Michael Ryan, Life Insurance Broker
Michael Ryan
Ryan and Associates
Life Insurance Broker Licensed in CA, AZ, CO, FL, ID, NV, SC, TN, TX and UT
Contact Details
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Location
Corona, CA
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Website
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About Me
Hey there, my name is Michael, and I am here to make life insurance simple. Choosing coverage can feel overwhelming, but I do the heavy lifting by comparing trusted providers on your behalf. Together, we'll find the protection your loved ones deserve — at no cost to you.
Q&A with Michael Ryan
What is the most common mistake people make when buying life insurance?
Answer: When people shop for life insurance, they frequently run into a few common pitfalls. According to industry experts, the single most common mistake is **buying too little coverage (being underinsured)**, closely followed by several other strategic errors.
Here is a breakdown of the most common mistakes and how to avoid them:
1. Buying Too Little Coverage (Underinsuring)
Many people mistakenly choose a coverage amount based solely on a rough guess, their mortgage balance, or a simple multiple of their income (like 1–2 years).
* **The Reality:** A true safety net needs to cover ongoing everyday living expenses, future child care, debts, and long-term goals like college tuition. Experts generally recommend aiming for **10 to 12 times your annual salary** as a starting point.
2. Waiting Too Long to Buy
Procrastination is incredibly common because thinking about life insurance means thinking about mortality.
* **The Reality:** Life insurance premiums are strictly tied to your age and health. Every year you delay, the baseline cost increases. Furthermore, if you develop a health condition down the road, your premiums could skyrocket, or you could become entirely uninsurable.
3. Relying Solely on Employer-Provided Policies
Many people assume they are fully covered because their job offers a basic group life insurance policy (often equal to one year's salary).
* **The Reality:** A single year of income rarely sustains a family for long. More importantly, **this coverage is rarely portable.** If you lose your job, switch careers, or your company cuts benefits, you walk away with zero coverage—and you'll be older and potentially less healthy when trying to get a new policy.
4. Choosing the Wrong Policy Type
People often buy a permanent policy (like Whole Life) when they only need a term policy, or vice versa.
* **The Reality:** Term life insurance provides massive coverage for a low cost over a set period (e.g., 20 years while raising kids). Perman
Can I get life insurance if I've been denied coverage before?
Answer: Yes, absolutely! Being denied life insurance in the past doesn't necessarily mean you can never get it. Many people who were previously denied are able to secure coverage later on.
The key really depends on why you were denied in the first place. Here's a breakdown of common reasons for denial and what you can do:
Health Issues:
If your health has improved: If a denial was due to a specific medical condition, and that condition has since improved, is better managed, or has been in remission for a period, you might be insurable now.
New medical information: Sometimes, advancements in treatment or better diagnostic information can make a difference.
Different companies: Insurers have different underwriting guidelines. One company might deny you for a certain condition, while another might offer coverage, perhaps with a higher premium or a specific rider.
Guaranteed Issue or Simplified Issue policies: These types of policies have fewer or no medical questions, making them an option for those with health challenges, though they typically offer lower coverage amounts and can be more expensive.
High-Risk Hobbies or Occupation:
If you've stopped or significantly reduced participation in a high-risk hobby (like skydiving, rock climbing, etc.) or changed to a less hazardous occupation, you might be eligible now.
Financial Reasons:
If the denial was due to bankruptcy, significant debt, or other financial instability, and your financial situation has improved, you might be approved. Insurers look at financial stability to ensure premiums can be paid consistently.
Driving Record:
If a poor driving record (e.g., multiple DUIs or serious accidents) led to a denial, and a significant amount of time has passed without further incidents, you might be able to get coverage.
Application Errors or Omissions:
Sometimes denials happen due to incomplete or inaccurate information on the application. If this was the case, correcting the information and reapplying can resolve it..