Let's say that you go to purchase life insurance and you're denied coverage. That can be really scary and I have seen this happen to clients. Perhaps they were diagnosed with cancer in the past or some other health issue.

Determine why you were denied and when you should consider re-applying.

The first thing you want to do is reach out to your life insurance agent and determine why you were denied coverage. You can also ask what the insurance company needs to see to be able to feel comfortable to issue you a policy in the future. For example, I've had it where a client had to show a clean bill of health for a certain number of years, she was able to re-apply, and obtain coverage at that time.

Review your benefits booklet at work.

Another thing to look at is if you work for an employer, see if they offer a life insurance benefit. Many of them do offer some sort of coverage without a medical exam, maybe 1 X salary or 2 X salary.

Develop a financial plan to understand how you can best protect your loved ones.

Meet with a financial planner and develop a plan to save aggressively and pay down debt. That will set you and your family up to the best financial situation possible. So if something does happen to you and your loved ones don't have that life insurance coming in, they are in a good place.

So get with your life insurance agent, your financial planner, and develop a plan for going forward.

My name is Linda Rogers, Owner of Planning Within Reach.

Linda Rogers, CFP®, EA, MSBA is the owner and founder of Planning Within Reach, LLC (PWR). Originally from New Jersey, Linda services clients throughout San Diego county and nationwide. She leads the design of PWR's investment portfolios which utilize broad, low-cost investments that integrate environmentally, socially, and governance (ESG) factors.

Planning Within Reach, LLC (PWR) is a fee-only and fiduciary wealth management firm offering one-time comprehensive financial planning, ongoing impact-focused investment management and tax preparation services in San Diego and nationwide. PWR is a woman-owned firm that specializes in busy professionals and impact investors. Planning Within Reach, LLC and their advisors do not receive commissions and do not hold any insurance licenses or brokerage relationships.