We try to follow all new developments in life insurance underwriting but as we’ve mentioned several times these developments and changes are coming faster and faster as life insurance companies embrace the truth about early detection of disease and the decreased mortality risk that corresponds.
We’ve always been careful to call untested underwriting a rumor until we get an approval to go with it, but new rumors are flying and we feel confident enough to share some of the basics. Just like the breakthrough of when a company finally allowed an approval of prostate cancer active surveillance, these new rumors are well founded in modern medical knowledge, with early detection and treatment at the core.
The first one is kind of ho hum compared to the second, but it now appears we can get approved policies on people who have been diagnosed with low stage and grade prostate cancer….before they start treatment or even, depending on the biopsy, if they’ve decided to take the active surveillance route. This may not seem huge, but upwards of 200,000 men are diagnosed with prostate cancer each year and the majority of those fall in the low stage and grade categories that can garner this underwriting treatment. For men especially the onset of disease is a wake up call about the life insurance they’ve never done anything about, leaving their family at risk. This is almost like a do over. You get diagnosed and can buy life insurance before you are treated. But let’s be clear. This is low stage, low grade and you have to purchase the life insurance within a year of the biopsy.
We don’t have all the details of the second rumor yet, but it comes from a reliable source. We may be on the verge, as in having the guidelines within a few days, of being able to underwrite and approve traditional life insurance for well controlled HIV positive cases. This is so far from the beginnings of HIV being the most sought after viatical disease that we will proceed cautiously, but it looks like it will involve well known companies and underwriting from the 21st century.
We normally invite people to call or email with questions, but on this subject we don’t have all the answers yet. Check posts over the next week and we hope we will have published the first ever life insurance underwriting approval guidelines for HIV positive.
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