It’s been quite a while since I’ve sent out a version of Cliff’s Notes, but I just wanted to take you back in time a bit and fast forward to what I am seeing today.
I just want to share some experiences that I have had in the Impaired Risk Life Insurance market. Back in 1992, when I first got into the Brokerage business, there was an insurance company, which will remain anonymous, that had a very unique underwriting philosophy. You’ll think I’m joking, but I saw the vision posted in black and white at an underwriter’s desk at this home office. The guideline for making a decision on an applicant was “will this person be alive 10 years from now”. If they felt they would be, then that applicant got approved at Standard Plus rate class! Needless to say, that company is no longer in business.
Many years have passed between now and then and there have been many underwriting improvements during those years.
Not too many years ago, we were seeing certain Prostate Cancer cases as highly rated and many were declines. Today, we are seeing certain Prostate Cancer cases at Standard Plus.
Juvenile Onset Diabetes was almost certainly a decline back in the day. Today, as long as it’s well controlled and no residual problems from the diabetes, as good as Table 4 rating.
Height / Weight tables have improved and companies are giving credits if other risk factors are favorable.
Alternate forms of nicotine, other than smoking cigarettes, are getting Nonsmoker rates…..even if their specimen is positive for nicotine.
Impaired Risk underwriting is how I got my start in this business and it’s fun! It’s a challenge to find a prospect a good rating at a premium they can afford and brighten their day.
If you have a crrent client that you feel may be unfairly rated and paying too much in premium, or a prospect you may have dropped by the wayside, thinking you couldn’t help them – give us a call.
Not only do we have all the most competitive carriers on the market here at ISG, we also have a sister company, Senior Benefits Group, LLC, that focuses purely in the Final Expense marketplace, giving us numerous options for Guaranteed and Simplified Issue Life insurance products for those REALLY hard to place cases.
If Life Insurance can be found for a particularly hard to place case, we can find it.
Go out and make it a Great Day!
Cliff