Ed Hinerman On Life Insurance

If you really knew what was coming, would you do things differently?

How often do we hear it? A friend or family member has had a heart attack or been diagnosed with cancer at an age that is just, well….wrong! We expect health problems and death when someone gets into their 80’s. It’s not nearly so common in their 50’s and 60’s, or even 70’s anymore. But there’s that once a year shocker where somone we know that is in their 30’s or 40’s has some serious health issue diagnosed. Quite often we hear about their death. The question is, if they knew it was coming, would they consider life insurance differently?

I’ve been there and understand that bomb proof, immortal feeling at that age. We see bad things happen to the wrong people at the wrong age all the time and, because we have a shield of immortality (or denial) around us, we think we are somehow living in a different world. Certainly it could happen to them, but not to us.

Consider for a minute that there is something that would cost less than a dinner out every month. Life insurance can be that inexpensive and in will ensure the future of your family in the event you happen to get being one of them. It can not only insure you now, but it can also guarantee, or lock in your insurability for later years when the chances of health problems increases. Wouldn’t it be great to know that you were still insuring your family’s future for the cost of a dinner a month when you had recently been diagnosed with type 2 diabetes, breast cancer or melanoma. Once you have that great rate, it can’t be changed just because your health does.

Maybe life insurance isn’t the most popular subject, but it’s one that should be discussed earlier rather than later. Better that business partners set up a buy/sell agreement and buy business life insurance when they are both healthy. Better that a husband and wife discuss the real needs and make a purchase that will ensure financial security while they are young. I personally think buying juvenile or children’s life insurance with a guaranteed insurability feature is a tremendous gift. One they may not understand for years, but one that can make a huge difference for them down the road.

Like I said yesterday…..it’s time to talk about it. Too much is left undiscussed and as a result, not acted upon. How about we have a very frank discussion for the forseeable future about this whole idea of pulling all of our collective heads out of the sand and taking a look a reality? I’m up for it!!

Add comment May 3rd, 2007

Skin cancer and life insurance!

The various skins cancers and the way in which they are viewed by life insurance underwriters continues to evolve. The three primary skin cancers are basal cell carcinoma, squamous cell carcinoma and melanoma.

Not even five years ago it was a given that basal cell carcinoma just didn’t affect your life insurance quote at all. It was considered insignificant from a mortality standpoint, simply because no one dies from basal cell carcinoma. Squamous cell, while more serious than basal cell, in most cases doesn’t carry any real significant mortality risk. Both of these skin cancers are also called “non melanoma” skin cancer.

On the other end of the skin cancer spectrum is melanoma, a cancer known for its’ tendency to spread quickly and metastatize throughout the body. Defintely a mortality issue.

Now, to complicate the underwriting issue, comes a study that shows that people who have multiple basal cell or squamous cell carcinomas, have a higher than average chance of having a melanoma. This has caused many companies to take a new look at their old underwriting. As I mentioned earlier, the general rule of thumb was that basal cell carcinoma was a non issue in underwriting. With most companies, five years ago, a person could expect the best rate class even with multiple instances of basal cell.

New thinking from underwriters is that multiple instances should now incur some rate change due to a higher risk of melanoma. Not all companies are on board with that, but the trend is in that direction. This is where an independent agent is a good idea. The more companies you have to choose from the better the likelihood you can still get the best rates.

My personal opinion on this is that the companies that have freaked out over the study are forgetting something very important. Undiagnosed melanoma is generally the killer. Someone has never had a skin cancer problem and they kind of ignore it and then, by the time they think they should have it checked out, it’s too late. If someone has had basal or squamous cell carcinoma and especially someone who has had more than one, they are likely to get regular checkups from a dermatologist. The likelihood of a melanoma sneaking up on them and doing any real damage is actually pretty slim.

Bottom line. If you’ve had skin cancer and are shopping for life insurance, bring all the facts and even the pathology reports to your insurance agent. The more infomation they have the more likely they are to be able to find good rates.

1 comment April 14th, 2007