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 got denied. How bad is this?
Here’s what happened: I’m applying for life insurance, and the form asked which countries I plan to visit. I’m heading to Taiwan and South Korea later this year. I selected Taiwan correctly, but when it came to Korea, I mistakenly chose Democratic Republic of Korea, thinking it referred to South Korea because of the term “Democratic.”
The underwriter got back to my financial advisor and said my application was denied due to my intent to travel to “North Korea,” despite having a clean bill of health. My advisor plans to discuss the situation with the underwriter tomorrow, but I’m curious—what happens next?
It sounds like a frustrating situation, and it’s understandable to be concerned about the implications. Since you’ve already communicated the mistake to your financial advisor, it’s a good first step. Here are a few things you can consider or discuss with your advisor:
Clarification: Make sure your advisor clarifies the misunderstanding with the underwriter. It’s likely that once they hear it was an honest mistake and that you meant to indicate South Korea, they may reconsider their decision.
Provide Additional Information: If possible, provide any documentation or evidence of your travel plans to South Korea and Taiwan. This could help show your intent and clarify the confusion.
Reapply if Necessary: If the underwriter sticks to their decision, you may need to consider reapplying for life insurance after correcting the travel information, although this may have other implications.
Check for Other Options: If that particular policy is no longer an option, look for other insurers who may be more lenient or understanding about the mistake.
Stay Proactive: Keep communicating with your advisor and be persistent in clearing up the misunderstanding. Mistakes happen, and insurers often appreciate when applicants are forthcoming about errors.
It’s best to stay calm and let your advisor handle the communication with the underwriter—the outcome may be more favorable than you expect!