Approved but at much higher rated classification

Aug 16, 2007

  1. character
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    character New Member

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    I applied online for a term life insurance and got a paramed come over to my house to give me an examination. A few weeks later I received a call and they said that I was approved but at table rates (tier 3) which is substandard. She said that I was 3 points away from a Standard rating.

    Today I got the offical letter and it says that their offer is table C (175%) non-tobacco. They were unable to provide coverage as applied due to abnormal labs.

    Now I'm freaking out - ABNORMAL LABS!. I wrote a letter to them requesting the exam results and I also declined the offer.

    Abnormal Lab results is a scary thing to read, not sure what that means. I guess what is really scaring me is (god forbid) AIDS or HEP C. It has been about a month since my examination, if it was something as serious as HIV or HEP C would they wait that long to notify me and would they even offer me coverage at all? Can someone please ease my concern about that. This is for New Jersey and the Insurance copany is ING/ReliaStar LIfe
     
  2. CHUMPS FROM OXFORD
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    CHUMPS FROM OXFORD Guru

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    I would call the underwriting department (or cust. service) and ask them to expedite your records. Maybe they sent it to your physician.

    Actually, could be many things...probably not life-threatening. But definitely worth being proactive and discussing it with your Doctor.
     
  3. Newby
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    Newby Guru

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    If you had a terminal condition they wouldn't offer coverage at any price.

    Are you working with a local agent? He should be able to help you with this.
     
    Newby, Aug 16, 2007
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  4. character
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    character New Member

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    NEWBY, thanks for that reply, I know that I don't have HIV but you just never know and my mind went racing all over the place.

    I really don't have an agent, I did this on my own using quickquote.com. All the information quickquote has is the same letter I received about abnormal lab results.

    So by the fact that they even offered me a plan would suggest that I am not terminally ill or tested positive for HIV? Just need some more reassurance.

    Thanks
     
    Last edited: Aug 16, 2007
  5. Newby
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    Newby Guru

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    Quickquote and the other online sites are good for shopping insurance rates and getting information. But it is not a good way to buy it. A local agent can give you the same prices and a LOT of additional help getting approved.

    It's now on your record that you have been rated up. An experienced agent may have been able to avoid that for you. I would still call one though to see what they can do.
     
    Newby, Aug 16, 2007
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  6. fostever
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    fostever Guru

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    Four weeks is average time for life underwriting. I agree with Newby this is one of the pitfalls of using online signup. An agent coming to your house costs nothing but a little bit of your time and can be well worth it if they are trustworthy. Sometimes though, if you had no pre-existing conditions and hadn't been to the doctor in a while, you might have the same results.
     
    fostever, Aug 16, 2007
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  7. Dave020
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    Dave020 Super Moderator Moderator

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    I would think the likely suspects are blood test results for things like the following:

    cholesterol level
    blood lipid levels
    triglyceride levels
    elevated liver funtions and enzyme levels
    blood pressure

    When you get the lab test results back from the insurer, immediately make an appointment with your doctor to go over the test results. Now here is where things can get strange:

    Sometimes the numbers on lab tests for life insurance are more concern to the insurer than your doctor. Logically, your doctor knows that you both have time to correct elevated levels. Life insurers can't take that bet since they only get one chance to make a determination.

    Don't freak out over this, it just means there were some things in the lab test they didn't like, from a long-term insuring you perspective.

    Your doctor can go over these with you and help to correct anything that really needs to be addressed.

    Agree with above, if you were seriously ill they would have declined you. Table 3 means that there are things going on that would indicate future potential problems if not corrected.
     
    Dave020, Aug 16, 2007
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  8. WBunch
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    WBunch Super Genius

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    I'll also chime in that if you had any wine or other alcoholic beverages the night before the exam than can send your labs on a rollercoaster ride...I had a client once that was a Dr. and in perfect health did her labs the day after her anniversary which she had alot of wine, and the labs were all crazy...I called the company to let them know the situation and they redid the lab work and it came out normal so they issued standard. Many things can cause abnormal labs...
     
    WBunch, Aug 16, 2007
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  9. tiburon5253
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    tiburon5253 Expert

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    Questions from a new agent still on the learning curve...

    1. How can a local agent give you the same prices? They would have to be appointed by the carrier being offered in Quickquote, no?

    2. What additional help can a local agent provide for getting approved? Are you referencing that we can contact the underwriting departments and get a risk assessment prior to ever submitting the app?

    Thanks for the info!
     
  10. Newby
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    Yes, local independent agents can sell all the same term life companies as the onlines (more actually.)

    Which ever company is determined to be the best for the client is used and the agent can mail their appointment forms in with the first application. We all sell the same thing at the same price.

    A good agent who sells a lot of term will do a detailed fact-finder with the client and know which companies will accept certain conditions. Some companies are quicker to rate people up than others. I don't sell a huge amount of term so I rely on my upline (brokerage) to give some guidance here.

    I'm pretty old school, but I think of the internet as being for shopping...not for buying.
     
    Newby, Sep 9, 2008
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