Underwriting question for underwater diver

[thewold]

I wanted to get some opinions on underwriting from some of you who write a lot of life. I have a good friend who is about to have a kid and needs a good bit of life insurance. The problem is he is a commercial diver, which I understand is usually an automatic decline. He took a policy out with AGLA about 3 years ago and the agent put his occupation as a marine mechanic so he would get issued.

Now I want to be able to get him coverage without him having to pay out the yazoo. I was hoping I could get some advice on this issue. What would you do?

 

[bluemarlin08]

Your best bet would be to go to a FMO and let them help guide you to the appropriate company. If you need a good FMO, send me a PM and I will give you the name of the one I use, not spammimg.

 

[thewold]

Thanks bluemarlin, the only problem is right now I am captive. My manager seems to think it would be an auto decline at my company. His advice is to list occupation as marine mechanic also, which isn't entirely false. My concern is with the question, within the past 5 years have you done any underwater diving or do you plan on doing any. I have had another agent tell me to answer no and hope he makes it past the two year contestability clause, I just don't know if I'm comfortable with that.

 

[The New Guy]

Thanks bluemarlin, the only problem is right now I am captive. My manager seems to think it would be an auto decline at my company. His advice is to list occupation as marine mechanic also, which isn't entirely false. My concern is with the question, within the past 5 years have you done any underwater diving or do you plan on doing any. I have had another agent tell me to answer no and hope he makes it past the two year contestability clause, I just don't know if I'm comfortable with that.

Sounds to me like a good referral client. I would find out which company would properly underwrite him, give him the protection he needs, then help him through the process. Explain to him that it is in his best interest to look elsewhere for coverage, as your company doesn't offer what he needs. Just say, "I appreciate you coming to me for your insurance needs, but in this case I can't do right by you, I will however, help you through the process with insert company name here."

 

[thewold]

can you recommend any companies who do hazardous occs with a reasonable premium.

 

[The New Guy]

can you recommend any companies who do hazardous occs with a reasonable premium.

I don't have enough experience to lead you anywhere. Try the major quote engines, you should get a feel for the rates. Many factors are involved here, and not enough information provided. Factors: Frequency of diving, Depth of dives, Duration of dives, Jobs performed while submerged, Distance from home, How much flying involved, Commercial, or Private Planes, Construction Diving, or Wreckage & Salvage, etc...

I'm sure one of the life guy's will chime in, but run some quotes, and make some calls.

 

[bluemarlin08]

Don't even consider not disclosing all pertinant information. I recently wrote an applicant that builds docks and spends a lot of time underwater, no problems. If your company won't write him, send him to me and I will split the case with you.

 

[thewold]

Sounds good bluemarlin. I just found where my company will issue standard in band 1 amounts which is under 250K for hazardous occs. He is applying for a 235K so I should be OK. I just don't want him to get rated if I can avoid it and don't want to not disclose anything.