Im working with a friend that has a past with Alcohol abuse. He's 32 years old, athletic, doesnt' smoke, and healthy. The reason Ohio National declined him and MassMutual rated him is for the alcohol. He went for treatment and now its on his record. He's been clean for over 4 years, started a family, just had a child and purchased a home. Totally got his life on track but now having a hard time getting underwritten. Any companies come to mind that might not be so rough on underwriting? Or should we look at guaranteed issue and who would be best? Thank you!!
Declined for Past Alcohol Abuse
- Thread starter victor247
- Start date
I'm assuming you're looking for Term ? how much is he applying for?
4 years ago .. There might be somebody that takes him standard.. but a quick look tells me AIG is rated after 2 years. so you might get table 1-3 ..
If he waits a year .. Non med companies like Sagicor and Phoenix would be standard.
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What was the rating on Mass? Why didn't he take it? IMO, something is better than nothing - while he puts more time on. As long as he stays clean and stays healthy he should eventually be able to come back to a decent rating.
I got a heavily rated offer from Lincoln on a case like this last year - with 2.5yrs from treatment (but he had health issues as well)... client decided it was too much and he'd wait it out and try again later. Might try them.
ON is much too conservative...a phone call could have probably avoided that decline I would think. I don't know how that will affect you moving forward.
I got a heavily rated offer from Lincoln on a case like this last year - with 2.5yrs from treatment (but he had health issues as well)... client decided it was too much and he'd wait it out and try again later. Might try them.
ON is much too conservative...a phone call could have probably avoided that decline I would think. I don't know how that will affect you moving forward.
- Thread starter
- #4
He got Standard with a temporary flat extra of $10.00 per thousand for at least one year subject to review of additional records.
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Applying for 250k and its ridiculously expensive.
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Applying for 250k and its ridiculously expensive.
Standard with a flat extra sounds pretty good. like most insurers .. they want to see him off the alcohol for 5 years... next year he'll have a standard policy. There might a company more aggressive out there.. there are quite a few term experts here ..they might chime in
- Thread starter
- #7
The temporary flat extra of $10.00 per thousand is the killer. I might just have him wait another year and then reapply.
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Been there, done that.
He needs to promise that he will not die during the wait. Or develop ............
Been there, done that.
He needs to promise that he will not die during the wait. Or develop ............
You nailed it Wino....that is the REAL Killer....
$10/thou is heavy, but not nearly as heavy as if he dies or becomes un-insurable.
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So honey, I love you. But not enough to give up Starbucks, lunch out, games with my friends, ... so I could get you some life insurance. Cross your fingers, ok?
