Archive for July 27th, 2007
Writing life insurance in New York is challenging on a good day. New York has only recently stepped into the last century as far as insurance law and available products. With the challenges in underwriting life insurance for diabetics, it would behoove someone to drag the state insurance regulators into this century so they can be on a level playing field with the rest of country.
A New York Daily News article from Wednesday paints a picture of an amazing rise in the occurrence of type 2 diabetes in New York City. Between 1990 and 2003 deaths caused by diabetes went up 71%.
Remember that life insurance underwriters are not only concerned with how well controlled your diabetes is, but with the associated risk factors such as heart disease. There is no doubt that a large percentage of the increased deaths are attributable to collateral risk factors.
There are a couple of things that New York residents should know. First, you don’t have nearly as many options for life insurance companies as every other state. Second, the New York regulators are trying to make it impossible for you to cross the state line to take advantage of better underwriting and therefore better prices.
Bottom line. With limited options, an independent life insurance agent licensed in all states is a good choice. If you have diabetes, be prepared with your most recent lab results and for a candid discussion of any other medical history. Good rates can still be found.
July 27th, 2007
There is something about most of us that makes us believe that untimely death only happens to other people. I know I fall in to that category. I jog daily and exercise and eat right and I assume I will live a long life barring an accident. I do have plenty of life insurance, but why should i?
But, lingering in the back of mine and most of our minds, the reality that we all know or have heard of someone that was way to healthy and just died. An Excite.com news story
this morning drove it home again.
Skip Prosser, a teacher and basketball coach at Wake Forest, died at his desk of a heart attack. He was 56 and a guy that took very good care of himself. He was athletic and exercised daily.
I hope he was one of those guys that did all the right things to ensure that his family will be ok. I truly hope that he had adequate life insurance in force.
Still feeling immortal? Do you have life insurance to protect your family?
July 27th, 2007
It is a fairly common occurrence to have a life insurance application postponed when the proposed insured has a scheduled hospital procedure. Clients often question why the companies are so cautious when often times the procedures are fairly simple outpatient events.
While there is always a very small chance of complications with anasthesia, the larger concern is with infection. In a New York Times article today, they cite the Centers for Disease Control as claiming that 22% of hospital patients get an infection while hospitalized. Out of that 1.7 million, nearly 100,000 die each year.
This hits very close to home for me. I had a broken leg a few years ago. I had outpatient surgery to set it and put hardware in to hold everything in place. 4 months later I had an extended hospital stay due to a staph infection that apparently started with the surgery. It took months to recover from that.
While the article does say that hospitals are working to improve their procedures to help prevent the problem, it is still major.
Bottom line. Life insurance underwriters have good reason for concern and postponement in situations where you will be exposed to risk to that extent.
July 27th, 2007
I know I usually try to offer advice on how to get life insurance at the best rates, how to avoid pitfalls in acquiring life insurance, and who to avoid in your pursuit of life insurance, but just for a minute I want to share why I am so passionate about life insurance. It’s not just something I sell to make a living. I believe with all my heart that having life insurance is the right thing to do for your family or your business. We are all mortal and none of us knows when our day will come and I truly believe that none of us, given a choice, really wants to leave a mess behind.
Three widows who are clients of mine and whose husbands were clients of mine offered their takes on what it meant to receive the benefits of their husband’s life insurance in posts in mid February of this year. These women all loved their husbands and nothing will ever make up for the loss. That hole in their lives that will always be empty. But all three would have suffered severe financial hardship if it hadn’t been for the proceeds that we were able to deliver.
I get to know my clients well over the years. I always stay in touch and I’m always there for them, whether they need a form, or advice, or a duplicate policy because they can’t find the original. When there is a claim I spend all the time it takes with the beneficiary to make sure that they know that at least one rug didn’t get pulled out from under their life. From the time they call with the news until we deliver the benefits, we talk as often as they need to, sometimes daily. When it’s all finished, we talk, cry, pray.
It’s why I chose this profession. In a small way I can help someone who is really hurting get some part of their life back on track.
July 27th, 2007
