Declined applicant- needs life insurance desperately! Help

[asher]

I have client ( couple- got wife insure- he got declined) 47 yr old non smoking male 300 lbs 6ft
Has history of drugs alcohol takes anti-depressant computer geek.
3 young kids mortgage needs life ins
Got declined for 1 mm 30 yr level term.

anyone- please help with suggestions- any guaranteed issue term thru group etc available for him???

where can I possibly go?

thank you for any ideas/suggestions

asher

 

[fed up]

Tell him to lose 50lbs. Talk to an underwriter and start at 100k. He might be able to get covered with a table rated premium until he loses the weight and health improves.

 

[Allen Trent]

Right now, other than something guaranteed issue (if it exists for him), I don't think you will find anything. Most carriers are tightening up on BMI at obese levels. Even recently saw 4 kids IUL policies ranging from age 2-16 get declined for being over 95% on the chart. Spike in claim payouts at carriers & the current in obese people in hospitals & on vents with Covid is making weight a current focus.

Drug & alcohol & taking anti depressants won't help for fully underwritten policies either.

Tell him to get as much as he can at work & as much Accidental Death his credit union will let him buy. Better than nothing.

Luckily for him if he works is that the govt has forced placed guaranteed life insurance for him while he has young kids via Soc Sec Survivors for wife until youngest kid is 16 : each kid until they are 18 or 19. Can help replace a lot of lost income. Again, better than nothing

 

[scagnt83]

The build is insurable with multiple carriers. Banner, AIG, Ameritas would all be good to look at for him.

You need to pre-screen this with the carrier first and get an informal UW decision before applying him. I would apply him with the 2 carriers out of those 3 that gave the best informal decision. Then take the one that gives the best offer.

 

[topflight06]

As already suggested, try some traditional carriers, first, and look into accidental death products. If in the end you just want to make him a client, I believe Great Western goes as low as 40 for their GI product. Lifeshield has a GI term through the NCE organization that goes up to $50K but is offered in age bands...but again, might be better than nothing until his situation improves.

 

[Helpico_Insure]

I have client ( couple- got wife insure- he got declined) 47 yr old non smoking male 300 lbs 6ft
Has history of drugs alcohol takes anti-depressant computer geek.
3 young kids mortgage needs life ins
Got declined for 1 mm 30 yr level term.

anyone- please help with suggestions- any guaranteed issue term thru group etc available for him???

where can I possibly go?

thank you for any ideas/suggestions

asher

Split in 3-4 policies. The first and the largest coverage should be on the shortest term, and so on.

 

[asher]

thank you all- so much

 

[myinsurebiz]

Anti-depressants aren't a big deal with Ameritas or Assurity. 6' and 300 #'s would go Table 3 probably.

What is the history of alcohol and drugs?

You could maybe get $25k WL with a $250k Term Rider.

You can also get him AD&D through Assurity

 

[DHK]

The lesson here is this:

By the time someone NEEDS life insurance... they can't get it.

Your checkbook pays for the insurance.

Your health buys it.