Archive for December 28th, 2007
Technology has taken the life insurance business, and everything else, by the throat over the past several years, but for all the savvy geeks have when it comes to how the internet works, is there really any carry over from that intelligence to the basic knowledge it takes to, say, buy life insurance?
If today’s self proclaimed geeks and nerds have such a great handle on the adopted mother of all knowledge, the internet, why is it they fall into the same pits as any old guy surfing for good life insurance rates? Why is it they walk right into bait and switch just like their parents did? Why is it they can get their mind wrapped around Microsoft’s Silverlight, and can’t figure out if they should buy term insurance or universal life?
The game show, Are You Smarter Than A Fifth Grader, is quick to point out the knowledge gaps that can be left when someone leaps up the ladder of life and doesn’t bother to learn or retain important information. There is still a place in this world, even outside the blogosphere, for personal information sharing and good old professional advice.
Bottom line. As a life insurance agent, I consult professionals for advice on my websites and internet niche marketing. My time is better spent providing the service I know. I’m thinking at some point, even though they would love to prove me wrong and beat the system, even a geek has to be some value on his or her time.
December 28th, 2007
Oh, if it was just that easy! Bipolar can be one of the toughest of mood disorders to get a handle on. Some are lucky enough to find the break in one medication. For some it can take several medications.
One of the biggest challenges with bipolar disorder is finding the right combination of medication and lifestyle that will bring stability to life. Now there seems to be evidence that an attainable stability in sleep patterns can actually bring about positive changes in the disorder.
Nighttime sleeplessness and daytime exhaustion can cause more frequent and severe mood swings. Bipolar disorder is highly sensitive to the human circadian system (our internal clock) and if a person can create consistency in sleep and exercise patterns, it can protect against the extremes of mania and depression.
Life insurance companies vary widely on their opinion as to how bipolar should be viewed. There is especially a wide variance between bipolar 1 and 2. The good news is that there are several companies that, if the disorder is well controlled and life is stable (work, family, etc), will offer standard and even as good as preferred plus rates.
Bottom line. The key from a life insurance standpoint is compliance and stability. To get the best possible rates a person needs to show that they are compliant with their treatment and they have a track record of stability.
December 28th, 2007
Private aviation, especially with the rising cost of fuel, has been hit hard in one of the areas that life insurance underwriters look at closely, proficiency. In this case proficiency really comes down to flying enough hours that each new flight isn’t liking waking up in a new world. So, what’s the big deal with proficiency?
Most companies are pretty consistent with what they want to see as far as annual hours. In their minds they want enough to stay in practice and not so much that they feel the sheer volume of hours is tilting the risk factor. The general rule of thumb is that 26+ hours annually is the minimum they want to see for proficiency and 150-200 hours is the most they want to see for exposure.
There are exceptions made on a case by case basis, and determining what needs an exception and where to go to find it are the job of an independent agent. There are less than 20 life insurance companies that step outside of the box for private pilots and an agent that purports to be doing the best job for you should have access to all of them.
The rest of the companies don’t mince words with their treatment of pilots. Unless you are an airline pilot you will be asked to pay a flat extra fee for coverage of aviation. The average flat extra is $3.50 per thousand per year. On a $1,000,000 policy using that basis, you would have the normal policy cost plus $3500 per year in flat extra charges.
$3.50 is just for standard private aviation. It can quickly climb if you are, for instance, bush flying in Alaska. Something about landing on sandbars in rivers makes underwriters nervous even if they’re not on the plane. Flying homebuilt and some experimental aircraft can raise their eyebrows as well.
A few commercial pilots that take heavy hits are tour group pilots, EMS pilots and pilots that ferry crews and equipment to and from off shore oil platforms.
Bottom line. If you fly and are looking for life insurance, do not throw your request out to the general life insurance agent pool. Seek out agents that have the experience and the connections to get the job done and still leave enough money to fuel up for your next flight.
December 28th, 2007
