Underwriting has changed dramatically. We had a case where a client who was 58 years young and diagnosed with prostate cancer less than 1 year ago. The client was told he had stage 1 cancer and would need treatment to stop the spread of the disease. The client received treatment in last year and came to our office looking for life insurance in order to secure an SBA loan for $4 million, which he needed for his business. Having just finished his treatment for cancer, I was even skeptical that he would receive coverage. In his medical records, the doctor indicated that they had successfully removed all the cancer and the prognosis was positive. Also, in those records it showed that this client had heart disease and a bypass before the age of 50, and stomach cancer 7 years ago. To my amazement, the client received a rated decision, but was thrilled with the determination. His expectation was that he would be immediately rejected.
In another case, we had a 63 year old client who was a cigar smoker. He also suffered from weight issues and high blood pressure, but even in this case we were able to reduce his group insurance rate by 50% and guarantee the coverage for longer period.
These cases are merely two of many which we see day in and day out. When I first started this business 36 years ago, there would be only one decision available for these type of clients and that was DECLINE. Now these patients can receive a determination as high as PREFERRED.
How times have changed.
Companies are issuing cases which were immediate declines a decade ago
Many people know our firm because we try to seek out the very best offers for your clients. However, this usually works best if there is a cooperative advisory agent involved.
Myths of the Past
Juvenile Diabetes (Type 1) is an immediate decline
Client with stents in their hearts can’t get standard
Cancer survivors in remission can’t find a policy
HIV positive suffers are uninsurable
Marijuana smokers can’t get insured without lying, rated up or classified as a smoker
Cigar, pipe, and tobacco smokers can’t get non-smoker rates
Heart disease patients must get rated
Skydiving and Aviation activities are declines
Don’t forget about those Term Conversions. Many a person has overlooked a contractual guarantee which can be issued better than any current class.
Conditions which are now considered
Diabetes Type 1
We can find a home for these diseases
Bring your Foreign Nationals, we can help