While my primary focus remains impaired risk life insurance and over 50 life insurance, I’ve left no lack of evidence in this past year’s blog posts that there is so much more available. There is still nothing quite like getting an approval on life insurance for someone who has been declined by everyone else he or she has gone through.
My bread and butter has been lifting up those who have been beat nearly to death by the life insurance system in our country and proving that there are life insurance underwriters out there who still use common sense in the process. Most of my clients are either private pilots or have been declined due to health or mental issues by companies that have a problem underwriting outside of their own box. I guess I should be grateful that not all companies are created equal and not all agents know how to find the right companies. If that were true the playing field would be level enough for behemoths like Selectquote to succeed in impaired risk life insurance. As it stands now it is too time consuming to be profitable for them. We’re finally gaining momentum in our fight to get those needing final expense insurance to see that AARP is the last organization to trust.
It is this drive to find places that other agents and agencies don’t want to go that has led me to some very interesting places in the past few years. Writing US life insurance for foreign nationals is proving interesting. While US companies are not interested in fighting small term life insurance wars outside our borders, there are a number of companies that are very interested in tapping into the professional, company owner and high net worth foreign national business. Seems a little elitist at first glance, but common sense takes the wind out of that sail. It takes 3-4 years for a life insurance company to recoup its’ underwriting costs on a small policy done inexpensively right here in the US. When you add the increased cost of underwriting medically and financially a case outside of the US, small policies would simply become financial disasters.
But we’re there. I now have enough foreign national cases on the books to know what the bumps in the road will look like and how to avoid them. I have enough companies on board that I don’t have to be trapped by the parameters of any one of them. I have enough foreign national impaired risk business in force to know that the advantages that US companies bring to that arena for US citizens also works for those who are stumped getting life insurance with a health history outside of the US. Probably most important in a smooth application process is knowing each company’s rules and not trying to fudge on their rules.
Another area that is proving to be exciting is the world wide market in non traditional life and disability insurance, accidental death in dangerous areas of the world, and international and multi national business insurance. Being able to put together business life and disability insurance for a company that has partners in India, Peru and China, for instance, is an exciting proposition. Being able to offer disability coverage at higher limits than traditional companies allows us to serve those whose incomes don’t fall in the 99%. Being able to offer life and disability coverage to professional athletes worldwide has opened a lot of doors. Being able to offer business life insurance to those who would be considered uninsurable by traditional companies has put us in a position of being able to insure businesses while the person is working their way back to affordable traditional life insurance.
Our AD&D market for everything from mountain climbers to non traditional pilots to civilian contractors in war zones is amazing. When I first tested the waters in this area the prices I found were, well, stupid. The underwriters were using AIG as their principal company and it seemed to me that AIG was trying to use contractors in war zones to pay back the $billions they owe the US. My new affiliation with underwriters for Lloyds and HCC have put me in a position to never quote a client the second best rate.
Bottom line. People read this blog and reach out for help and I feel blessed to be able to come through with that help. I’m often amused when my clients ask me if I can write insurance on their spouse who doesn’t have anything wrong with them. What a fun business! If you have any questions or if I can help you with a quote on traditional or non traditional insurance products, call or email me directly. Let’s talk.