CEO Life Insurance Declined?

Surely that can’t be right. CEO’s are the rich and powerful and, well, they should just get their way. Right? ,And surely life insurance companies know better than to blow off a center of influence. The average life insurance agents dream about working with CEO’s and executives, but what the average life insurance agent doesn’t dream about or plan for is the case being declined or unexpectedly rated. One of our clients is the CEO of Due Diligence, Inc and when working with him or anyone else that has their hands full running businesses or organizations, due diligence is exactly what is called for on the part of an agent. It’s our job to make sure we are taking work off of their plate and to do list and making this process easy whether they are needing $500,000 or $200,000,000 of business life insurance, or more. These ladies and gentlemen are too busy to help a life insurance agent meander through the learning curve.

Since our specialties are impaired risk life insurance and business life insurance, we get to pick up the pieces when an executive or professional goes through a bad experience trying to fulfill their commitment to get a CEO life insurance. On several occasions we have been called when large business are in critical and immediate need of life insurance to consummate a business loan or meet the expectations of a board of directors. Imagine as part of a commitment to a bank as loan collateral, the president of a company applying for life insurance and being declined a week before the loan closing because on the exam you had a high psa and were subsequently diagnosed with prostate cancer. The good news may be that the prostate cancer is low stage and grade and treatable. The bad news it can’t be treated and a new policy applied for and in force in a week, unless you call someone with all the right tools in their bag. If this is a business move that has been planned for a long time and is coming down to money changing hands, pushing it out 6 months or a year is not so fondly referred to in most businesses as a disaster.

Sometimes it’s not a full blown disaster and a CEO with, for example, bipolar disorder gets their CEO life insurance approved but finds out that there are life companies out there who truly don’t get that if you are handling the stress and ups and downs of running a large business, your bipolar is really not a big underwriting factor. Everything a life insurance underwriter looks for when they are reviewing records of someone with bipolar, stability, focus, consistency, compliance with treatment, is there. While even the best underwriter may not completely dismiss the bipolar from the life insurance underwriting equation, many have for our clients. There is something about high functioning that really trumps the bad possibilities with mood disorder life insurance.

There are a handful of life insurance agents and agencies that can claim the high ground when it comes to impaired risk and business insurance. That is compared to a large number of agents who claim to have your business life insurance back, but are completely thrown off when an impaired risk curve ball comes over the plate. When a CFO starts looking for life insurance for executives of a company they tend to gravitate toward an agency they’ve used in the past. They probably got great service during the life insurance application, concierge¬† is the term we hear floating around the industry now. But what they don’t know because they have been successfully schmoozed is that the life insurance could have cost the company and CEO much less with just as highly rated a company over something as simple as high blood pressure treatment or the fact that they are a private pilot. A CEO that is HIV positive is something that takes more than a smile and a hardy hand shake. Great customer service isn’t schmoozing, but rather delivering exactly what the CEO does for their own company, the most bang for the buck.

If you have any questions or aren’t sure your life insurance agent can deliver or has already failed to deliver what you need in a no nonsense professional way, call or email us. We have the tools. We know the business. We can help.

About the Author

Every year millions are needlessly declined for life insurance or approved and paying far more than they need to. For 14 years, I have specialized in turning those situations around and finding the right life insurance solution at affordable rates. I give every client the personal attention they deserve.

Spread The Love, Share Our Article

Related Posts


There are no comments on this entry.


There are no trackbacks on this entry.

Add a Comment