Archive for May 20th, 2008
I know at times I pour it on pretty thick about the whole lifestyle thing, but lifestyle simply cannot be overstated when it comes to its’ impact on life insurance underwriting.
As posts go this one is short and to the point. Through diabeticconnect.com I found a review of a book
that really puts the spotlight on the impact of lifestyle on health. Again, I would like to recommend Diabetic Connect as a resource. I mentioned in a post a few days ago that I believe they will be the new best advocate on the block for those with diabetes.
Bottom line. Positive lifestyle changes increase your chances of avoiding or controlling issues like type 2 diabetes, high blood pressure, obesity or cholesterol. Avoiding or controlling those types of issues can only have one type of impact on life insurance rates….positive!
May 20th, 2008
I don’t know that I was shocked, but certainly took note the other night when, unless my memory is as bad as my wife says, I saw an advertisement for bipolar disorder medication during prime time.
The medication is Abilify and I am not posting this to endorse it or make any claim at all about its’ effectiveness. I will offer one article just so anyone that hasn’t heard about it has a base to start their investigation from. I did want to note that, just like hearing for the first time that life insurance is attainable for someone with bipolar disorder, there is a sort of “out of the closet” feeling to seeing it recognized as something that can be talked about openly.
The other end of the scale which I doubt we’ll see was America’s fond embracing of “ED” problems and the associated medications. Depression and medications for it have been advertised for years without going over the deep end. It has helped to raise awareness of depression and anxiety disorders. I hope that it can do the same for bipolar disorder.
We continue to experience success in placing reasonably priced life insurance cases for folks with well controlled mood disorders, whether anxiety, depression or bipolar. This is huge. If there was some way to quantify the number of people who are declined annually just for mentioning these types of issues on their application I have not doubt it would be huge. Staggering. And the crime (although it’s not really a crime) is that many companies will simply decline these cases off hand without getting medical records or any additional background information.
What we’ve found is that the few reasonable companies that employ the few reasonable underwriters in the business are actually doing their job. They are underwriting rather than offering knee jerk opinions, or buckling to a board of directors who have laid out a clear agenda of not insuring anyone who isn’t perfect in every way. The real blessing is that there is reasonable out there and it can be obtained.
Bottom line. We’ve had great success given a few parameters. Obviously it would be a case of adverse selection to offer good rates to those who are truly on the edge, hanging on to life by a frayed thread. But for those who have a history of keeping it together, being compliant with medication and treatment, and maintaining stable family and work lives, the door is open.
May 20th, 2008
To me this is another great example of our education system really missing the mark as far as what they perceive to be the most valuable information a young adult needs to get on with life. It is, and isn’t amusing that a high school student is required to pass Algebra in order to graduate, but they don’t have to be able to balance a checkbook and they don’t understand credit.
It is also less than amusing that human physiology is really just a study of the parts, and not an education in what can go wrong with the parts and why. High school students are never really exposed to the true risk factors of heart disease. They don’t understand that smoking, obesity and a sedentary lifestyle is a very real set up for a heart attack.
Blissful ignorance is hardly the gift of education. And it is this blissful ignorance that propels many children into adulthood destined to have serious health issues. It is this lack of education that will leave many of them unable to procure affordable life insurance when they reach that time in their life where they have family or business interests that need protection.
Bottom line. Our education systems are stuck where they are, so we, as parents, need to pick up the ball. Our children should not leave our homes unprepared. As they grow older we should never shy away from providing information they need to make prudent choices about their health, about credit and mortgages, and yes, about life insurance.
May 20th, 2008
Much has been made about cholesterol over the years. It went from an unknown quantity to a household word that carried with it the weight of heart disease and heart attacks. Who of has not seen a TV commercial with little pieces of plaque sticking together in an artery and we all know where that story is headed.
When you apply for life insurance and complete your exam, one of the lab results is your total cholesterol. Most companies want to see that number below 220 for consideration for the best rate class. Some want to see it below 205. The most lenient of the big companies has their standard set at 240.
In the whole scheme of things this would appear to be all over the map with nearly at 15% difference between the most conservative and most liberal underwriting. Where it is all brought back together is when HDL and LDL are considered, good cholesterol and bad cholesterol if you will. It is generally accepted that good cholesterol, in adequate quantities, trumps total cholesterol. A ratio of 5.0 or better is considered optimal from an underwriting standpoint, while there are a few companies that follow a more conservative 4.5. Putting that in context, if your total cholesterol is 200, a ratio of 5.0 would be accomplished with HDL of 40. In the attached labs from 2006 from one of my health fair visits, you see a total cholesterol of 156 with HDL of 44, for a 3.1 ratio.
hinerman-labs
A lower ratio like this can allow an underwriter to consider, for instance, a total cholesterol that would be over the normal guidelines. While they aren’t going to stretch those boundaries too far, a good independent agent will generally find an underwriter that understands the offsetting value of high HDL.
Bottom line. We’ve all heard that knowledge is power. Awareness of your health profile is power. Knowing where you stand with risk factors gives you the upper hand in beating the odds.
May 20th, 2008
