The underwriting landscape is changing all the time and it wasn’t that long ago that type 1 diabetes and life insurance approval were oxymorons. I never assume from one case to the next that, even though the information is the same the quotes will come back the same and while it can get old being told no, when someone finally says yes, it opens a whole new market for you.
The first breakthrough I had with SRS was a 38 year old type 1 diabetic who had been diagnosed at age 34. With all the usual criteria you hope for, A1c of 6.5 stable, on an insulin pump, no collateral health issues we got a policy approved at table 8. Sounds a little brutal but compared to a decline it is great news and with someone in their 30’s, easily placed. We were on base with adult onset type 1 diabetes.
Next came another client in their early 30’s with juvenile onset at age 4. Same criteria as the first case with a stable mid 6’s A1c, compliant with monitoring and treatment and no collateral issues. Again we got table 8, but only from one company. The other companies wanted to see onset age 5 or older. But it was another latter day automatic decline that was approved and again, because of age easy to place. We advanced to 2nd base.
I really thought SRS and my client were going to take it on the nose with one recent case. He is 25 years old and was diagnosed at age 16. Even though all the underwriting criteria were in his favor we had been told on a juvenile onset case that until the client was at least 30 there wouldn’t be any offers. I know this will sound like a broken CD, but we got table 8 from 7 different companies. When I ran the rates I was wishing I was 25 and someone would get me a table 8. 3rd base.
And the home run came recently when we got a juvenile onset, age 29 type 1 diabetic approved at table 8. Placing cases like this is easy because your competition is more than likely a decline. Rich and I have talked about this trend and we both agree the future will see even better rates. The company toes are in the water and they aren’t getting bit so it won’t be long.
If you have any questions about underwriting diabetes you can call Rich or Tim Fuller directly at 800-933-5491 or email rfuller@srsinc.com and tjfuller@srsinc.com. If you want to run some of the rates that I talk about you can use their quote engine at www.srsinc.com.
-By Ed Hinerman, manager of Risk Life Insurance and Hinerman Group.