Life Company Recommendation?

[UW Guy]

I am an adjuster and do auto property only; no homes, no injury stuff. I didn't even try my own company.

This started with me trying to get insurance on both of us. I have good family history and thought I'd get a good rating. But I had shoulder surgery for a torn labrum in 2011. That made me standard. I was disappointed.

Then when he started asking questions about my wife, I said yes she took medication. My wife has been on the medication since grade school but has never had any issues. He took all her information, sold me a policy the next day and then never called back about my wife. He had told me when he took the information that a lot of companies would reject her because of the pills and maybe he could find some place to get her "rated" or something. When he never called back, I just figured he struck out with the companies he sold for.

They said you had to go Standard for a torn labrum? At most they should limit Premium Waiver or other benefits for a year or two; a torn labrum repaired with no complications isn't going to kill you or prevent you from giving me money.

As for your wife, it sounds like the carrier just has a REALLY bad experience with ADHD risks and has wrenched up their standards. That or someone had their facts mixed up.

 

[FullAuto]

Well I've PMed JRoot and he replied. We'll see what he can come up with. If he can get a decent price for my wife, I'll probably buy a second policy for myself as I didn't end up with as much coverage as I'd like.

 

[WinoBlues]

Well I've PMed JRoot and he replied. We'll see what he can come up with. If he can get a decent price for my wife, I'll probably buy a second policy for myself as I didn't end up with as much coverage as I'd like.

Give him all the information on the current plan as well and you may be surprised at the premium for all your needs combined.

Lee

 

[pfg1]

Well I've PMed JRoot and he replied. We'll see what he can come up with. If he can get a decent price for my wife, I'll probably buy a second policy for myself as I didn't end up with as much coverage as I'd like.

You can probably replace your old policy with a new (cheaper) one and get all the coverage you need. I agree, the shoulder thing alone should not have gotten you a std rating. That guy was a hack.

Honestly, I would suggest a permanent policy, or a combination of perm & term.... but if all you are looking at is term, take a look at longer options like 30yr, and maybe even a ROP policy. At least make sure it is convertible to permanent.

Also, if you are healthy, man up and go full uw so you can get the best rating you can for yourself. You'll likely save a good bit of $ long term.

 

[aclaro]

There are a number of companies that issue up to $250k at std rates fully underwritten but with no medical exam.

I did a 20yr term last year for a 44yr old woman, through LSW $250k issued std/nt and it was about $60/mo. She didn't want to do medical exam, and had no major health issues. She was on a small dosage of anxiety medicine daily, cover letter took care of that. She was issued std/nt

It was a smidge higher than fully uw w/exam, but to her it was worth the small increase to not have blood drawn. Some folks just don't want to give blood.

I ran a quick quote at standard and full underwriting, there were a handful of companies around $40/month. If you consider 50% higher premiums a smidge that's up to you. You've obviously been given bad information.

I'm assuming there is more to this so it's good you're talking with someone who actually knows what they are doing. If this is really all the info and you want to avoid the blood draw, Principal may offer up to $1 million without blood.

 

[DHK]

Somehow... this seems fitting here:

 

[FullAuto]

I ran a quick quote at standard and full underwriting, there were a handful of companies around $40/month. If you consider 50% higher premiums a smidge that's up to you. You've obviously been given bad information.

I'm assuming there is more to this so it's good you're talking with someone who actually knows what they are doing. If this is really all the info and you want to avoid the blood draw, Principal may offer up to $1 million without blood.

Who sells for them? The highest I've seen without blood is $399,999.

 

[pfg1]

I ran a quick quote at standard and full underwriting, there were a handful of companies around $40/month. If you consider 50% higher premiums a smidge that's up to you. You've obviously been given bad information.

Yeah, there is no doubt fully u/w is much better, and almost all of my business is fully u/w. I guess the word "smidge" wasn't the best choice, it was definitely higher - but they took her and issued her standard. I don't remember all the details on that case, IIRC a couple of the companies I looked at didn't like the anxiety medicine she was on, and she had a couple other issues as well... on top of being adamantly against giving blood.