Occupations that Can't Get Disability?

Discussion in 'Disability Insurance Forum' started by Mike Siegal, Jul 15, 2017.

  1. Mike Siegal
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    Mike Siegal Super Genius

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    Hi Friends,

    I was reading that some cases can't be written as a stand alone DI policy. The person I spoke with said that it would have to be a rider on a whole life policy and that they wouldn't write a stand alone disability policy. Not sure if this is universal or profession specific. The insured was an "air-traffic controller."

    Anyone ever hear of specific classifications being denied?

    Thanks for your input...
     
  2. Norwayguy
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    Norwayguy Guru

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    Yes in every agent guide DI insurance including riders a specific job categories not eligible.
     
  3. adjusterjack
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    adjusterjack Guru

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    Sure.

    There are many high risk occupations that are routinely denied, excluded or rated on disability and life insurance.

    Air traffic controllers are well known for stress claims.
     
  4. TPetersen
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    TPetersen Expert

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    The traditional disability markets require stability of occupation, income and other criteria in order to be "predictable". This is the basic tenant of insurance. There are many occupations which the traditional markets shy away from because of these issues. Entertainers who may work one movie and not work again for several years, professional athletes whose earning career is short and with an high level of physical stress, and as noted, air traffic controllers due to stress claims.

    The good news is there are markets for everything! In my world, there is no such thing as a bad risk, only a bad premium!

    Contact your local disability brokerage outlet who should have access to carriers that can assist!
     
  5. VolAgent
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    VolAgent Guru

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    I almost posted. There is always Lloyd's and Peterson's. If you are willing to pay, you can insure just about anything. The key is, is the person willing to pay the price?
     
  6. walthamny
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    walthamny Guru

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    chiropractors can fake a disability better than any others so they are also hard to insure.
     
  7. TPetersen
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    Volagent,

    There are other carriers who may write specialty coverages other than Lloyd's, however, my point was that there are options for just about anything out there. That is also why I always suggest contacting a brokerage outlet specializing in DI as they often have added resources that might be helpful.

    You said "The key is, is the person willing to pay the premium." Not all Lloyd's quotes are "high" compared to the standard markets. Yes there are some that are, but it is based upon risk. However, don't assume the prices are always high. However, remember these are markets which don't exist in the standard markets so comparing them apples to apples is difficult. Besides I have never heard anyone on claim (life or DI) that said the premium was too high and they should have consider other options.

    Your signature line sums up the real answer - "You can pay the premium or you can own the loss."
     
  8. VolAgent
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    Thank you.

    My point was, there is always an outlet, you just have to be willing to pay what it costs.

    Not to say that Lloyd's is the only option or that it is "expensive". I think we both agree, expensive is relative. For someone no standard carrier will touch, any offer is a good offer. Now the prospect may not see it that way and may not be able to realize it even after being educated, but that is sometimes reality.

    So again, it wasn't said to knock Peterson's, Lloyd's, or the cost, merely to say there is almost always an outlet. The person just has to be willing to pay the price or accept the risk.

    Added: I wish I could claim credit for my signature. I heard it said by one of the DI guys at Ohio National years ago. I can't recall if he was an employee or a consultant, but I thought it summed up insurance perfectly.
     
  9. adjusterjack
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    Back in the early 70s the Fram company ran commercials that touted periodic oil changes with Fram filters. The tag line was "You can pay me now, or you can pay me later."

    Here's an example:

     
    Last edited by a moderator: Oct 8, 2017
  10. VolAgent
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    VolAgent Guru

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    Funny. I remember a billboard by the interstate some years ago by a body shop. Something to the effect of "Wash it now or paint it later"

    Mentally I've always thought of it as, "Pay me now or pay me later, but you will pay."
     

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