Can someone be denied life insurance limit increase due to bankruptcy?
Date: Tue, 06/14/2016 - 22:34
Hi Alice,
Hi Alice,
First of all, you check whether or not the bankruptcy is updated correctly in your credit reports from all the 3 major credit bureaus; dispute them if not.
When you apply for a life insurance policy, there's a checkbox asking whether or not you've been declined life insurance for any reason; and, you've to answer correctly with a "yes" and it might become little difficult as your application will go to a "further review" pile. However, the life insurance companies do approve such applications but you might have to pay a little higher premium rate than usual.
I totally agree with Good
I totally agree with Good Nelly. But there are certain debts, which don’t get discharged in bankruptcy such as alimony and child support, student loans, fines and penalties for violating the law, debts not listed on the bankruptcy petition and so on. You must find out whether or not your husband is denied a life insurance limit increase due to these reasons. If so, then do consult an expert.