I’m always talking about others and their trials and tribulations in quest of the best life insurance rates they can find. For a change of pace I thought I would take you along on my own life insurance application adventure.
I have two term insurance policies that I would like to replace with longer terms, $500,000 with 10 years left and $500,000 with 6 years left. Last time I purchased life insurance I felt like I took a bit of a beating. The reason for the beating is that I have a minor health issue called Raynauds disease. Raynauds has been part of my life for nearly 25 years now and the symptoms, cold fingers and toes, have been well controlled with a very low dose of a medicine that is used for blood pressure control, a vasodilator called Prazosin. Hardly a mortality risk.
After my last application I dug through my records to see what it was that was kicking me down not one, but two, rate classes. In my study I found out that there is a huge difference between Raynauds disease and Raynauds phenomenon and the problem with underwriting my insurance seems to have at least partly been with the fact that my records incorrectly stated that I had Raynauds phenomenon. I am currently working with my doctor to have that corrected.
I shopped my proposed application with an email that went to a number of competitive companies. I sent it in the same format I use for clients, “PI (proposed insured) born 3/14/53, 5’10, 175, non smoker. Treated for Raynaud’s for 25 years with 5 mg Prazosin. No complications and CREST syndrome has been ruled out. Treated for gout 8 years with Alipurinol. Treatment for 15+ years for restless leg syndrome with 2mg Clonazapam before bedtime. Excellent labs. Annual checkups. Runs 3+ miles 5-7 times a week at 7000′. Looking for $1mm term.”
The most encouraging response came from Prudential, “we could consider any of the preferred categories as long as no complications from his health issues”. That tells me that with no complications, good labs and ekg I could potentially get their best rate class. Others ranged all the way from preferred to decline with several companies making two offers, a better offer if I had Raynauds disease instead of phenomenon.
Anyway, my application is signed and my exam set for Tuesday morning. At my age for this amount of coverage they will be checking height, weight and blood pressure, doing an ekg and borrowing blood and urine specimens. I will post all of that once it’s done. I have alerted my doctor to expect a request for records so hopefully that part of the process can be expedited.
Bottom line. We’ll see how things go when I follow my own advice. I’ve already had the talk with myself about the fact that I’m not getting any younger. If I don’t get preferred best rates I may have to make some adjustment, but for now we’ll just plan on the best, remember to fast before my exam and as always, add prayer to the effort.