “alternative products” such as a Guaranteed Issue Life Insurance Policy or an Accidental Death Policy.

And while…

Neither of these products is typically considered perfect; for some, they could be an acceptable alternative. For this reason, we here at IBUSA will always offer them as an alternative to anyone who cannot qualify for a traditional term or whole life insurance policy.

How can I increase my chances of finding the “best” life insurance policy?

There are several things you can do to increase your chances of finding the best life insurance policy for you:

1. Shop around: Get quotes and compare policies from different insurance companies. Don’t settle for the first policy you find.
2. Work with an independent insurance agent: An independent agent can offer you policies from multiple insurance companies, providing you with more options to choose from.
3. Be honest: Be honest and upfront about your health and lifestyle habits. This will help insurance companies assess your risk accurately and help you find a policy that meets your needs.
4. Improve your health: Certain health conditions or lifestyle habits can increase your premiums or make you uninsurable. Improving your health can reduce your premiums and increase your chances of finding a suitable policy.
5. Consider term life insurance: Term life insurance is generally more affordable than whole life insurance and can provide you with the coverage you need for a specific period.
6. Review your policy regularly: Your needs and circumstances may change over time, so it’s important to review your policy regularly to ensure it still meets your needs.

By following these steps, you can increase your chances of finding the best life insurance policy.