Posts filed under 'Attention Deficit Disorder'
I’ve often mentioned that getting approval and good rates on life insurance is a matter of the right agent in combination with the right company. The other key to success is an application that is properly thought out and presented.
A case in point is a client we just got approved who had applied through another agent before coming to us. Her application was declined off hand by a company that assumed she had bipolar disorder because of a medication she was taking that is quite often used with bipolar, Lamictal. This company declined her without asking for medical records because they assumed she wasn’t being forthcoming concerning her mental health issues.
On her application she had indicated treatment for depression. Had the company taken her at her word they would have discovered that, in fact, she was diagnosed with and treated for depression and attention deficit disorder, not bipolar. Had the agent understood that the medication she was taking is commonly used for bipolar, he could have simply put on the application “Client’s use of Lamictal is not for Bipolar disorder”. Wrong agent! Poorly thought out application!
The other thing that wasn’t done that is a must anytime there are health issues is that the agent didn’t ask for trial quotes before submitting the application. Had that been done he would have discovered that the medication was going to be a question, easily clarified up front. Then, with trial quotes in hand the application would have flown.
Bottom line. The client now has the coverage she wanted, at a good rate. It may not be rocket science, but it does matter who your agent is and how the application is presented.
July 31st, 2008
As we’ve discussed many times, good life insurance rates are available if you have bipolar disorder if you meet certain criteria, underwriting guidelines. For the purposes of underwriting, while the companies may call them guidelines, assume they are rules. You are simply not going to slide by sort of meeting most of the criteria.
If I could sum up all of the criteria, it would be something like well controlled, or stable. But rather than a summary because I want people to know exactly what works and what doesn’t work going in, another review is in order. Remember that while these guidelines are pretty specific to bipolar disorder, they can be used for any mood or mental disorder including depression, anxiety disorders and attention deficit disorder.
1. No suicide attempts ever and no notations of suicidal thoughts in the last 10 years in your medical records.
2. No hospitalization for bipolar in the last 10 years other than for the purposes of diagnosis.
3. Compliant and proactive with prescribed treatment. No taking it when you feel like you need it and not taking it when you feel like you don’t. I guarantee you that it doesn’t say “as needed” on your prescription.
4. Stable family and work life. Underwriters understand that people change jobs, and unfortunately marriages don’t always work out, but inability to hold a job is different than changing jobs. A marriage not working out is different than one that is devastated by out of control bipolar.
5. You need to be able to exhibit social functionality. You can’t be on disability for bipolar. Being on disability means you are not able to function normally.
6. No drinking problems.
These criteria don’t preclude even the majority of people with bipolar disorder. To the contrary, from all I’ve learned in working with the bipolar community these criteria probably describe the majority. We have been able to successfully find the coverage that people from CEO’s to stay at home moms have needed in order to protect their families.
Bottom line. Not all companies will approve you even if you meet those criteria. Some will decline you just on the mention of bipolar disorder. That is just a quirk of the industry and the reason you should seek the assistance of an independent agent. An agent with experience in mood disorders will know what to ask, where to shop it and how to get it approved.
June 26th, 2008
ADHD (Attention Deficit Hyperactivity Disorder) is more commonly associated with children, and for good reason. Raising any child is a challenge. Even the best of them is a handful. Having raised a son with ADHD I can tell you that it’s kind of like fireworks, firecrackers in particular.
A normal child is like a normal firecracker. Occasionally the fuse burns all the way down and there is a pop. A child with ADHD is kind of like the way I used to light firecrackers, one bundle of 100 at a time. A little chaotic to say the least and just when you think it’s over, a pop here, a bang over there….
About 60% of children with ADHD carry some of the symptoms into adulthood. ADHD in adults is one of those things that is all over the life insurance underwriting map. Some companies will cut and run they way they do with bipolar disorder or chronic depression. Other companies shrug it off as the mortality non issue that it is.
Like other mood disorders, the companies that are going to give ADHD a fair hearing are really looking for how it impacts your day to day life. Do you have a stable family life? Do you have a stable work history? Are you compliant with your recommended treatment?
I’ve had several ADHD clients that are managers of businesses, owners and CEO’s of companies. One of the CEO’s I worked with contended that someone with ADHD that learns to channel that extra energy and spontaneity can use it to their business advantage. The insurance company we worked with on his coverage apparently agreed as they approved him at their best rate class.
Bottom line. No magic message in this post. Just one more chance to drive home the point that fair rates on life insurance are available through a good independent agent as long as whatever mood disorder you have is stable and controlled.
June 17th, 2008
If asked what the drug of the 90’s was, my guess is that most answers would sway to the wrong side of the alley and go with crack or methamphetamines. Being the cleancut, right side of the alley kind of guy, my vote went to Prozac.
I was researching the different uses of the drug in preparation to do battle with a life insurance underwriter. Insurance underwriters tend to bulk anti-depressants all into a real problem category. Their attitude is that someone must be practically unable to function due to depression or anxiety to be moved to taking medication.
Having used Prozac for a short period of time after a divorce, I can tell you that it’s effect on me was not dramatic. It did just what the doctor said it should. It took away some of the lows and kind of leveled out the feelings I was going through.
This same doctor, a good friend of mine, also told me that he had prescribed Prozac for sexual dysfunction, weight loss, anxiety and, no kidding, writer’s block. Maybe the drug is still working 13 years later since I have never had writer’s block of any lasting significance.
This battle I am gearing up for has to do with the use of Prozac to increase a person’s ability to concentrate. I’m not talking about attention deficit disorder or anything like that. This is simply a case where the CEO of a very successful company has found that he is better able to concentrate and be more effective when he uses the drug. He is not depressed, nor does he suffer from any anxiety disorders.
In searching the web for the proper context I came across an article that described stress as a normal part of life and that managed stress can be a very productive thing. At first I thought that was kind of stretching things a bit, until I put it into the context of my own business.
There is definitely stress in a sales business with multiple employees. It’s not a bad thing. I am certainly not stressed out or anxious, but rather I have a God given abiltiy to channel that stress into productivity. Maybe I would be even more productive on Prozac!
Bottom line. I think this is one of those situations where you are far better off to use an independent agent, and one that can think and believe outside the box. Underwriters, at least some of them, are not all black and white and there is room in their minds to move and do something bold like give a better rate than the book calls for.
October 11th, 2007
A client I worked with this week was a little miffed because Met Life didn’t come through with the rate the agent said they would, even though he had divulged his health history and his labwork was perfect. Apparently he quoted the client $1800 a year and it was approved at $2400, just a little 30% surprise.
The Met Life agent said he shopped the industry and couldn’t find anyone that would beat the price. The client enlisted Accuquote who also claimed that the $2400 range was as good as it would get.
My client’s health history? Mild sleep apnea and well controlled ADHD (Attention Deficit Disorder). The industry average on this client would be a standard rate at $2400 a year for the coverage he wanted. I shopped this and found some companies that were well above that, two companies that were in the $1800 range and one company, a major player for a long time said that as long as both issues are well controlled, they will approve it for just under $1200, their best rate class.
Think about it from an mortality assumption point of view. Sleep apnea, if not well controlled, can lead to number of other health issues such as high blood pressure, stroke and heart problems. If it is diagnosed early and well controlled, it has virtually no impact on morality.
And ADHD!! I think the best determinant of whether ADHD is a factor in life insurance is if the control is good enough that a person can carry on with a normal productive life. In the case of my client he is a professional and a stable family man. Being successful and stable at either of those, let alone both, pretty much negates any mortality impact that ADHD might have.
So why would a Met Life agent and a major internet agency like Accuquote miss the better rates? Or did they have some reason not to quote the better rates? Folks, it’s called commission, with a capital C and that rhymes with G and that stands for Greedy. They didn’t want to quote the best rates available because they come from a company that pays below average commission. They would rather take their chances at snowing the guy into believing they’ve done their homework and that, well, “it just doesn’t get any better Mr Professional.”
Call me simple, but 100% of a lower commission feels better than coming in second and I’ve found that making sure clients get the best possible price seems to build more loyalty and get more referrals.
Bottom line. There is not a perfect life insurance company out there. Not one of them is strong in everything. It takes an independent agent who puts customer service ahead of compensation to put you in the winner’s circle.
September 21st, 2007
