For those who are currently having a difficult time getting approved for life insurance, you may also want to read the following articles which focus on difficult to place insurance policies: 10 Great Final Expense Insurance companies, Our 10 Best No Medical Exam Life Insurance Companies, and Tips to a Great Life Insurance Quote.
When life insurance companies create commercials and advertisements, they like to promote rates for clients that are in excellent condition in their 30’s and 40’s. They’ll usually quote a 10 year term policy mainly because these rates are really good at getting people’s attention.
Ever heard the commercial?
“John, a 42 year old man in good health can get a $500,000 term policy from a highly rated insurance company for less than $25.00 a month”
Which is true, but what if you’re not in great shape? What if you have some preexisting conditions? What if you are currently taking some prescription medications? What do you do then? This is when getting life insurance goes from “processing an order” to “needing an expert”.
The good news is that the life insurance industry is just like every other industry out there. Competition is constantly driving insurance carriers to compete for your business. As a result, carriers take on “niches” in an effort to earn market share. These niches may vary but generally insurance carriers do become known within the industry to focus on certain market populations. For this reason, it’s key for you as a consumer to work with an agency that is not bound to any one carrier and will be able to shop your application to dozens of different carriers out there. Only by doing this can you insure that you are getting the best policy for you and your family.
For example, let’s look at folks that are currently shopping for life insurance while taking Venlafaxine. Venlafaxine is an antidepressant in a group of drugs called selective serotonin and norepinephrine inhibitors (SSNRIs) which is used to treat major depressive disorders, anxiety, and panic disorder. Venlafaxine works by affecting the chemicals in the brain that may become unbalanced and cause depression.
Now to know which insurance carrier will provide the best option for clients taking Venlafaxine, its important to understand the medical condition that is being treated. For this reason, your agent should be familiar with what questions are going to be asked in underwriting so that they can direct the applicant to the right carrier.
With depression insurance carriers are not only going to be interested in the types of medications prescribed, they are also going to inquire:
- Was the medication prescribed by a general practitioner or a psychiatrist?
- Has the medication remained the same over a period of time?
- Has the applicant been hospitalized for their condition?
- Is the applicant currently employed, had a steady work history?
- Is the applicant currently receiving disability?
- Has the applicant had any suicidal ideation?
Totally confused?…. Don’t be, this is where TermLife2Go steps in, as an independent agency our agents are committed only to you and your family. Our sole purpose here is to help guide you through the process of:
- First, choosing the right type of policy, whether it be Term, Whole Life, and Universal Life etc..
- Second, determining the appropriate coverage amount.
- And lastly, determining which carrier will most likely give you the best rate available.
By working directly with TermLife2Go you will have an assigned agent dedicated to your application. This agent will be available to you throughout the entire application process; he or she will provide you with status updates as your application goes through underwriting and will also review your application at time of approval to ensure that you are still getting the best deal out there!
Additionally, all of our agents are trained to handle more delicate applications such as those used to fund buy sell agreements, SBA loan requirements, divorce decrees, estate management plans, key man life insurance policies and single pay premium policies.
So what are you waiting for? Just give us a call and see just what we can do for you!