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.