Updated: Feb 3
Do you think you're among the population that is hard to insure? Think again.
One of the reasons people stay away from the process of purchasing life insurance, or even talking to someone to learn more is because they think they are uninsurable.
If you have diabetes, a heart or blood condition, are overweight or you even have a hazardous occupation, you could be thinking that there is no point going down this road. But, you could be wrong.
Life insurance isn't just black and white. There is a grey area for people who don't fall into the traditional pond. There are different products and solutions that are tailored to anyone's situation.
Let me tell you a story.
Last month I met with Adam. Adam has never purchased an insurance product, but recently realized that because him and his wife are about to have their first child, that he should be responsible and get life insurance.
We were in the beginning stage of the application process when he started seeing questions like these:
"In the past five years have you received abnormal results from any diagnostic testing?"
"Have you consulted with a specialist in the last two years?"
These questions got his chest pounding a little bit. He described it to me like he is writing a test and although he knows he is getting the answers wrong and he is going to fail, he has to finish to know for sure.
What an awful feeling that is. To know that you are going to fail before you even have the opportunity to finish.
Adam and I went through the application, and even though it took some time to fill out all of the questions for prescription information, doctors visits etc. we completed the app and it was on its way to the insurance company.
After a few weeks and multiple tests ordered, we got bad news. Adam was declined for insurance.
Although discouraging, this is just a form of weeding out the products that aren't right for Adam.
Traditional insurance wasn't the way to go, but a solution called 'Simplified Issue' looked really promising.
We sat down together and completed this application.
I told Adam that in order for him to get approved for an insurance product like this, he had to be able to answer 'no' to a series of questions about his medical history. These questions didn't go into depth like the previous application. It didn't require information about prescriptions or descriptions about diagnosis's . It was all 'yes' and 'no' questions. Really simple, as the name says.
Once we were done with the application, it was sent to the insurance company for underwriting. This type of underwriting is different than traditional underwriting. All the insurance company is doing is cross checking information they already have to confirm that you didn't disclose anything untruthfully.
In Adam's case, SUCCESS. He was approved for simplified issue insurance.
From Adam being nervous that his health conditions wouldn't qualify him for insurance, to being approved for life insurance was both a feat for his current self, but also his future self. Knowing that he was protected and secure, even though he had a health condition gave him major peace of mind.
If you have a pre-existing condition like Adam, and you're unsure about life insurance or living benefits like critical illness or disability insurance, let me know and we can find the best and right fit for you.
All it takes it a quick conversation to be protected for life.