Special-Risk Life Insurance Advocators

By Rstaib Posted : 04/02/2007

If you have a medical condition and have tried to purchase life insurance in the past, you already know that the cost of life insurance for you is going to be outrageous. Luckily, there are people out there called “special-risk advocators” who are like the superheroes of life insurance that will help people with medical problems find affordable insurance.

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Special-risk advocators are here to save the day!
Have a medical condition and you’re worried about finding affordable insurance? Have no fear, special-risk advocators are here!

Special-risk advocators are in-house specialists who help to go between you and the insurance underwriters when it comes to getting approved for a life insurance policy. They generally know what to say, what things underwriters frown or smile upon, and who to go to for the best coverage possible. Many times, agencies will have a person specializing in impaired risks to help in cases like these. To find out if your special-risk insurance agent is qualified to handle your case, Insurance.com has compiled a list of questions to ask the specialist:

  • Was the specialist a former agency underwriter? The best way to look at a person with former underwriting experience is that they know what underwriters like and what they don’t like. That’s why if the specialist used to work as an underwriter, they know what indicators and points to highlight before they call another insurance agent.
  • Was the specialist a manger at an insurance company? Like a former underwriter, if a specialist is a former manager and has overseen the processing of impaired-risk applications, they may know what key things to avoid or what things to shine upon when applying for life insurance.
  • Is the specialist a Risk Appraisal Forum member? Risk Appraisal Forum members are people who are familiar with medical advancements and therefore can help those with medical conditions to find affordable insurance.
  • Charter Life Underwriter (CLU) designation. CLU agents have taken courses and have worked hard to find how the business of life insurance works. The agent contacts an intermediary agency that helps to find insurance for people with medical conditions. For part of the override (agent’s commission) these intermediaries will contact other insurers and get life insurance quotes for you. If you do decide to go through the CLU, be sure to check and see which insurance companies they get quotes from—just to be sure they are going through a number of life insurance companies to get you the lowest quote available.
  • Listen to what they ask you. When you’re being questioned by your agent, make sure the questions they are asking you are pertinent to your health problems. If they haven’t asked you many medical questions, they may not be knowledgeable enough or tend to just push the application through in hopes that it will be approved. A specialist who is knowledgeable will ask you detailed questions, because they know what it takes to secure a life insurance policy for someone with your medical problems.
  • Ask around. If your agency doesn’t have an advocator or specialist, ask for someone who has experience in finding life insurance for people afflicted by medical conditions. Just because they aren’t an underwriter, doesn’t mean they don’t have the knowledge and wisdom it takes to find affordable insurance

Superheroes at work
An underwriter is the person who will process or deny your application, and your insurance rate. Your application, medical records, life insurance medical exam (complete with blood test) and statements from your doctor regarding your health, are all reviewed to see what they can offer you and at what price. If not all the information is collected, and the underwriter is being pressured by your agent to make a decision, you may be issued a higher-priced policy.

After all is said and done, if you have been declined, special-risk insurance advocators will go to work to find a “standard” life insurance policy that will work for you and your budget. Even if you’re quoted at an outrageous premium, your advocate may be able to secure you the lowest possible rate by going back through your files, picking out key points to focus on, then calling a few different underwriters to discuss alternative options.

Don’t give up hope
With competition getting fierce, traditional life insurance companies are starting to reevaluate their own policies and procedures when quoting people with medical problems.

Where can your advocate help you the most?
Even if your condition is not listed below, a well-qualified special-risk insurance advocate can usually find a life insurance company to issue you a policy—though the cost may be quite pricey.

  • Alcohol and drug abuse
  • Cancer
  • Depression
  • Diabetes
  • Hazardous occupations or hobbies
  • Heart disease
  • Hepatitis C
  • Hypertension
  • Obesity
  • Stroke
  • Tobacco Use

If you are interested in finding out more about life insurance, or getting a life insurance quote, log on to Insurance.com. Here you will be able to evaluate multiple rates from best-in-class life insurance providers – helping you find the best life insurance coverage that benefits you, as well as your beneficiaries, while still being within your budget.

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