In the world of impaired risk and high risk life insurance one thing you don’t want in your corner is an agent that isn’t sure they can come through or an agency that doesn’t take time to shop your case. Risk Life has been in this arena long enough to know that no one company can be counted on to be the best every time and an agent that doesn’t understand your risk and doesn’t know what questions to ask will ultimately fail.
Let’s use an example. Let’s say we have a man 55 years old. In good health otherwise this guy was diagnosed with prostate cancer two years ago. He had a stage T2aNOMX cancer with a Gleason grade of 3+3=6. His pre-diagnosis PSA was 6.8. Given a choice of treatment he opted for radiation beam therapy, a treatment that uses focused radiation beams to kill cancer cells while leaving surrounding cells healthy. The treatment took four months and his PSA started coming down even during treatment. A year post treatment his PSA is .3. He now understands that things happen even to nice guys and wants to get more life insurance than what he had been carrying.
He calls up his Allstate agent who has handled all of his insurance since he was in his 30’s and the agent completes an application, arranges for an exam and gets the process rolling. He doesn’t give his client a quote, simply saying that the price will shake out during underwriting and that even if it’s a little high it will likely be offset by a reduction in his auto and homeowners insurance. 4 weeks later the agent calls up his long time client to let him know that he’s not sure what happened but the application was declined. This is the average agent. Whether a captive agent like most auto and homeowners agents or an independent agent that just really doesn’t understand how to effectively work an impaired risk life insurance case, the outcome is almost never pretty unless by pure accident.
So, let’s say he didn’t go that way, but chose to go to online giant Selectquote because he saw an ad on TV saying that they specialized in prostate cancer. He calls and gets one of the friendly Selectquote agents who does seem to know something about prostate cancer. The agent asks about the stage and grade and the client tells him it was a stage 2, grade 6 cancer. They go over the dates and type of treatment and the current PSA and the agent gives him a quote. For Selectquote the process is easy. Even though they claim to offer insurance from a large number of companies, for the sake of their high volume business they really only use a few of them and when possible they steer almost all of their business to one company that is paying them a huge bonus to do just that. In this case they don’t send it to that company because they know they aren’t big on prostate cancer. They take an application and do an exam and some weeks later the policy is approved at the rate quoted. Slam dunk. The policy is put in force. But was it really the best rate this guy could get? It is the best he could get from Selectquote.
Third scenario he uses Risk Life. We ask about the stage and grade and then ask him to send a copy of the pathology report because stage 2 is kind of a moving target. T2aNOMX isn’t the same as T2cNXMX even though they are both stage 2. The last thing we want to do is shop this case based on the generic stage 2 term and have it be the wrong one. He agrees to send that. We go over the date and treatment and ask him to send a synopsis of the PSA levels from the beginning of treatment to now. There should have been multiple tests and even though it is .3 now, if it went to .1 and came back up to .3 that is a lot different than going down to .3 and remaining level. We find out exactly how many treatments. We ask about family history of prostate cancer and complete review the medical history. We then send the exact compiled information out to underwriters from 15-20 companies. We get a tentative offer back and quote the best of the rates that comes from a company with a history of being strong on prostate cancer. The client applies and 3-4 weeks later they get approved at the rate we quoted. The rate will almost always be lower than Selectquote because they really just went with one company and they will steer business away from companies that have lower compensation. Often the best price comes from a company that won’t pay as much commission, but saves the client substantially.
P.S. Getting the best rate with any medical history at all doesn’t happen by accident. At Risk Life we never assume a company will do the same thing twice and we always go with the company that is best for your bottom line, not ours. If you have any questions or think you may not have been properly served, no matter what your health issue, call or email us directly. We can help.
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