I am currently working with a client who was declined by a few other companies and apparently told that with a recent history of breast cancer life insurance approvals just weren’t in the cards. This woman was, for some reason, told that she would need to wait two years before she could be considered for an approval and that, even then, there would likely be a higher rate due to a flat extra charge.
The breast cancer in question was a stage 1 removed in a lumpectomy. Post surgery the margins were clear and there was no lymph node involvement. There was no chemo or radiation recommended because of the small size and success of the surgery in getting it all. Low stage and grade breast cancer is very insurabNow I hate to point fingers but the companies that declined this case were definitely the wrong companies to go to and the agent that took the case there and later declared her situation dead in the water for two years is an idiot. An egregious example of the wrong agent using the wrong company and trying to explain away their failure by saying that no one else can do any better for two years.
Our industry is loaded with this type of moronic behavior simply because there is a huge turnover rate in new agents. Companies make it sound easy to sell life insurance, hire agents and get them to sell to their own family, knowing that 95% of them won’t make it a year. The companies try to simplify their life by only giving them one or two companies to use and never let them know that there are companies out there that are on top of the industry because they understand and approve this very kind of case. In today’s market I really don’t see how agents can make it without being independent, having at least 20 companies, having a good presence on the internet and without serving niches like cancer life insurance, sleep apnea life insurance or mood disorder life insurance.
There is such a need in our industry for impaired risk independent agents and agencies that know how to handle these kinds of cases because the truth is that the woman above doesn’t have to wait two years. She is six months out from treatment and should be able to get reasonable rates now. If she meets certain criteria she could have received standard rates upon completion of treatment. But when an industry expert (the wrong agent) tells someone that they are sunk for two years or five years, clients like her believe them and give up. There are companies (the wrong companies) that are very conservative and underwrite by the book while there are other companies that truly believe that each individual client is their own book and should be underwritten on the medical history they present.
Bottom line. Whether it’s me or some other reputable independent impaired risk life insurance agent, when you are slammed with an illogical underwriting result you need to reach out and find someone new. Someone who doesn’t care if you’ve been declined, asks the right questions, asks for a copy of your pathology report and understands what you’ve been through and how to guide you to an approval. If you have any questions or have run into a dead end agent and need some air freshening, call or email me directly. My name is Ed Hinerman. Let’s talk.