LIFE INSURANCE

[ExGingi]

My point of the detail mentioned above is: the  broker I fired did have everything about my medical history and Protective got everything they wanted from my doctor and including the most recent lab results they they did on me. I explained everything in the online application. I don't have lots of medical history visits. I even got him a letter from my cardiologist that says I am taking medicine for the blood pressure medicine and the other medicine to help with the mild plaque (CAD) and that NO intervention is required. Even a simple google search will show that there is no clinical treatment required unless you have a heart blockage of  at least70% or more with lots of symptoms.
Yet my broker acts as if he still doesn't know my medical history and told me protective asks me if  I did cardiac catheterization test, why I didn't do it and if I wanted to do it blah blah. I told him , I can't go around demanding doctors to do me this or that tests , I am not a doctor and my doctor never required any further tests after the angiogram, heart ct scan, heart ultra sound and he found nothing wrong with my heart except for that mild blockage. He should have told Protective that.

He got me stuck between banner's high premium offer and protective's pending underwriting and as if there are no other companies except for these two.
He simply wasn't on my side, I mean present everything from my side.

Do you really believe this? Do you think the Broker doesn't want to make the sale, and get you the best possible deal, thereby being your hero and getting recommended to others? Remember - no sale = no income to the broker. Sale = income, Tough sale = income + referrals and recommendations.

As to your risks, you might want to read: https://www.hopkinsmedicine.org/news/media/releases/updated_classification_system_captures_many_more_people_at_risk_for_heart_attack

In any event, in my experience, most doctors look at the current situation, rather than discuss the trajectory with the patients. Life Insurers are underwriting a future risk (potentially up to 30 years out). Based on the information you've provided, you should be happy you got an offer.

The broker was trying to help you, and based on what you reported here, the broker is a professional that seems to be doing everything right. I don't know if you ever met, or if all was done remotely by phone, email, zoom, etc. The way your attitude comes across from your posts, I wouldn't be surprised if the Broker isn't upset about the relationship being terminated.

[Yosel]

Do you really believe this? Do you think the Broker doesn't want to make the sale, and get you the best possible deal, thereby being your hero and getting recommended to others? Remember - no sale = no income to the broker. Sale = income, Tough sale = income + referrals and recommendations.

As to your risks, you might want to read: https://www.hopkinsmedicine.org/news/media/releases/updated_classification_system_captures_many_more_people_at_risk_for_heart_attack

In any event, in my experience, most doctors look at the current situation, rather than discuss the trajectory with the patients. Life Insurers are underwriting a future risk (potentially up to 30 years out). Based on the information you've provided, you should be happy you got an offer.

The broker was trying to help you, and based on what you reported here, the broker is a professional that seems to be doing everything right. I don't know if you ever met, or if all was done remotely by phone, email, zoom, etc. The way your attitude comes across from your posts, I wouldn't be surprised if the Broker isn't upset about the relationship being terminated.

+1

[peace123]

Do you really believe this? Do you think the Broker doesn't want to make the sale, and get you the best possible deal, thereby being your hero and getting recommended to others? Remember - no sale = no income to the broker. Sale = income, Tough sale = income + referrals and recommendations.

As to your risks, you might want to read: https://www.hopkinsmedicine.org/news/media/releases/updated_classification_system_captures_many_more_people_at_risk_for_heart_attack

In any event, in my experience, most doctors look at the current situation, rather than discuss the trajectory with the patients. Life Insurers are underwriting a future risk (potentially up to 30 years out). Based on the information you've provided, you should be happy you got an offer.

The broker was trying to help you, and based on what you reported here, the broker is a professional that seems to be doing everything right. I don't know if you ever met, or if all was done remotely by phone, email, zoom, etc. The way your attitude comes across from your posts, I wouldn't be surprised if the Broker isn't upset about the relationship being terminated.

you believe I don’t know how a broker makes money ?  He is pressuring me the accept Banner’s pricing without looking at other carriers too and while I wait for protective . I know these are more then two carriers. Also I just can’t give them  medical records for something that doesn’t exist and that my doctor didn’t order. Anyway you mentioned I am sounding rude. Wasn’t my intention  so I won’t further comment. Thanks

[ExGingi]

you believe I don’t know how a broker makes money ?  He is pressuring me the accept Banner’s pricing without looking at other carriers too and while I wait for protective . I know these are more then two carriers. Also I just can’t give them  medical records for something that doesn’t exist and that my doctor didn’t order. Anyway you mentioned I am sounding rude. Wasn’t my intention  so I won’t further comment. Thanks

The broker is passing on to you the questions that the underwriter is asking him to ask you. Based on what you described earlier, the broker did get Quick Quotes from other carriers and only submitted formal applications where he believed you are likely to get approved.  If they ask whether you did a certain test, and if not, why not, rather than get all up in arms about it, just respond truthfully that you didn't have that test because your doctor didn't find it necessary.

And when they ask if you're planning to have that test done, they are just trying to verify whether there is additional information about your condition that might be revealed in the near future. A yes answer might result in a postpone (until after the test results are available). I don't know how they would react to a no answer, but regardless of how they would react, a truthful response is what's required, and prompt responses to questions would speed up underwriting.

[Yosel]

you believe I don’t know how a broker makes money ?  He is pressuring me the accept Banner’s pricing without looking at other carriers too and while I wait for protective . I know these are more then two carriers. Also I just can’t give them  medical records for something that doesn’t exist and that my doctor didn’t order. Anyway you mentioned I am sounding rude. Wasn’t my intention  so I won’t further comment. Thanks

just wondering how u would treat a painter, when trying to get your apartment painted. !!!! Just thinkin............

[peace123]

just wondering how u would treat a painter, when trying to get your apartment painted. !!!! Just thinkin............

I would pay them the agreed amount plus  I would offer them water or  soda . That’s what I just did with the plumber that changed my bathroom sink parts. The part he told me costs $80 which he brought for me and he replaced it within about 20 mins and charged me $270. I think he mentioned about $170 before to do this work but I didn’t complaint .  He had another friend who I wasn’t expecting and even asked me to pay something to his  colleague, a partner in training  and I gave him some amount too plus a drink of their choice when they were done . My wife and I both thanked them for their work when they left .

[Fish Tank]

Yes. You are way off.

Do you mind elaborating ?

[ExGingi]

Do you mind elaborating ?

The big names charge for example $350/month. I always see ads for carriers' that charge $100/month etc. So why not a get a few cheaper policies instead of one big one?
If you only have one, they may not pay out for whatever reason. Additionally they may "rate" someone differently (better) than the big names. etc.

As pointed out by @Der Deutsche Jude

I'm not sure what you mean about big names' prices and small names' prices. Are the small companies charging less for an identical policy? Then why not just get one policy from the small company? Need more coverage? Just get a higher coverage from the cheaper policy.

Often when people have multiple policies, it is because they got one policy and some years later want to increase coverage, so they take out another policy and keep the old one as well because the premiums are likely cheaper. Or someone might want to take out multiple policies from the start because they are worried about being over-insured, so they can just lapse on one policy later. But if you know how much you want to be covered for, it will be cheaper to get one larger policy due to economies of scale.

Why would you think an insurance company wouldn't pay a death benefit?

Additionally it should be pointed out that life insurance applications typically ask whether you have other pending applications, and if yes, details.

Assuming you answer everything truthfully, seeing that there are multiple applications pending will subject you to underwriting based on the aggregate amount applied for, and possibly more scrutiny due to the fact that your aggregate amount is being split up might seem like you are trying to avoid the underwriting requirements of higher amounts. You are likely to be questioned about it.

[Fish Tank]

Why would you think an insurance company wouldn't pay a death benefit?

I don't know. Does it never happen?

Assuming you answer everything truthfully, seeing that there are multiple applications pending will subject you to underwriting based on the aggregate amount applied for, and possibly more scrutiny due to the fact that your aggregate amount is being split up might seem like you are trying to avoid the underwriting requirements of higher amounts. You are likely to be questioned about it.

Got it. Makes sense.

[ExGingi]

I don't know. Does it never happen?

Other than if a lapse occurred, it is extremely rare and would involve alleged fraud.

Except if a claim occurs within the contestability period (generally two years from inception) a death claim requires only a claim form and a death certificate. There is no reexamining of the case.

[ushdadude]

Other than if a lapse occurred, it is extremely rare and would involve alleged fraud.

Except if a claim occurs within the contestability period (generally two years from inception) a death claim requires only a claim form and a death certificate. There is no reexamining of the case.

does it matter what the company is rated?

[ExGingi]

does it matter what the company is rated?

While you don't hear about it that often, especially not for companies licensed in NY, companies have gone out of business in the past (If you are so inclined you might search for such instances on http://theinsuranceforum.com/ or josephmbelth.com). Usually, when that occurs, another company will step in to acquire the book of business, but when that happens don't count on any non-guaranteed elements or conversion options. If you don't mind a guaranteed dead-end product I guess it doesn't matter that much.

[ushdadude]

People also buy multiple policies when they are using the ladder strategy.

[ExGingi]

People also buy multiple policies when they are using the ladder strategy.

There are many reasons to buy multiple policies.

[gozalim]

Let me know when long-term rates increase. In the meantime they've been very low for years (and my personal guess is that they will remain that way for quite a while). As a result Life Insurance companies lobbied congress to update section 7702 so they can use lower guaranteed rates. As of 1/1/2022 they will no longer be able to sell policies based on a 4% rate. IINM @yos9694 explained it not too long ago.

so does that mean that people looking for WL as investment should squeeze in now before 2022?

[ExGingi]

so does that mean that people looking for WL as investment should squeeze in now before 2022?

The biggest difference is in short-pay and Paid-Up-Additions. I am personally planning to get additional WL policies for my kids to allow them to take advantage of PUAs to a great extent.

[gozalim]

The biggest difference is in short-pay and Paid-Up-Additions. I am personally planning to get additional WL policies for my kids to allow them to take advantage of PUAs to a great extent.

was this elaborated on here recently?

[ExGingi]

was this elaborated on here recently?

You know where to find me. I can show you in person based on your situation.

[peace123]

Once you have a life insurance approval offer , you have 45 days to accept or get canceled  after the 45 days? Is the 45 days rule same on all carriers ? Thanks

[mushkovits]

Getting a policy while pregnant has any effect on the premiums?