Physician writing impaired risk?

[GreenAgent]

Would there be any problem for a physician who has a LA&H license to specialize on writing impaired risk life policies? Would it provide enough of a competitive advantage where some life agents would want to partner with a physician agent to write impaired risk cases?

 

[jboussea]

I guess it would be easier for a physician to smell BS from prospects... and being familiar with drug names help.. but it's not a big advantage over seasoned guys ..

I think a former underwriter probably has the greatest advantage.. there are plenty life ag3ents who specialize on impaired risks .. and it comes down to knowing what the insurance companies are looking for and being familiar with the conditions.. and you get that with experience.

 

[Tahoe Ray]

Would there be any problem for a physician who has a LA&H license to specialize on writing impaired risk life policies? Would it provide enough of a competitive advantage where some life agents would want to partner with a physician agent to write impaired risk cases?

Are you suggesting that the other agents would seek out the physician for underwriting help on a split? If so, no. As the post above points out, seasoned agents can mostly underwrite those cases on their own and if not, we can get quick quotes from carrier underwriters.

Not to mention, clinical medicine and life underwriting often conflict. The amount of times that I've had a client say that their doctor said they were fine and the underwriter disagreed is abnormally high.

If the physician is referring those cases to an agent for a split, then absolutely! Lead splits from credible sources are highly desired.

 

[Allen Trent]

Not to mention, clinical medicine and life underwriting often conflict. The amount of times that I've had a client say that their doctor said they were fine and the underwriter disagreed is abnormally high.

exactly. had a client with 750 cholesterol level declined for life insurance & her Dr said the insurance carrier was being ridiculous. it was $1M term for like $700 per year. I told the client to ask the Dr if he would receive her $700 per year in exchange for guaranteeing her family $1M. Luckily, it was his prescribed meds that caused the problem & she was approved 10 months later

 

[Allen Trent]

Would there be any problem for a physician who has a LA&H license

I would be shocked that a practicing Dr would by chance have a LAH license. And if they did, I would have a lot of questions as to why they needed to moonlight to supplement their job as a Dr.

 

[fed up]

I would have a very tough time if my physician gave me my results of a physical and then wanted to start a life app on me. HIPPA may play a major factor here as well.

 

[Markthebroker]

I would have a very tough time if my physician gave me my results of a physical and then wanted to start a life app on me. HIPPA may play a major factor here as well.

I'm a p&c agent, and I sell very little life and no health, but this sounds like a major ethical issue and conflict of interest for a physician.

 

[Allen Trent]

I would have a very tough time if my physician gave me my results of a physical and then wanted to start a life app on me. HIPPA may play a major factor here as well.

I believe even CPA/tax preparers cannot solicit their tax clients for PC/Life/investments unless they 1st have a signed release/waiver from the tax client each year to contact them about non-tax related products. I believe it is a conflict of interest/waiver. If that is in play for someone that merely does taxes 4 weeks a year at HR block, I would assume a medical Dr would be held to a similar or higher standard.

 

[Tahoe Ray]

I'm a p&c agent, and I sell very little life and no health, but this sounds like a major ethical issue and conflict of interest for a physician.

Agree completely but stuff like this surprisingly exists.

I just lost a large annuity case last week because the lawyer doing the trust told the beneficiary that "they had to use his guy" and something to do with him (the lawyer) having to do the annuity paperwork.

Shady if you ask me...

 

[Little Joe]

A lot of doctors are just plain burned out. Medicine is not a job. It is a way of life. 24 hours a day, seven days a week, never takes a break. Some cannot even come home and drink a beer because the hospital may call, or a patient may have a complication. Many doctors just want a more normal life. The result is many doctors are looking for ways to transition out of medicine, yet still be able to put their knowledge and experience to good use. Insurance is a natural area to transition to. They have dealt with all sorts of health plans from a practical point of view. All day, every day, they deal with good insurers and bad. With this knowledge, in the capacity of an insurance agent, few could match a doctor’s ability to advise a client on what truly is a good health plan and what to stay away from. Few clients are going to argue or dispute a recommendation when a doctor advises for or against a specific insurer, based on years of the doctor’s actual experience. Of course, their are other areas within the insurance industry a doctor’s knowledge would be beneficial. And don’t forget, doctors retire, many work locum tenens, and are looking for other ways to stay busy. Some just don’t like medicine preferring to work in other areas. Absolutely nothing suspicious or unethical about any of this.