Term-Life Insurance denied due to mental health. Now what?
Wife and I are in our late 30s and both applied for 15-year, term policies. Our broker started the process with William Penn and I was accepted at the best rate and my wife was denied. The reasons cited were due to mental health (she self admitted to the hospital 4.5 years ago, did therapy, was “resolved” within a few months). Denial also included “substance abuse history with continued use”. She was an underage drinker as a teen >20 years ago and has a drink socially maybe 5 times per year.
We tried the appeal and was denied. Broker went through Prudential and she’s “accepted”, but at the highest non-smoker rate (her premium is well over double my premium for the same benefit).
Thoughts? If we get past the 5-year mark since the hospitalization, will that help us get into a better rate bracket? Or does the fact that she’s now been denied by someone basically make it hopeless to get a good rate since that’s a question they ask during the interview?