| Impaired Risks |
Through years of experience and seeing thousands of life and LTCI app's we
are by default experts in the Impaired Risk marketplace.
It is difficult to go out today and take an application for a Life or LTC
product and not find some medical history on most folks over 30.
The baby boom generation is a mass of 76 million people heading into a
poorly planned retirement and in need of everything from quality LTC to
estate planning and all those fact finding points in between.
During the process of field underwriting many of us have become accustomed
to letting the para-med take the traditional Part II -which is fine but I am
old school and when dealing with any application I personally prefer taking
the Part II whenever possible; just so I have a feel as to what may be
lurking in the medical history.
Letting your Para-Med do this for you is fine and you will be informed when
your exam has been completed-your choice, your time invested- if the premium
is substantial why not help your client out with walking them through what
will be happening to them when the Para-Med comes out? Plus you learn about
all the various nuances each client has in their medical history and you
eliminate surprises!
Helping your clients understand how to prepare for the Para-Med is also
beneficial. Would your client be better off knowing his med's and you
encouraging him/her to make a list now as to when they take their med's, the
mg's, x per day, and how long they have been taking them? If you go through
Part II with your client just to help organize their medical history you
have eliminated several variables that could cause your case trouble down
the road by helping your client clearly communicate their med's, length of
treatment and medical event dates such as surgeries, heart problems,
cancers, etc., and that way there are no mistakes when the Para-Med is done.
Think about it.
When most people cross 50 or 55 the medications come into play. And there
could be minor or major medical event history. Knowing how the client got to
the point where they are at now can mean the difference between a standard
and a T-2; all because you attached a brief note explaining your clients
medical situation. ( and do not think the underwriter will disregard your
note-just keep it brief and accurate as they will read it) Of course the
doctor's notes will come into play and sometimes we have to have the client
GO BACK to the doctor to have certain notes REMOVED as the doctor noted them
in haste and has now placed your client into a T-4 situation until that
awful little 2 word note is removed, i.e., mildly depressed! The client says
"No way!! I was just having a bad day or bad golf game when I saw him..."
Little things like the above happen everyday and we catch as many of them as
we can.
We have seen countless times where a case is declined by several carriers
and then issued standard by another!
We have no crystal ball but we do have a strong sense of where to go with
certain medically challenged applicants. And we do regularly work a rating
down a bit based on premium size as Life insurance companies WANT the
premium; we just have to be working with a carrier where we may have more
play then another who may be more rigid and unfamiliar with your clients
medical event (s), and medications.
One thing is absolute. We will find a home for your case if there is the
slightest glimmer we can work with a carrier so that the premiums and
potential rating make sense to you, your client and the issuing company.
We have literally worked a few cases beyond 2 years before finally being
able to find a carrier who would issue the policy with a fair rating.
We are not inviting you to send us your reject pile. We are plainly stating
that if you are one of our brokers or GA's we will work your case until we
are certain ... Positive, we have reached the best issue offer we can
possibly achieve.
Most folks are travelling through life on a train that started in Boston and
is headed for San Francisco; however, sometimes you have to explain to them
they may be getting off in Denver or Chicago even! |
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