Disability Insurance questions

[AwesomeMD]

Hi everyone,

I'm considering accepting a disability insurance offer (have been through the underwriting process and been approved), but I'm thinking I might want to wait and reapply next year for some personal/family reasons. Will declining this offer make me ineligible for future applications with this company or with other major companies? Any other words of advice if I have to decline an offer?

Thanks!

[Scott at MD Financial Services]

It won't necessarily make it harder even though the insurance companies do ask us what the history is because not only do they ask you the past carriers you have applied for but it will show up on the MIB they pull.  You might want to pull down a minimum contract, get your fio's lined up and then have this all set.  You can probably do that for $30 a month.

[AwesomeMD]

Thanks for the advice! One other question - if I get declined from a policy for something that has resolved but is included in a question with a time limit (eg: heart problem in last 10 years), then reapply after that time limit has passed, will having the decline on record from the first application (when the issue was more recent) cause problems in applying to that same or a different company later?

[Scott at MD Financial Services]

Probably not, most of the time carriers only question the MIB hits of 'other carriers applications' if it is in the last 5 or so years.  If you have an old 8-12 year carrier application notification then to my knowledge that makes zero difference.  The main thing I think carriers are looking for is duplicate or excess coverage requests without proper disclosure but are certainly interested in declines or postponed situations in the recent past.

[AwesomeMD]

Thanks again!

 

[Guest]

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