I’d be angry, too, if I do all of the things I’m supposed to, like eating right, exercising, not smoking, and the ONLY reason I didn’t get best life insurance rate is because I haven’t had a medical check up with my own doctor within past couple of years.
Many life insurance companies will preclude people age 60 and older from their better rate classifications, and some companies will even decline you if you have not had recent medical check up with your own doctor (i.e. within past 2 to 3 years; this time frame will vary from company to company). This can even be an issue if you do have a free insurance exam and the insurance exam results are perfect.
We know that life insurance underwriting is not always a fair process, and we have the best system and strategy so that we will get anyone and everyone the best offer possible.
Whether you don’t see a doctor because you don’t have medical insurance or because you feel great and you think there’s no reason for you to see a doctor, these are not acceptable reasons to the life insurance companies.
According to the underwriters, an insurance exam results don’t always show everything, and these alone cannot always be relied upon for them to make an accurate offer. MANY life insurance companies want to make sure you’re getting regular medical check ups. The older you get, the more important this is to the life insurance companies.
A 66 year old client of mine had term insurance that just came up for renewal, and he was not going to continue it because he no longer needed $550,000 of life insurance. He still wanted to keep some life insurance in force for his wife and/or his children for the rest of his life.
He answered a lot of questions for me so that I could determine best rates and insurance companies for him and his health was good, even though both his parents died of cancer in their 50s. In addition, he told me he did have a personal physician, but I didn’t question him about when he last saw his physician.
Converting his existing term policy was going to cost more than he wanted to pay, and my client wanted to re-apply for absolute best new rates available to him now.
He wanted permanent life insurance but was comfortable with a guaranteed level policy to his age 95 after I showed him rates that were guaranteed to his age 90, 95, and his entire lifetime.
I looked at rates from all of the “players” at his age and health status including Protective Life, American General, Principal Life, Banner Life, North American Company for Life & Health, Lincoln National Life, Transamerica, Prudential, Penn Mutual, Mass Mutual, Columbus Life, and Symetra Life.
Because I know anything can turn up in underwriting, I had him apply to both Columbus Life and Symetra Life to see which would make him best offer, as they should have the best price for my client based on his age and other information.
Relying on any one insurance company to make best offer is becoming harder and harder since most insurance companies have so many different rate classifications, and all companies have different criteria and guidelines.
It turns out my client had not seen his doctor in over two years, and this placed my client in a Standard or Regular rate class with Columbus Life.
All of the Columbus Life underwriters are great, and they go out of their way to make any exceptions possible on my cases. My underwriter told me their reinsurers do not allow them to offer either their preferred plus or preferred rates to anyone over age 60 that does not see their doctor every year and that has any previous health history whatsoever.
I told my client that Columbus Life would only offer their Standard rate, which was $804 more per year than what I originally quoted. He was not happy and told me he could schedule a doctor’s appointment right away if it would get Columbus Life to change their offer, but I told him to hold off on that until I get Symetra’s offer.
The reason I told him to hold off on an exam with his own doctor is because I’ve had a couple past offers rescinded by insurance companies when the person to be insured saw a doctor prior to paying for a newly issued policy, and then something new and potentially serious turned up during the doctor’s visit. Insurance companies always reserve the right to review any new medical records that could have been from doctor’s visits during the underwriting process.
Since anything could turn up on a medical check up which could cause any insurance company to make a higher than expected offer or to just decline the case altogether, I always try to have my clients avoid seeing any doctors while underwriting is going on (unless it’s an emergency).
Symetra ended up approving my client for their “Super Preferred” or best rate classification, which was an even better offer than I was expecting due to my clients family history. My client bought a guaranteed level rate/policy to his age 100 instead of only to 95, and that was still $1,008 per year less than Columbus Life’s offer to age 95.
That’s saving over $20,000 if my client lives another 20 years or over $30,000 if he lives another 30 years. Huge savings!
For anyone over the age of 60 that has not qualified for the best life insurance rate, whether it’s because you have not had a recent medical check up with your own doctor or ANY other reason at all, and you’d like to see if there is a better rate available to you with ANY quality life insurance company, please click the link above to get an accurate quote. Don’t hesitate to call me at 1-800-380-3533 or email me at [email protected]. Ask for G3 if you call.
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