When it comes to life insurance underwriting of breast cancer, well really for any cancer, the earlier it is diagnosed the better the chances of getting good life insurance rates. But even better, it increases your chances of winning the battle.
I’ve talked often about the direct link between the stage and grade of a cancer and the outcome of life insurance underwriting. The earlier it is caught, the lower the stage and grade. Another way of stating that is that when detected early, the cancer generally hasn’t spread and hasn’t become aggressive.
An ABC News article a few days ago reviewed the American Cancer Society guidelines for early detection of breast cancer. Whether it is these guidelines that are followed for breast cancer detection, or PSA tests and physical examination of the prostate for prostate cancer, or colonoscopies for colon cancer, many opportunities to catch cancer before it becomes deadly are just not pursued. They should be.
Bottom line. If you don’t care about life insurance rates, be proactive about early detection of cancer to save your life. Your family will appreciate it.
August 5th, 2007
A recent article by the Anti-Defamation League expressed their pleasure about AIG, American General’s assertion that they do offer life insurance coverage for people who travel to Israel. This peaked my interest as I have run into some rather squirrelly foreign travel underwriting for AIG in the not too distant past.
I decided to get an opinion directly from their underwriters rather than the PR department that I am guessing handled the ADL inquiry. I went out for quotes to several companies using a scenario of a man and wife.
In my inquiry I indicated that the man traveled to Israel 3 to 4 times annually on business. He stayed 2 to 3 weeks each time. His wife had family in Israel and traveled there usually once a year for about two weeks.
AIG’s response taken from the email I received from their underwriting department was as follows: “She’s ok possible preferred plus. If his travel to Isreal exceeds 8 weeks
a year (which it appears it may) we’d offer at best standard plus with a
$1.50/k flat.” Ok. Hold that thought. I will turn that into actual numbers in a minute.
The same scenario got this response from West Coast Life, part of the Protective Life group: “No adverse action based on travel as indicated.”
Both companies appear willing to offer Mrs Traveler their best rates. I can’t fuss about that. Mr Traveler isn’t going to find AIG as friendly as the ADL does.
With West Coast Life, Mr Traveler, a 54 year old in perfect health will pay $2690 for a $1,000,000 20 year term insurance policy. Remember, “no adverse action”. Based on AIG’s underwriting Mr Traveler will pay a base cost of $4260 (standard plus) and $1500 ($1.50 per thousand flat extra) for a total annual premium of $5760.
To be fair, AIG didn’t say in the article that they would offer fair rates. All they said was that “it provides coverage for travelers bound for Israel”.
Bottom line. Get your life insurance advice from an independent agent and not from the Anti-Defamation League. It would seem that AIG told them exactly what they wanted to hear and just didn’t share all of the pertinent underwriting opinions.
August 5th, 2007
