Archive for February 12th, 2008
So, you’ve been told you have hypertension, high blood pressure in layman’s terms. Your doctor said that you need to take medication and change a few lifestyle items, primarily eating right and getting more exercise.
If you are like the majority of high blood pressureans, you’ll probably take the medication when you feel like you need it which is not what your doctor ordered. And there is clear evidence that most folks with hypertension kind of pass over that whole thing about changing their diet.
It seems to me that one of the reasons that health care costs are so high here is that so many people spend money to get a doctor to diagnose and recommend treatment. Then they turn around and ignore the treatment, which leads to further deteriored health. In the case of high blood pressure, not being compliant with treatment and recommended lifestyle changes can lead to a stroke or heart attack.
From a life insurance standpoint compliance and control are the bedrock of underwriting. When an underwriter is reviewing records and sees ongoing reminders from the doctor to take the medication daily and not when a patient feels like it, the big red flag goes up. When a person isn’t following recommendations and their blood pressure should be controlled, but isn’t, they should expect to pay a high premium or even be declined for life insurance.
Bottom line. Life insurance underwriters aren’t there to tell you how to live your life. They are there to tell you about the risk you pose by not taking medical advice seriously. They do it with rates. Great life insurance rates and high blood pressure don’t have to be oxymorons.
February 12th, 2008
From time to time we will have a life insurance application postponed until the client completes a planned medical procedure. Sometimes it is a colonoscopy. Could be a tonsilectomy. The issue here is that if you are going to be medically assailed for just about any reason, the insurance company would prefer to wait until you’re out of the hospital.
My own experience would indicate they should probably have even tighter postponements. I was re-hospitalized 5 months after surgery due to a staph infection that was apparently introduced during that initial surgery to piece together a broken leg.
The truth is that life insurance companies have good reason to be cautious about planned medical procedures. The numbers of people who die due to medical mistakes each year are comparable to the number that die in car accidents.
Bottom line. From a life insurance standpoint it is just a matter of practical caution. If you know that a potential client will be at risk by being exposed to a medical procedure, postponement is prudent.
February 12th, 2008
When I’ve talked to people about universal life insurance products that have guarantees to 120 and longer, I’m often met with a bit of skepticism. People can’t seem to comprehend the idea of living past 100 even though it appears to be a popular past time.
My own parents are a good study in this issue. Inspite of some health issues, they are both in their mid eighties and going strong, at least most days. Forever it has been assumed that if you live past the mid 70’s, well, you’ve beat the odds and are living on borrowed time. More recently, and the reason life insurance companies are offering longer guarantees at affordable prices, studies are showing that if you reach your mid sixties in good health, the average life expectancy shoots out to between eight five and ninety. If that’s the average, then the century mark is just a few steps away.
So, while universal life is still not my recommendation at younger ages, when you reach that point in your life where you know what your permanent needs are, a product that is guaranteed beyond 100 is the appropriate step. And great news. It’s an affordable step thanks to products that are putting the old expensive whole products to rest. Universal life with a no lapse guarantee is a permanent term insurance policy and you can’t outlive it.
Bottom line. Quit poo-pawing the idea that you might live past 100. It’s real. It’s happening more frequently all the time and it doesn’t appear to be a trend that will be reversing itself.
February 12th, 2008
