This is often a great way to start the process of applying for life insurance. We use this with our clients on a regular basis and it is a great way to avoid wasting time blindly.
For example, if a client has type 2 diabetes, I need to fill out a questionaire for this to give to our underwriting consultant. Once our underwriting consultant receives this information, then he can help us determine the carrier that would probably underwrite the case the most favorably with the best possible rate. Since we are an independent broker, we can shop it across all the main players in the life insurance market, to ensure that we are getting our clients the best estimate. Of course, everything is subject to actual underwriting. With a little preliminary checking we have a much better chance of pinpointing everything better.
Another reason to do a preliminary questionaire is the client doesn’t want to get declined. If we look at it from the information we can gather, we can rule out applicants who will probably be declined. Since we are getting feedback from all the carriers, we also know who would probably not decline them as well. Once we get the initial information to the carriers and get feedback, we can do a formal application to the identified best carrier. Obviously, if there are no major health issues a preliminary evaluation is not necessary and you can go right to the application.
If you have questions on your condition(s), please don’t hesitate to call me at (800) 554-5142 and ask for Vince.
Are you backed into a corner and are looking to buy life insurance because you got a bad doctor’s report? Are you concerned that you are hitting retirement and will all of a sudden have no benefits?
We work with clients everyday and often times people are looking to buy life insurance as a reaction to something. While it is important to react to whatever life hands you, it is always better to build a plan before the emergency. If you start to have your agent look for you at an advanced age or once you have medical limitations, you will probably be discouraged with the options. This is why it is important to have a good agent who knows the options on the market as well as which company’s underwrite more favorably for different situations.
With that being said, it is better to button down your life insurance needs before an event forces you into it. The options are usually better and it is usually a lot easier to secure what you want. For example, I recently worked with a client who just developed type 2 diabetes and is now wants to get life insurance. We had talked several times before when she didn’t have this condition and I encourages her to put something in place. Unfortunately, she put it off and know is facing much higher premiums and fewer options. The good news is we work with just about every insurance company out there and were able to take her case to the company’s that underwrite diabetes the most favorably. In fact, we are helping her secure a guaranteed universal life that the premium is guaranteed to age 121.
It is important to have a good life insurance consultant when you apply for life insurance. The consultant needs to have the knowledge and understanding of where to send your application if you have health limitations. For example, if you have type 2 diabetes, what companies will approve you with that issue and underwrite that the most liberally?
Often times it makes sense to put in a preliminary request with some providers to get there take before officially going into the underwriting process. The last thing that you want is to be declined by a provider. Once you are declined you have to include that on other applications for other providers. Also, if you receive a better rating with one company it can save you a substantial amount of money on premium costs.
If you have serious health issues you will be paying more for life insurance than a totally healthy person, but there is a good chance you can still get it. Make sure you speak to your life insurance agent about this issue as this can be very important for your pocketbook.
