So why shop that life insurance case? I can tell you for a fact that I don’t know the underwriting guidelines of all of the companies I represent but even more important is I know for a fact that the best underwriters truly use those as guidelines and if you present a scenario that triggers their exception button, you get a better offer than anyone you’re competing against. Seriously, there are agents and general agents that wing it on cases like this:
Pi born 4/13/43, 5’11, 194, non smoker. PSA was slightly elevated 3 years ago on a Prudential insurance exam at 4.56. Originally diagnosed as BPH but on biopsy one needle showed a trace of low stage and grade (latent) cancer. After the biopsy his PSA dropped to 3.4 Urologist recommended and client decided on watchful waiting. PI has had three biopsies since with no trace of any cancer, most recent two weeks ago. PSA has come down slowly but steadily and is now at 2.83. Treated for borderline blood pressure with Lisinopril. Looking for $250-$500k term or permanent.
This is watchful waiting folks and since life insurance was invented underwriting guidelines have not considered watchful waiting to be treatment for cancer. It is a decline. Even though they haven’t found more cancer and his PSA is slowly dropping, no one is going to tell him he is cancer free. But through Special Risk Services we got an offer of standard plus. Even though it probably went against everything that the underwriter was taught, it made sense that this guy was not going to die from prostate cancer. Seriously, after four biopsies of at least 12 needle cores how much prostate is left?
But the point is that this application took a left turn at the home office and they wanted to offer the client table 3. Rich Fuller was able to go back to the original quoting underwriter and get her together with the underwriter who wanted to go table 3 and the medical director and go through the trial quote word by word. There was no where in the trial email that it deviated from the facts in the medical records. It was approved standard plus.
If you have any questions company underwriting strengths or niches, or want to know how much information you need on an impairment to shop it correctly, call Rich or Tim Fuller directly at 800-933-5491 or email them at rfuller@srsinc.com or tjfuller@srsinc.com. You’ll be glad you did.
-By Ed Hinerman, manager of Risk Life Insurance and Hinerman Group.