This is a great example of a diabetic life insurance case for which both oral medication and insulin are used.
The unexpected can often turn up in underwriting, but you may also save $26,668, or significant money, if you deal with the right agent!
We were contacted by this 58-year-old male’s wife and she answered all of the questions for him.
He was diagnosed with diabetes three years ago, she believed his recent A1Cs were in 6s.
This man used both insulin and oral medication, never had any diabetic complications, was 6 foot and 225 pounds, and “never had cancer or any other significant problems.”
They were interested in the longest duration term insurance available at this gentleman’s age, which was a 30 year term.
Furthermore, they wanted at least $200,000, but they wanted to wait until they found out the exact cost before finalizing the amount.
Because we know anything can turn up in underwriting, we recommended he apply for both the 30 year term and a guaranteed universal life (GUL) plan to age 90, which they agreed made sense since there was no downside in applying for both. Why have all of your eggs in one basket?
They’ll Usually Find Out, Even If You Don’t Tell
This gentleman had his exam, and his A1C was 7.7 with his height and weight actually being 6 feet and 245 pounds on the exam… both higher than his wife had told us originally. Still, I wouldn’t expect a drastic change in the offers based on this alone.
There was also some information that showed up on MIB that was not admitted to on the application, and it turns out this gentleman also had a melanoma about 15 years ago.
Again, not usually a big deal since it was a low stage melanoma and so long ago, but the insurance companies wanted to make sure he was getting regular dermatology checks ups, which he was.
All of the really competitive insurance companies for diabetics want to see medical records, so they can see your history of blood sugar control and any other past or present issues you may have.
Many people forget specific health history or don’t answer health questions accurately during an insurance exam, and insurance companies know this, which is why medical records are often requested.
We ordered this gentleman’s medical records, and his doctor referred to his diabetes as “uncontrolled” with A1C of almost 13 when first diagnosed, then down to 6.0, but over the past six months his A1Cs were 8.4, then 6.5, and then 7.7 on insurance exam.
Insurance companies want to see stable blood sugar control for all diabetics, not high, then low and then high again.
It is also less than ideal for anyone’s doctor to refer to their diabetes as “uncontrolled” for life insurance underwriting purposes.
Do You Know What’s In Your Medical Records?
As a side note, I obtain and review all of my own medical records.
Not only do I keep copies of all of my own medical records, but I’ve also asked my doctor to not include some information in my medical records because of what I’ve seen in the countless number of records we’ve had to shop over the years.
I see first hand how medical records can sometimes make or break a case.
On the case above, there was also some info on MIB about past drug use, but this gentleman assured me that it was a mistake and this was information that was previously in his medical records by mistake.
This drug use question did also come up in the case, but we resolved this, so it was not taken into consideration.
One Higher Than Expected Approval
The 30 year term company offered a table 4 rate, which was significantly higher than the Standard or Regular rate I was expecting.
I argued my case with this underwriter, and he agreed to reduce the rating to a table 3. However, I was still not happy with this offer and was waiting for the second approval.
One of the reasons I also recommended the GUL to age 90 product was because this product was from an insurance company that offered a “table shave” program.
In other words, they will offer a “standard” rate on most cases that would usually only qualify for up to a table 3 rating. Otherwise, they’ll “shave” 3 tables off of their offer.
Table Shave programs are usually only offered on permanent types of life insurance like UL, GUL, etc., but they are not applicable for term life insurance.
I made it clear to the underwriter at this GUL company that I needed Standard to place the case with his company.
Our client was given a Standard or Regular rate on this GUL to age 90 product.
He ended up buying $100,000 of this GUL product.
The guaranteed level rate to his age 90 saved him $888.92 per year or $26,668 over the full 30 years compared to what the 30 year term rate would have cost him. This GUL to age 90 got him two more years of guaranteed level rates compared to the 30 year term plan which only would have covered him until age 88.
This was a great outcome, and he and his wife could not have been happier by saving almost $900 per year and getting a longer duration policy than they were expecting!
A Common Scenario… You Never Know What Rate You’ll Get
We’ve probably shopped over 50,000 life insurance cases since we’ve been in business (1969).
We always fight to get the best offer possible for everyone that gives us the opportunity!
Not to pat ourselves on the back, but we are really good at narrowing down best rates and insurance companies to use for anyone based on their particular medical and other history.
Even we cannot pick the perfect one company that will be best for you every time, since anything can turn up during underwriting!
We can narrow down the two best, most probable companies most of the time, which is why we often have our clients apply to more than one company.
Just remember, it’s more work for only us, not you, to apply to more than one company.
The case above is the perfect example of how two different companies can offer such drastically different rates to the same person.
Give Us a Try, Put Us to The Test
We can also get you the absolute best rate and value possible, whether or not you want term or “permanent” life insurance.
Talk is cheap, though, so we’re ready to EARN your business.
On the case above, we had all of this gentleman’s medical records, so if the GUL company had not offered him a Standard rate we would have “shopped” his case to other insurance companies to try to improve on the offer.
Once we have all of your medical information, it’s easy for us to “flip you” to any other company.
There are also other GUL companies that offer a Table Shave. There are two other insurance companies that will even shave off 4 tables on some cases.
This is why we do business with and can offer you so many different life insurance companies.
Call us at 1-800-380-3533 or click here to email us if we can help you get the best rate and value!
Since 1992, Gordon E. Conwell, III (G3) has helped thousands of ”higher risk” individuals get the best life insurance rate/value. Being a high risk himself, he knows the struggles you’ll face trying to get affordable life insurance. His unique shopping process and underwriting knowledge will result in the best offers, every time!