Impaired risk life insurance has always been the cornerstone of our business. That decision to take the life insurance agent path less traveled has proven to be a blessing for our clients and for me.
The majority of agents are after the majority of clients. Clients who have never had a health issue and don’t present any family history or hazardous activities issues truly aren’t a lot of work and for that reason most agents would prefer to pick the low hanging fruit. The average impaired risk case we handle takes 2 to 3 times as long to complete, if it were broken down into man hours. Fortunately for the client the process goes almost as fast as for their super healthy counterparts.
And now we have two of the best impaired risk companies on board for international business. Foreign nationals in many cases can now how access to the same underwriting and products that we’ve been able to offer here all along. We’re very close to an approval on a prostate cancer case in Jamaica and are currently working on cases in Bermuda and Mexico. The US has products and underwriting possibilities that simply aren’t available anywhere else. So health history or no health history we can write policies for business owners, CEOs, executives, professional athletes and professionals in about 50 countries with the same requirement I have discussed a number of times.
All stages of the application process and delivery have to happen in the US. No fudging on that. These companies will ask for plane ticket or passport verification that you were here. The minimum face amount is $250,000 and the maximum is $20 million. All medical records need to be made available and if they aren’t in English they will have to be translated.
Legitimate business ties, home ownership or family ties in the US are all a plus. Premiums must be paid in US dollars from a US Bank account. Money orders or cashier’s checks are not acceptable. Some of these requirements can be a bit more extensive with Mexican Nationals, but compared to the end benefit. it’s worth a few hurdles.
I mentioned the prostate cancer case in Jamaica that is getting close to approval. This client in one year out from a prostatectomy and the best case we could get for $250,000 of 20 year term through Pan American was just over $6000 a year. Through our US carrier we are on track to get the same policy for 1/4 of that price, just over $1500 a year. He makes up the two plane tickets in the first year. This is great news in a country where the incidence of prostate cancer is as high as anywhere in the world.
Bottom line. We have the connections. We have the experience in impaired risk underwriting. If you want to discuss the possibilities you can call or email me directly.
Consider registering all your life insurance clients on FindYourPolicy database. It is free and very secure. We never ask for your Social Security number or any proprietary information. All you put down is the company name that holds your life insurance allowing your beneficiaries to always know where your life insurance is located. If you would like a Flyer (PDF format) that you can insert into your clients paperwork, please feel free to e-mail me and I will send it to you.
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