I accidentally listed my travel plans to the Democratic Republic of Korea (North Korea) instead of the Republic of Korea (South Korea) on my life insurance application, and now I’ve been denied. How serious is this?
Here’s the situation: I applied for life insurance and was asked about any countries I plan to visit. I correctly indicated that I am traveling to Taiwan later this year. However, when it came to Korea, I mistakenly selected Democratic Republic of Korea, thinking it referred to South Korea because of the name.
The underwriter recently informed my financial advisor that my application was denied due to my mention of “North Korea,” even though I have a clean bill of health. My advisor is scheduled to speak with the underwriter tomorrow, but I’m curious to know what the next steps might be. Does anyone have any insight on this?
It sounds like a frustrating situation, but there may still be a way to resolve it. Given that the mix-up was unintentional, your financial advisor’s conversation with the underwriter could be really helpful. Here are some steps you can take:
Clarification: Make sure your advisor clarifies the misunderstanding with the underwriter. Explain that it was an honest mistake and that your actual travel plans involve South Korea, not North Korea.
Documentation: If you can provide any documentation of your travel plans (like itineraries or tickets), it may help reinforce your case.
Reapplication: If the underwriter insists on the denial, you might consider reapplying with the correct information. However, be aware that they might still flag your application due to the initial mix-up.
Alternative Options: If this policy remains denied, you could explore other insurance companies or policies that may not have the same restrictions.
Ask Questions: During your advisor’s conversation with the underwriter, make sure to ask about any clear steps to contest the denial and if there are other considerations they might take into account.
It’s important to stay calm and proactive about resolving this. Misunderstandings happen, and sometimes insurers can be understanding if they see it was an error. Good luck!