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Folks,
I have a client who I've encountered lately who wishes to have some insurance. I've already found the products, prices, etc. and everything is set to go. Here's the only thing though:
They currently have simplified issue TERM life insurance (15 year terms) that is costing them nearly $1,000.00 a month in premium. I can replace these policies with my own ULs (which is what they want instead of the term), which will ALSO save them money, but here's the thing:
The UL products I have in my arsenal are all fully medically underwritten, requiring a paramed exam/blood/lab test. I am VERY VERY worried that they will get rated hard or even declined with my ULs.
I have copies of their term policies and it was apparent that the writing agent "cleansheeted" the app and sugarcoated things. I don't like lying to my own carriers, and even if I did, the para-med for my ULs would show the issues.
The issues are that the gentleman, who is in his early sixties, has: 1) high BP (controlled with oral meds) 2) High Cholesterol (control with oral meds) and 3) Enlarged heart, treated with oral blood thinners. He has had the enlarged heart for more than 15 years, though.
So I'm thinking, even if the other agent cleansheeted the simplified issue app, how did he get approved standard issue? I thought that simplified issue products are HARDER to get approved if the client already has had long-standing medical conditions?
FYI: The ULs I'm thinking about are from IndyLife/AVIVA USA. Are they exceptionally strict with their underwriting?
I have a client who I've encountered lately who wishes to have some insurance. I've already found the products, prices, etc. and everything is set to go. Here's the only thing though:
They currently have simplified issue TERM life insurance (15 year terms) that is costing them nearly $1,000.00 a month in premium. I can replace these policies with my own ULs (which is what they want instead of the term), which will ALSO save them money, but here's the thing:
The UL products I have in my arsenal are all fully medically underwritten, requiring a paramed exam/blood/lab test. I am VERY VERY worried that they will get rated hard or even declined with my ULs.
I have copies of their term policies and it was apparent that the writing agent "cleansheeted" the app and sugarcoated things. I don't like lying to my own carriers, and even if I did, the para-med for my ULs would show the issues.
The issues are that the gentleman, who is in his early sixties, has: 1) high BP (controlled with oral meds) 2) High Cholesterol (control with oral meds) and 3) Enlarged heart, treated with oral blood thinners. He has had the enlarged heart for more than 15 years, though.
So I'm thinking, even if the other agent cleansheeted the simplified issue app, how did he get approved standard issue? I thought that simplified issue products are HARDER to get approved if the client already has had long-standing medical conditions?
FYI: The ULs I'm thinking about are from IndyLife/AVIVA USA. Are they exceptionally strict with their underwriting?