We recently had a 50 year old, male client come to us looking for $1,000,000 of 10 year term life insurance.
After completing our questionnaire, we determined he was in excellent health and quoted him a preferred rate with Ohio National at $109 per month.
We applied to Ohio National because our client had a couple basal cell carcinomas removed from his nose and chest in the past few years, and Ohio National tends to be very good on non cancerous skin carcinomas, as well as atypical moles and the like. However, Ohio National offered Standard rather than at Preferred, citing:
“The client qualifies for Standard Nonsmoker due to recurrent gastrointestinal bleeding with anemia and lab results completed for this coverage revealing elevated cholesterol and triglycerides and low globulin. Monthly premium $203.37. Okay to issue?”
At this point, many agents would recommend the client should take the offer. After all, standard is a normal offer for someone with an average life expectancy. There’s no shame is being approved at standard. However, we went back to the client asking for details about the gastrointestinal bleeding, and given his explanation, we knew we could probably obtain a better offer from another carrier. At this point, I sent the following trial offer request to my insurance providers:
“I have a male PI, 50 yrs old, non smoker, who was just approved at Standard with Ohio National, but I had quoted him Preferred. They said he was moved to Standard due to “recurrent gastrointestinal bleeding with anemia and lab results completed for this coverage revealing elevated cholesterol and triglycerides and low globulin”.
However, when questioning the PI, I learned his GI bleeding was a one time event approximately 2 years ago, with no problems since. It was an internal GI hemorrhoid that was a very serious problem, as it bled a tremendous amount (which of course caused anemia), but it was surgically removed, stitched up, he’s been eating more fiber, and it’s all over with.
A couple years earlier, my PI also had a thrombosed (external) hemorrhoid, like the kind you get from lifting weights, which was lanced off and totally separate and unrelated to his internal hemorrhoid.
We also got his labs back, showing a total cholesterol of 257, but decent HDL of 50, which gives us a chol/hdl ratio of 5.1. His triglycerides were 260. He also had a low globulin reading of 1.7L. However, my PI has never been told nor is it in his medical records that he has any type of renal disease, hepatic dysfunction, neoplasms, or hemolytic anemia.
He did have 2 basal cell carcinomas removed within the past couple years, one on his chest and one on his nose, but Ohio National did not mention this as part of their reason for rating him standard.
All other lab levels were within normal ranges, and he sees his doctor regularly. He needs a 10 yr term for 1 Million dollars.”
As a result, we got back a tentative preferred offer from Genworth, and once we submitted the case, they promptly approved him with the formal preferred offer for $123 per month! That saved my client $80 per month, or $9,600 over 10 years. It just goes to show you the power of an independent agent who is willing to fight for the best rate for you. Since he was so happy about the 2nd offer, I asked him to write a testimonial for the website. He wrote:
“Even though I had a medical challenge in my medical record from a previous condition and was declined a preferred rate from my first choice of Insurance carrier, Huntley Wealth found another carrier and got me a preferred rate at a minimal difference in overall price. It would have been difficult for me to swim thru the complexities of the process if it were not for my agent and his support staff at Huntley Wealth. I would recommend them, especially if you are north of 50 and need someone to go to bat for you and pursue the best price and policy that fits your needs. Greg W., San Diego, Ca”
Recently, one of our client’s wrote us a beautiful testimonial about her and her husband’s experience trying to find life insurance after his mitral valve had been replaced, which I’ll share below.
Dear Chris,Just a note to thank you for doing what no one else seemed to be able to do and what we had come to believe was impossible. We had thought we had our retirement plans set until Joe developed a heart valve problem that ultimately required surgery. We had term life insurance in place to cover my needs in case he should predecease me. Unfortunately, his term policy reached the end of its level payment period and because of Joe’s valve replacement (which was totally successful, thank goodness!), we were unable to secure a reasonable level rate plan and had to accept extremely accelerating premiums.We checked with a number of agents who were unable to offer us any reasonable program. Joe even spoke with his cardiologist, whom we thought would probably have had this question posed by other patients, and his only suggestion was to buy a number of smaller policies that might not have the same stringent medical restrictions. When Joe found you (on an internet search), we were immediately amazed at the lengths you went to in order to secure the insurance we needed for peace of mind. We ended up with more life insurance than we’d had previously for only slightly more than we’d been paying, and without the worry of increasing premiums. During this whole process ( and I think anyone will tell you that securing insurance is not a simple thing), you and your assistant, Kim, were incredibly attentive to our questions and steered us through the whole thing.I really appreciate your “fighting” for us to get the best possible rates when no one else would do that – just basically told us it wasn’t possible or didn’t even call us back. Aside from now having the insurance we need, we feel that we’ve made a friend.Thanks again,Susan G.Murietta, GA
We recently got an approval on a life insurance case we’ve been working on since February 2011. I’m quite proud of how hard we fought for this client and am certain he would not have coverage today if he had gone to 99% of the agents out there.
Here are the details of the case. If you’re in a hurry, you can skip down to the bottom to read my client’s testimonial. My client, whom we’ll call Bob, is a 64 year old male. Back in February we first applied to Genworth, and expected to get a Preferred offer back. At the time, our only concerns were his build (6’1, 230 lbs), and his use of a Citalpram, which is a mood stabilizer.
Offered Substandard Rating from Genworth
Genworth came back with a Table 2 offer, which tripled the premiums I had quoted Bob. The price was astronomical (over $900 per month). The reason he was approved at substandard ratings was an elevated kidney functions ratio at 1.4 and a1c slightly elevated at 6.2. The a1c indicated he perhaps has diabetes or is pre-diabetic. Given all these factors, Genworth could not offer at Preferred, which we originally had hoped for.
Shopping for a Better Rate
One of the nice things about working with Huntley Wealth Insurance is we never, never, never give up. We work with dozens of companies, and in most cases, we can find one company who will make a better offer in a case like this. I put the case out to bid for a trial offer (see “trial offer” definition here).
In my trial offer letter, I explained the details of the case, included all pertinent medical findings and argued that Bob’s elevated a1c must be discounted given his normal blood glucose reading of 72. We debated that he had never been diagnosed with diabetes, despite regular checkups with is primary care doctor and annual lab work.
We also explained that his use of Citalpram was used as a mood stabilizer, and that he had never been hospitalized, had any suicide attempts or missed work due to his mental condition. Last, we pointed out that his build was largely due to muscle, and pulled measurements from his medical exam, and cited his chest was 50″ compared to his waist of 41″. We hoped a carrier would offer Standard or better.
Persistency and Determination Pay Off!!
I was shocked when Banner Life Insurance, (now Legal & General) offered tentatively at Preferred non tobacco, the same offer we had originally applied for to Genworth!!!
Long story short, Banner stuck to their trial offer and the policy is now in force! Here’s the client’s testimonial:
I appreciate all the help that Christopher Huntley gave me in getting a life insurance policy. It seemed there were many hurdles but he stuck with me and got me through all of them when others would not. I would recommend him highly to anyone looking for the best insurance available. I feel confident that he will be there for me should I have any questions or encounter any problems. – Bob P., Sacramento, CA
If you have had difficulty getting approved for life insurance, or have been rated below preferred rates, give us a call. In Bob’s case, we saved him over $600 per month by finding him this rate through Banner Life. Give us the chance to help you too. 888-603-2876
On Sept 20, 2011, I got a standard approval from West Coast Life on a 69 year old, male client, whom I began working with in January of 2011.
We work with many impaired risk cases here at Huntley Wealth Insurance, and our average case takes 6 to 8 weeks from start to finish, application to paid and in force. We’ve had many cases take 3 to 4 months to place, but this one may be a record for us!
Here’s the breakdown about what happened:
My client (we’ll call him Mr. Smith) contacted me in January requesting a quote for someone who had just recently had his right coronary artery stented due to coronary artery disease (CAD). When I say recently, I mean just 2 weeks prior to connecting with me.
I contacted all my carriers, and while most declined to offer coverage so soon after his surgery, United of Omaha did come back with a tentative standard offer, using their FIT credits program. We applied with haste.
Upon receiving his medical records the United of Omaha underwriter found that besides the RCA blockage, the cath report showed 70% stenosis of a secondary vessel called the Ostium, so instead of offering Standard, United of Omaha offered Table 2, which increased the premium by 50%.
Next step was to get a letter from “Mr Smith’s” cardiologist, who wrote a glowing review about Mr. Smith, and indicated:
No long term risk for severe cardiac damage because the ostium is a small branch vessel less than 2 mm in diameter, that could not and should not be revascularized.
He wrote that it would not, in his opinion, “have any effect on Mr. Smith’s long term prognosis.”
So we were back to square one. We sent out trial offers, and got back everything from standard to decline. At this point, I chose to apply to the top 4 companies who provided the most aggressive tentative offers. Many agents will not take the time to complete more than one or two applications. Like it sounds, 4 applications takes 4 times the amount of time to complete.
I won’t lie, it was a real pain processing 4 applications on the same person, but in the end it paid off. Two of the four wanted to see more follow up cardiac testing and declined to offer. One has yet to offer. West Coast Life offered at Standard, using their Secure T 10 Year term product!
I don’t want to toot my own horn too much, but very few agents would go to this sort of trouble for a client. It’s not because they don’t want to help… it’s because they simply don’t have the time.
If you look at the mega-agencies out there like Select Quote, their agents are trying to get to 50 leads per day and have to make their quota of 5 sales per day. How are those guys going to be able to dedicate this sort of time to 1 little old client? Like I said, they can’t and don’t. This is one of my complaints about Select Quote I wrote about recently.
Persistence. Determination. Dedication. We have an unparalleled commitment to providing affordable life insurance coverage to every one of our clients. If you have a tough case, let us fight for you. We won’t give up until you have the best possible price for life insurance!
Case Study 2: 49 Year Old Male with History of Gastric Bypass, Diabetes & Stents for Coronary Artery Disease
I have a male, Primary insured, 49 years old, that was diagnosed with type II diabetes 9 years ago. Then in 2006 had a minor heart attack, treated with 2 stents. He had no symptoms of a heart attack other than trouble breathing, but no pain in his chest. The only way they knew he had a heart attack was through blood tests. He was unsure of LVEF but says he has normal cardiac function and exercises regularly and coaches a high school football team.
At his heaviest, he was about 6’0, 288 lbs and taking 2 types of insulin injections to control the diabetes. Then 2 years ago he had a gastric bypass surgery, which miraculously cured his diabetes, before he even lost any weight. Literally, while he was still in the hospital, he was taken off all diabetes meds and insulin. I’m told the bypass surgery eliminates the duodenum completely, allowing the body to process sugar normally again, and literally “curing” the diabetes and eliminating the need for meds. I’ve also read due to the success at eliminating diabetes, they use this surgery in South America to treat diabetes even on skinny people. In this case, it was a lucky byproduct of the surgery, since his true desire for the surgery was to lose weight. Since his surgery, he has lost almost 100 lbs, and is currently weighing 205 lbs. He says he lost about half the weight in the 1st year after the surgery and half in the second year.
The only medication he takes is an anti-inflammatory for plantar fasciitis. No family hx of cancer/heart disease, both parents alive in their 70’s in good health. No drugs, clean driving record, no hazardous hobbies. He is happily married with children. He recently applied for Hartford’s mortgage protection life ins. and was declined, due to his history of obesity, diabetes, gastric bypass and CAD.