How We Get Our Clients with Health Issues the Best Rates
Most people with health issues think that they will be declined for life insurance coverage or that they won’t be able to afford the higher rates. This thinking usually discourages them from even inquiring about coverage. In some cases they have trusted an agent who simply sent in an application to one company without a true understanding their case and were declined. If you have medical issues, wouldn’t it be nice to know what you are up against before you even fill out an application? Our process allows us to give our clients with health issues an understanding of their potential rating and premium cost before they even fill out an application. Here’s how we do it.
How Some Other Agents Do It -Some agents choose to work with one particular insurance company and will submit all of their cases through that company. If the insurance company does not underwrite certain medical conditions or is more stringent in underwriting certain medical issues, the client could be declined coverage or pay much higher rates. The fact is that each life insurance company has its own underwriting guidelines and some companies excel at underwriting particular medical issues. Using an agent that will shop multiple carriers will give you the best chance of getting coverage at the best rate.
How We Do It
Questionnaire – The first thing that we do is accumulate as much information about you and your specific medical condition as possible. We have detailed questionnaires for pretty much any medical issue imaginable such as atrial fibrillation, Crohn’s disease, multiple sclerosis, blood clots, sleep apnea and about 50 more. The detailed questionnaire will ask all of the most important questions underwriters will need answered about your particular health issue so that they can make an informed decision on your case.
Medical Records – If necessary, we will order your medical records. This will depend on the severity of your impairment. Depending on how quickly your doctor’s office will expedite the request, the records will be sent to multiple underwriters for review along with the questionnaire and the cover letter described below.
Cover Letter – The next thing we do is write a cover letter on your behalf. Most agents don’t do this for their clients, but we do. A cover letter allows us to tell the underwriters more information about you and your case that they don’t normally see on the questionnaire or in your medical records. It offers us the opportunity to let them know about any positive lifestyle attributes that would help your case get the best rating possible. Cover letters are an excellent way to give underwriters a clearer picture of your particular situation.
Tentative Offers – Once we have the questionnaire filled out, your medical records and the cover letter completed, we then send the information to multiple insurance companies. Each insurance company will review all of your information and come back to us with a tentative offer. Basically, the tentative offer states what they feel your health rating will be based on a review of your information. It is not a guaranteed rating as things could change during the formal underwriting process, but it is a pretty accurate indication how you will be rated. They will also counter with any additional information that they will want to look at.
Formal Application – If you decide to go with a particular company based on a tentative offer, you simply fill out the company’s formal application and complete a paramedical exam. Unless they request additional information, the decision should come quickly and should match the tentative offer.
Conclusion – Most agents don’t take the time to gather all of the facts about their client’s case. They simply fill out an application and submit it in with the hope that they will not to get declined. We take the time to understand your particular situation and present it to multiple carriers so you know what you’re up against. We will only have you fill out an application once you feel comfortable with any potential offer that is presented. Having an agent that takes the time to understand your case can not only save you a lot of frustration but also thousands of dollars over the life of your policy. If you have a health issue and need life insurance, we can help. We have access to over 40 insurance companies and will use all of our resources to get you the best coverage option available. Please feel free to give us a call at (888) 687-9444 or email us at info@archstoneagency.com if you have any questions.
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com. You can also visit our website at www.archstoneinsurance.com.
