When I get a phone call or an email from someone saying that they’ve been told by their life insurance agent or even multiple life insurance agents that their situation just can’t be approved and covered, well, game on. While there is a possibility that the client might not be able to get traditional life insurance, that is far more rare than you might think, and in those cases in almost all cases there are non traditional products that can fill the gap.
The CEO of a technology company emailed today looking for war zone risk coverage for four of his seven employees. He wanted AD&D, disability as well as medevac and repatriation of remains and had turned to agents representing traditional companies. He said, “I have heard from other life insurance brokers that our company is too small for a supplemental group policy (less than 10 employees). Is that true in your experience with war zone policies?” No, that isn’t my experience. In fact that is one of my specialties. The problem here is that agents are making statements based on their own company or products and making it sound like industry wide norms.
I suppose I should be grateful that other life insurance agents don’t get access to the products it takes to plug the holes in their portfolios and that it kind of ticks clients off when they are told the product they need isn’t available. That’s how they end up at Risk Life or Hinerman Group when they do an online search based on their current agent’s failure. Some agents humble themselves and tell their clients that they don’t have a product for them but they will do some searching and many of those agents end up calling me and are excited to find out that coverage is available for their client. They’re even more excited when I just tell them who to contact and don’t try to get into their compensation or take their customer away. I figure the more informed agents there are out there, the less client failure will occur and the better our industry will look.
This is true of war zone coverage, dangerous activities coverage or business life insurance when the CEO or employees are not able to get insured by a traditional carrier for just about any reason. If you have questions or need quotes or need life insurance in a hurry, call or email us. We can help.
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