First we (meaning you) need to come to grips with the fact that your medical history isn’t just in your mind, but more importantly for life insurance underwriting, in your medical records. We never work with a client without doing a thorough review of their medical history in the form of questions by us and answers by you.
Let’s lay some groundwork for this. We recognize that your mission is to obtain life insurance at the lowest possible cost. To that end, because there is this myth that quotes always stick so if you don’t mention some little piece of your medical history, the underwriters probably won’t notice it either. The life insurance quotes that you get from us are as accurate as you are honest and forthcoming and as the old saying goes, “garbage in, garbage out”. Hidden life insurance risk can sometimes refer to something you don’t know like when you find out your cholesterol or glucose are elevated on your lab results that you take when applying. But far more often the hidden risk is intentionally hidden in hopes that we can get something better or more than we really deserve. How human is that?
A client we’ve been working with for over a year had presented himself as average in the health department. A bit overweight. Some blood pressure and cholesterol issues. A little mild asthma. We started the application process and he kind of fell off the face of the earth so we eventually closed the file assuming he had gone another direction. He came back three months ago and announced he was ready to get er done. We went through all the health questions again just to make sure nothing had changed and nothing had so he did an exam and we submitted an application.
Now keep in mind that applicants have another chance to come clean when they do the exam. They are again grilled on their health history and asked specifically where to find records in case the company chooses to review them. His story didn’t waiver with the examiner and everything went to the underwriter who ordered records from his primary care doctor. That’s where the hidden risk came to light. This client had annual CT scans because of nodules in his lungs. It appeared over several years that these were not changing and very likely didn’t amount to any health risk, but the last one had indicated some dilation of the aortic root and he was due for his next annual so the underwriter put things on hold until he completed the new CT.
This CT had some good news and some very questionable news. It showed no change in the pulmonary nodules and no significant change in the dilation of the aortic root, but it did show significant calcification in the aorta and coronary arteries. The company approved the policy at a higher rate than what was quoted and even though the client admitted he knew that information, and yes, withheld it from us, he thought it was completely unfair for them to change the rate.
Unfair or not, if you don’t tell the truth don’t expect slack. The life insurance underwriting process isn’t about evaluating the most favorable information in your health history, but rather all of the information. If you have questions or feel that in spite of your honest answers you didn’t get a fair underwriting shake, call or email us. We can help.
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