I am currently working with a client who was declined by a few other companies and apparently told that with a recent history of breast cancer life insurance approvals just weren’t in the cards. This woman was, for some reason, told by the life insurance agent that she would need to wait two years before she could be considered for an approval and that, even then, there would likely be a higher rate due to a flat extra charge.
Breast Cancer Life Insurance Exists!
The breast cancer in question was a stage 1 removed in a lumpectomy. Post surgery the margins were clear and there was no lymph node involvement. There was no chemo or radiation recommended because of the small size and success of the surgery in getting it all. Low stage and grade breast cancer is very insurable.
When Companies and Agents are in the Wrong
Now I hate to point fingers but the companies that declined this case were definitely the wrong companies to go to. Further, the agent that took this case to the wrong companies, and later declared her situation dead in the water for two years, is an idiot. This is an egregious example of the wrong agent using the wrong company and trying to explain away their failure by saying that no one else can do any better for two years.
Our industry is loaded with this type of moronic behavior simply because there is a huge turnover rate in new agents. Companies make it sound easy to sell life insurance, hire agents and get them to sell to their own family, knowing that 95% of them won’t make it a year.
The life insurance companies try to simplify the new agents lives by only giving them one or two companies to use, never letting them know there are companies out there on top of the industry who understand and approve this very kind of case.
In today’s market I really don’t see how agents can make it without being independent, having at least 20 companies, having a good presence on the internet, and without serving niches like cancer life insurance, sleep apnea life insurance, or mood disorder life insurance.
The Value of Impaired Risk Independent Insurance Agents
There is such a need in our industry for impaired risk independent agents and agencies who know how to handle these kinds of cases. The truth is that the woman above doesn’t have to wait two years. She is six months out from treatment and should be able to get reasonable rates now. If she meets certain criteria, she could have received standard rates upon completion of treatment.
When an industry expert (the wrong agent) tells women in her situation that they are sunk for two years or five years, they believe them and give up. There are companies (the wrong companies) that are very conservative and underwrite by the book, while others truly believe each individual client is their own book and should be underwritten on the medical history they present.
Bottom Line
Whether it’s me or some other reputable independent impaired risk life insurance agent, when you are slammed with an illogical underwriting result, reach out and find someone new. This should be someone who doesn’t care if you’ve been declined, asks the right questions, asks for a copy of your pathology report, understands what you’ve been through, and knows how to guide you to an approval.
If you have any questions or have run into a dead end agent and need some air freshening, call or email me directly. My name is Ed Hinerman. Let’s talk.
My 20 years of experience give me the knowledge and leverage to find reasonably-priced life insurance for people who have been declined or are paying more than they need to.
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