For those who are currently having a difficult time getting approved for life insurance, you may want to read the following articles which focus on difficult to place insurance policies: Best Final Expense Burial Insurance Companies and Best No Exam Life Insurance Companies
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 shift 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 Zyprexa (olanzapine). Zyprexa is an atypical antipsychotic medication. Exactly how it works is unknown, it is thought to work by changing the actions of certain chemicals within the brain. Zyprexa is used to treat the symptoms of schizophrenia and bipolar disorder in adults and children who are at least 13 years old. While these conditions vary significantly, it is essential to have an elementary understanding of these conditions before attempting to find the right insurance policy for these applicants. For insurance purposes, schizophrenia, bipolar disorder and autism are defined as the following…
Schizophrenia: is a mental disorder characterized by a breakdown of thought processes and by a deficit of typical emotional responses. Common symptoms include auditory hallucinations, paranoid or bizarre delusions, and/or disorganized speech and thinking. It is often accompanied by significant social and occupational dysfunction.
Bipolar disease: also known as bipolar affect disorder , manic–depressive disorder, or manic depression, is a mental illness classified by psychiatrists as a mood disorder. Individuals with bipolar disorder experience episodes of a frenzied mood known as mania alternating with episodes of depressions. About 4% of people suffer from this disorder with an equal prevalence between men and women.
Autism disease: is a disorder of neural development characterized by impaired social interaction and verbal and non-verbal communication. Patients will also exhibit restricted or repetitive behavior that typically manifests itself prior to the age of three. Autism affects the way information is processed in the brain by altering how nerve cells and their synapses connect, how this occurs is still largely unknown.
One thing that all three of these conditions share and is something that those suffering from them can agree upon is that many variations of these conditions exist from one case to the next. Unfortunately, most insurance companies that conduct a prescription database check during the application process will simply refuse to offer coverage once Risperdal comes up.
For this reason, it is essential to look at options that don’t require a prescription database check or a medical examination. At this point most clients state…
“I have no problem taking a medical exam, I’m in perfect health and my….(schizophrenia, bipolar disorder, or autism) isn’t going to kill me”
And in truth they’re right, none of these conditions are truly life threatening , however it is important to understand that insurance companies look at many factors in determining who they want to cover, and unfortunately most have simply made the economic decision to not offer coverage to folks with these conditions
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.
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!