Denied Appointment for Consumer Bankruptcy

[Gracious1]

I was sent a denial letter by a well known life insurance company because I had a non asset, consumer bankruptcy
last year. You might remember this period when many credit card companies were jacking customers rates and % of balance repayments. At the same time I lost too much business due to the economy. Anyhow, Is this denial letter situation common to life insurance and annunity companies, as some have me appointed and I have no trouble getting appointed with health insurance companies? Would a letterof appeal or exception with relevant information help?

 

[Crabcake Johnny]

Appointments for life are a bit different than since you're dealing with people money and are almost an pseudo financial advisor. So yes, life carriers tend to be a little more strict about credit than health carriers.

That said, I'm sure that out of the 40+ life carriers available you should find more than enough who are willing to appoint you.

 

[Thatguy]

they will probably appoint you if your upline ask for an appeal and not give you an advance. If you tried to go direct to the carrier then there is a higher chance for a decline since no one is taking financial responsibility for your business. American General use to do this all the time. If you tried to get a direct contract and had bad credit, they would deny you. However, if you went through an IMO or FMO who would take responsibility for you and place you as-earned, they are much more apt to approve your appointment.

 

[Larry Tew]

I would disclose it right up front.