Ed Hinerman On Life Insurance

Mild Depression A Life Insurance Issue?

We’ve done a lot of work for clients with mild to moderate, usually situational, depression or anxiety disorders. The truth is the more crazed and frenetic our society and lifestyle become, the more people are looking for a little bit of help coping.

It’s probably a good thing too. Can you imagine today in America if suddenly everyone who is being treated for depression or anxiety or any other mood disorder wasn’t being treated anymore? Time to hide in the basement. Road rage would go epidemic.

Life insurance underwriters can feel pretty comfortable in giving someone preferred or even preferred plus rates if their mood disorder is fairly mild, hasn’t been going on so long that it would be looked at as a chronic issue, and they are compliant with treatment and doing well. They are definitely understanding and willing to work with situational depression. Situational depression is usually fairly short lived and treatment is just there to bridge the gap between the event (the situation) and getting back on your feet.

Non situational, chemical imbalance type mood disorders can still qualify for preferred or preferred plus rate classes as long as they issue is well controlled and a person is functioning normally. No lost time from work or hospitalization would be good for starters. A stable family life is usually a good indicator
that things are well controlled.

More severe mood disorders such as bipolar disorder probably won’t get to preferred rates in most cases, although we have been able to get a few clients there. A more realistic goal would be standard plus or standard given the following criteria. By the way, these guidelines are good measures for any mood disorder.

1. Someone who has not been hospitalized for bipolar disorder other than for diagnosis?
2. Someone who has not attempted suicide or had bouts with suicidal ideations?
3. Someone who is compliant with their treatment, both medications and regular followups?
4. Someone who is leading a stable family life or social life?
5. Someone who is exhibiting a stable work life?
6. Someone who is not on disability for bipolar and does not have issues with drinking or drugs? If there’s a problem here, then the answers to 3, 4 and 5 are no.
7. Generally better rates are available when control is achieved with anti seizure drugs such as Depakote rather than anti psychotic drugs.

Bottom line. Mood disorders, from simple to complex, with good control can usually be underwritten for life insurance at standard or better rates. Talk to a knowledgeable independent agent today to start working on insurance quotes.

Add comment May 12th, 2009

Are You Smarter Than A Smart Person?

Very few weeks slip by that I don’t take the opportunity to drive home the life insurance consequences of not following through with a doctor’s recommendation for a test or a follow up visit. These may seem like small things, but in the world of underwriting it is seen as being non compliant and is a sure way to get declined, or at least postponed until you break down and follow directions.

That happened to be point number 4 in an article I read today with what I thought was an amusing title, “6 Health Mistakes Smart People Make“. In their example they talk about a woman not following up on a pap smear that showed suspicious looking cells. Doctors, and you would think patients, want to rule out any chance of cervical cancer, but too often the followup testing is not done.

Whether the excuse is too busy, too expensive, or that you don’t agree with it, not completing prudent followup is dangerous to you and a death blow to any attempts to get life insurance. Whether it is going on cholesterol meds and not following up to see how it’s working or what impact the medication is having on liver functions, or someone who has had a basal cell carcinoma removed and doesn’t regularly see a dermatologist, not following through with medical advice can be a mortality risk you’ll wish you hadn’t taken.

Bottom line. All six suggestions are good, but I thought a bit strange that they would make it sound like smart people are supposed to somehow care more about their health. The truth is that doing all the right things when it comes to our well being is just not that common no matter the IQ. People don’t want to admit they have health issues and they don’t want to have to submit to a routine of checking up on themselves.

Add comment May 12th, 2009