In my opinion, there is no disputing how important disability insurance is. All you need to do is look up on www.gofundme.com the pain people and families are experiencing. The solution to many of these situations, simply, would have been a comprehensive, affordable disability insurance policy. Their lives could have been so much better. If you need disability insurance, you need to know about disability insurance underwriting first. Lately, we have received phone calls from many people, interested in disability insurance, but unaware of how their background and health affects their chances of a policy. The internet has too many misunderstandings. In this article, we discuss the important aspects of disability insurance underwriting. We will inform, clarify, and set expectations.
If you apply for life or disability insurance, usually the carrier sets up a paramedical exam. The exam consists of health questions, a height/weight check, a urine sample, among other requirements. In the past few years, many carriers are moving away from the traditional process of a paramedical exam to a simplified, non-medical insurance process. The simplified process excludes the paramedical exam. It usually does, however, require a phone interview with a member of the carrier’s underwriting team. In this article, we discuss the simplified process in more detail. We also discuss how you can “ace” the insurance underwriting phone interview.
We have written extensively about disability insurance. Why? It is such an important, yet overlooked, insurance policy. It not only protects your family, but also protects YOU, your income earning ability, and YOUR future. All things being equal, we opine that disability insurance is more important than term life insurance, your auto insurance, and your homeowners insurance. (We all agree that those are really, really important, too.) Underwriting for disability insurance is usually stringent. Much more than life insurance. Have you been rated or declined for disability insurance? If so, you may think, “Just forget it. I don’t need this $%&# insurance!” We say, hold on a minute. Let’s analyze this situation in more detail. In this article, we explain the options available for those people rated or declined for disability insurance.
Before we discuss the options, we first discuss disability insurance underwriting, specifically rated or declined reasons. We also discuss why you should accept a carrier counteroffer.
Can I obtain life insurance if I have HIV? The short answer – yes.
The life insurance industry is changing for the better. Some insurers are not only adjusting policy premiums through monitored healthy ways (like fit bit), but also opening or expanding insurance coverage opportunities to impaired health conditions such as type 1 diabetes. These coverage options are greater today thanks impart to technology, advances in health care, and people generally living longer with these conditions. The Huffington Post even reported that young Americans living with HIV have a great chance of living into their 70s. [Read more…]
Have you ever heard of the MIB? Nope, in this case, we aren’t talking about a bunch of men, dressed in black, looking for aliens. You may have heard of this acronym if you applied for any type of personal insurance (life, health, disability, critical illness, and long-term care) on yourself. Contrary to what you may have heard from another agent or think, the MIB isn’t some evil organization out to “get you” (or find aliens). In this article, we will describe the importance of the MIB and their role in the underwriting process. After reading this article, you may even be happy the MIB exists, and understand that they are your friend in the underwriting process (Ok, we won’t go that far :)). [Read more…]