I would welcome any thoughts, advice, opinions or guidance on helping me find the best fit for my client's needs regarding Universal Life. He is 65, non-tobacco, 5'10", 225lbs. A retired veteran who is on 100% disability. He has about 25 prescriptions however none for diabetes, heart disease or any other possible knock outs. He suffers from depression and PTS. (is PTS a knock out?) He is wanting a Universal Life for $188k. I've been reading Insurance Forums since 2011, when I first joined the world of insurance. This is my first post. I've got faith that my fellow insurance agents in arms won't let me down. Hope to hear from someone soon. Thanks!
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- Thread starter win1
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- 10,313
That is going to be really hard to place in anything other than a SI policy.
You need to get very detailed specifics on the heart disease & diabetes. Are all of the 25 meds just for the ptsd & depression?? He has to have other issues... either way you will need a list of the meds.
If you work with an IMO that has an in-house underwriter I would reach out to them on this one. Or list very detailed specifics here and some forum members might can help... but we would need detailed info on this one.
He has a laundry list of issues; first the 100% disability- does he have any income or is he just on military/SSDI?
Second for the psych history- any suicidal ideation action is going to make this worse (also lack of stability, symptoms, etc). They'll likely want to see records to see how bad (yes, even for $188K). Try to gauge the other meds, maybe google some or reply here and we can try to guide you along.
PTSD and depression by themselves aren't knockouts but if this is wondering into something worse (bipolar, schizophrenia, etc).
- 24,934
Basically what has already been said. Get a full list of the meds, dosages and reason. Use a brokerage that can shop the case and move it if declined of highly rated.
Also if he has records at the VA prep him that this will be a while.
Also if he has records at the VA prep him that this will be a while.
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- #5
Thanks everyone for replying,
Yes on sucidal tendances. He goes weekly to meetings. I have determined two possible knock out drugs. (Dont have list in front of me at the momemt) One is for heart condition, the other client listed as being "for nerves". I googled and its for schizophrenia. I have met with himand his wife two different occasions and none of his medical melays were detectable. In other words, he appears to be as level as the next guy. He and his wife have an annual income of $100K per year. They have every toy an adult could want, live in beautiful home, have newest / best autos. Ive reached out to my IMO expert. After checking with a few underwriters he tells me to discourage the client.
Should i follow that advice or continue to try and find a way to accomodate this potential client???
Yes on sucidal tendances. He goes weekly to meetings. I have determined two possible knock out drugs. (Dont have list in front of me at the momemt) One is for heart condition, the other client listed as being "for nerves". I googled and its for schizophrenia. I have met with himand his wife two different occasions and none of his medical melays were detectable. In other words, he appears to be as level as the next guy. He and his wife have an annual income of $100K per year. They have every toy an adult could want, live in beautiful home, have newest / best autos. Ive reached out to my IMO expert. After checking with a few underwriters he tells me to discourage the client.
Should i follow that advice or continue to try and find a way to accomodate this potential client???
- 10,313
This guy will be Simplified Issue if anything. I would get quotes for SI policies and forget about fully underwritten.
Suicidal ideation is a knockout for at least 1-2 yrs fully underwritten. And the ines that offer after a year are going to well into table rated territory yet. After two years since resolution and stability you might get something that doesn't totally suck but that's about it.
Any idea what the big, bad psych drug was? Sometimes they aren't always used for issues like bipolar or schizophrenia but providers employ them to deal eith symptoms. Still a knockout drug on carriers' lists but be careful if you pitch him to domeone else down the road.
- 15,041
Please forgive me for being harsh. You've been at this for at least four years, but this comes across as someone new to insurance. Do you specialize in a line other than life insurance? You should have been picking up clues from the beginning that something is wrong.
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- #9
Harsh..... nah. I did pick up on all the red flags. But this client is determined and I had exhausted all ideas of my own and thought about reaching out to my peers for anything I may have missed. I appreciate all the replys. And, I have broken the news to my client. He is still sure there is something he can do. I'm at a loss and have nothing to offer the fellow. Anyone who may have an idea, I'd enjoy reading it.
- 4,689
Fact is, you're just not going to insure everyone. Best to move on and not spend any more time with this one. Encourage him to do the right things investment wise. At annual salary of 100K, no reason he can't self insure.
I would encourage him to get a (Final Expense) burial policy though.
I would encourage him to get a (Final Expense) burial policy though.
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