Term Life Denied because of MIB Report, is Whole Life my only option left?

Submitted by Exciting_Painter_669 t3_127zcq9 in personalfinance

Excuse my ignorance but 41 yr old here that just got denied multiple times for term life because of "information" obtained from MIB report. I am certainly not in the best shape (6-00 268lbs) and have 4 years ago been diagnosed with type 2 diabetes (was 310lbs then) but its crazy to me that I've been told I will likely never be able to qualify for term life because of the info on that report. I didn't even know such report existed. My diabetes has been under control (5.2 a1c) and I have been loosing weight constantly. I haven't felt this good since high school.

The crazier thing is although I did get approved by a small whole life policy, I also got denied by a whole life that I was trying to stack, for the same MIB report.

I did walk into a 24hr small ER room 12 months ago because of a bump i had (abscess). It was not an emergency I just walked in got treated and went on my way. I remember the doc saying it was likely caused by my high glucose (wasn't monitoring it back then).

Could this be what is showing on my report and the reason im being denied? any suggestions greatly appreciated! Odd that a whole life also denied me though just doesn't add up. Waiting on the report now but just eager to get any input on this.

TIA for your time in reading my comment.

Edit to add current medication:

Allopurinol 300 for gout Lisinopril 20 for BP Synjardy XR 10-1000 for Diabetes Temporarily on Mounjaro injection been on for 6 months, this has helped with my weightloss.

Recently was prescribed temporarily meds for back pain and only take as needed: Tramadol 50 Meloxicam 15

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Comments

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leofwyen t1_jegq9wa wrote

I would probably go see an insurance agent in person, and make it clear you're willing to go through more underwriting for a better rate. You probably just need full underwriting which is more invasive and takes longer because you have to get physicals and go to doctors and such to be evaluated. Accelerated underwriting is going to flag the high glucose, but since it's automated, it doesn't have the context of your weight loss. Waiting a little longer to put more time after that er visit can also help your chances.

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Coronator t1_jegmp87 wrote

Whole life needs to be medically underwritten as well. If you can’t qualify for term, you can’t qualify for whole life.

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TyrconnellFL t1_jegnkow wrote

No one can read insurances’ minds. Somehow they think you’re such high risk that they won’t even offer expensive policies. Class 2 obesity and diabetes might do it, and an abscess won’t help.

Whole life’s value depends on the plan but when you really just want death benefit it’s a wasteful, expensive option. You might consider self-insuring: save what could go to premiums as inheritance for dependents. It takes time to amount to much and you have to assess your risk tolerance, but that’s self-whole-life.

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nkyguy1988 t1_jeghspx wrote

There are non-medical required plans. Might may a bit of a premium over a medically underwritten plan, but that premium will be nowhere near a whole life policy.

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PersephNoob t1_jegl3lb wrote

Yeah, get an accidental death benefit rider on something.

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