- 29,467
Have you not heard of Guarantee Issue Final Expense insurance?
Also, quite a few companies don't even ask or care about weight.
Accidental Life? AD&D
- Thread starter Klutch
- Start date
Also, quite a few companies don't even ask or care about weight.
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Expert
- 67
Have you not heard of Guarantee Issue Final Expense insurance?
Yes, actually I have.
Many people under 40 won't qualify for GIWL. Many will also want more than $10,000-$25,000 in coverage. Many will also have health or weight problems and want $100,000-$400,000 in coverage and can only afford $15-$30 a month. Accidental is an option for these folks.
For a term or whole life? Most do care if you are significantly overweight...especially if you want the best rates.
- 29,467
But you said that Accidental Death was their only option, which isn't correct.Yes, actually I have.
Many people under 40 won't qualify for GIWL. Many will also want more than $10,000-$25,000 in coverage. Many will also have health or weight problems and want $100,000-$400,000 in coverage and can only afford $15-$30 a month. Accidental is an option for these folks.
For a term or whole life? Most do care if you are significantly overweight...especially if you want the best rates.
The companies that don't care about weight are whole life, although LifeShield and CalStar have GI Term. Why are you talking about the best rates for someone who can't qualify for anything but GI FE or Accidental Death?
For those under 50 Columbian Life goes down to 25, CalStar goes down to 18 and Senior Life goes down to age 0.
If someone's in bad enough health and wants to get $100-$400K, they need to be realistic. If a person has a serious illness like cancer, how much good is an Accidental Death policy going to do them?
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Expert
- 67
"they need to be realistic"...if only all potential clients were capable of this.
"If a person has a serious illness like cancer..." You mentioned cancer...not me.
There are definitely lots of moving parts when it comes to clients expectations, policy features, agent contracting, and client budgets.
"If a person has a serious illness like cancer..." You mentioned cancer...not me.
There are definitely lots of moving parts when it comes to clients expectations, policy features, agent contracting, and client budgets.
- 5,778
"they need to be realistic"...if only all potential clients were capable of this.
That is not a clients job... we as the agents present what is realistic... that's our job.
For the full general population this may be correct... but once you factor in only those who cannot receive traditional term or fully underwritten whole due to illness... I am very sure that these are not the numbers...
They are an at risk classification, which is why most companies will not accept them... on the other had all or most all AD&D carriers would... because to them they are not at risk.
I won't go to the mats on this issue with you... but you are talking about apples and oranges... been in to many homes where people thought they had purchased apples... only to find out they had been paying for oranges...
- 29,467
I used cancer as an example because the discussion was about writing Accidental Death for those that couldn't qualify for for traditional life insurance. You said Accidental Life was their only option. Even with cancer, there are better options than Accidental Death."they need to be realistic"...if only all potential clients were capable of this.
"If a person has a serious illness like cancer..." You mentioned cancer...not me.
There are definitely lots of moving parts when it comes to clients expectations, policy features, agent contracting, and client budgets.
I don't understand what agent contracting has to do with it.
I'll say it again, if a person has cancer or any other deadly disease...how much good is an Accidental Death policy going to do them?
Personally, I'd rather have a $25,000 Modifiied whole life policy than a $100-$400K policy, especially if I had a serious illness.
- 5,778
Unless... you had it set up so that when you got really bad off and where in the hospital and one of your loved ones pushed you out the 5th story window...
Maybe if we where to make that part of the presentation we would be doing our due diligence and full disclosure.
n fact, you are more likely to sell accidental death coverage to young healthy people because that is the way they envision themselves dying... Not so for those that are seriously ill.
- 15,041
"they need to be realistic"...if only all potential clients were capable of this.
"If a person has a serious illness like cancer..." You mentioned cancer...not me.
There are definitely lots of moving parts when it comes to clients expectations, policy features, agent contracting, and client budgets.
At the end of the day, you can only sell what people are willing to buy. I long ago decided being an insurance teacher didn't pay that well.
That said, you really should adjust your personal thinking. If someone's health is bad enough (and being severely overweight is a health problem) to be uninsurable, their mortality is completely different than the average population. While I do not claim to have the exact numbers, it is very obvious that the likelihood of death due to illness is much, much higher than before. And even an accident is more likely to result in death. For someone who is very unhealthy, their body won't be able to heal and fight infection after an injury like someone who is more healthy. But depending upon the exact wording of the accidental death policy, it still might not pay.
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I appreciate everyone's time, thoughts, and insight! Have a great day!
