I applied for an IUL policy and was approved with a standard non-tobacco rating. I am a 27-year-old male, I am a health/fitness nut, never smoked, clean MVR, blood tests came back impeccable. BUT, because my father passed away at age 47 from coronary artery disease, I am told I can never be rated higher than standard unless I live to age 60. My father was an overweight chain smoker with a history of alcoholism, so it wasn't like he just dropped dead at a young age for no reason. I, on the other hand, take better care of myself than the vast majority of people, yet I can't get a preferred rating. Are there any situations where insurance companies will reconsider (i.e. the causes that led to my father's CAD) or should I just accept it and move on?
Underwriting/Rating Question
- Thread starter rrg426
- Start date
- Staff
- #2
why a IUL...........
Have your agent ask the underwriter to reconsider IF the information you just mentioned was not known by the underwriter when the decision was made.
All companies weigh family history but some may be more lenient than others.
p.s............ you may get answers to unrelated questions you didn't ask. Such is life in the big city.
All companies weigh family history but some may be more lenient than others.
p.s............ you may get answers to unrelated questions you didn't ask. Such is life in the big city.
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- Thread starter
- #4
Protection, tax advantages, growth and safety for money. Are those not good reasons?
- Staff
- #5
ok who told you this......
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as well as better underwriting for term and gul's......
- Thread starter
- #6
- 11,277
STI... it DOES provide a place for the safety of capital... from downward market forces.
Why are you asking questions to make him reconsider what he applied for?
THIS is why the life insurance industry can't sell anything. Too much bickering of agents debating one product vs. another.
Shame on you doing this... especially being a moderator of this forum.
Why are you asking questions to make him reconsider what he applied for?
THIS is why the life insurance industry can't sell anything. Too much bickering of agents debating one product vs. another.
Shame on you doing this... especially being a moderator of this forum.
- Staff
- #8
no as stated.....different company's rate conditions more favorable than others..and with the product also..,..and was wondering if his agents showed all options....there is no bickering if you do the right thing for your client...so I guess it boils down if he is using a captive agent or a broker.....
- 4,132
An early death by a parent from heart or cancer would preclude you from super preferred, but there's a few companies that would give you preferred. Maybe you should keep looking. Does your agent only represent one company or does he/she represent more? If it's more look at the companies underwriting guidelines. Most spell out how they will rate for this situation up front. They do not "all" automatically place you as a standard.
So captive equals doing the wrong thing for the client and broker equals doing the right thing? Can't you just answer the guy's question without answering something he didn't ask or else just pass this thread by?
