Disability insurance for diabetics

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PostPosted: Tue Jan 12, 2010 7:25 am   Post subject: Disability insurance for diabetics  

I'm from Boston and I've joined a new insurance agency. I have a client who's a diabetic and is inquiring about income protection benefits. Can I help him?


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Bluejackrobin
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PostPosted: Tue Jan 12, 2010 4:19 pm   Post subject:   

Maybe.



You are missing one or ten details.


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PostPosted: Wed Jan 13, 2010 4:09 am   Post subject:   

Yup, need lots more information on this. Get his health history, ask lots of questions. Get friendly with someone who has the ear and attention of underwriters at a few companies. Be prepared for standard issue with exclusion rider.

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PostPosted: Wed Jan 13, 2010 5:07 am   Post subject:   

I've heard that diabetics who don't have any other existing health problems are eligible for disability insurance offered by some of the best carriers in the industry. On the other hand, ones who have any health problem may still find coverage like Fidelity Security.

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PostPosted: Thu Jan 14, 2010 7:18 am   Post subject:   

Being a diabetic, if you'd achieve a policy with a 50% rating it would be considered as a pretty good thing from your insurer.



If you'd achieve residual disability benefits it would be better for you. The best option for you might come in the form of a non-cancellable policy.

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PostPosted: Fri Jan 15, 2010 5:08 am   Post subject:   

Quote:
The best option for you might come in the form of a non-cancellable policy.


You could also try for a non-cancellable policy that offers 2-5 years of benefit period. It would be considered "very good" if you could achieve a rating between 50% to 100%. Under circumstances that you get a 2 years benefit period try to convince the insurer for an elimination period of 30 days.
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PostPosted: Sat Jan 16, 2010 5:08 am   Post subject:   

Let's be clear, there is no negotiation with the insurer over elimination period. You apply and choose the elimination period that you want. Being diabetic isn't going to change the elimination period that the insurance company wants to offer.



Also, changing the benefit period isn't likely going to change the insurance company's opinion on approval or decline.



It's easy to throw in some ideas and possible approaches, but step number one is know the facts. Then you can begin looking at options.

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PostPosted: Sat Jan 16, 2010 9:20 am   Post subject:   

Quote:
Being diabetic isn't going to change the elimination period that the insurance company wants to offer.


Well, I do understand that it's up to me to choose the elimination period. But, are there any chances that the underwriter would try to establish his views regarding the elimination period while I sign up?

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PostPosted: Sat Jan 16, 2010 10:00 am   Post subject:   

Have you heard of individual ltd coverage policies? These policies probably won't have any own-occupation offers and you might come across some limitations concerning nervousness problems.

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PostPosted: Sat Jan 16, 2010 10:40 am   Post subject:   

If you're a diabetic and if you have good control over your health, then you could possibly look for some benefits till you attain 65 years of age. Such benefit offers would also depend on your health condition.


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PostPosted: Sun Jan 17, 2010 1:30 am   Post subject:   

Listen, the underwriters isn't going to adjust elimination period during underwriting, either they'll approve the case, approve it with exlcusion rider(s), or decline the case.



Your plan of attack should be to collect as much information about this prospect's health history as possible. Try to get an underwriter on the phone and talk to them about this case to find out what a likely decision would be. They likely aren't going to give you any straight answers, but what you will be able to get is a sense of whether or not the case should eveb be sent. Some carriers might decline this case, where other's wouldn't. A decline with one carrier doesn't help your chances for approval at another.



We have not discussed this prospect's occupation, that too will be a big factor in this case.

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PostPosted: Sun Jan 17, 2010 3:06 pm   Post subject:   

BNTRS, it is certainly possible that they'll approve the case, approve it with exclusino rider(s), or decline the case.



It is also possible that they will adjust the elimination period (for instance, not allow a 60 day elimination period), they may not allow certain riders, and very possibly, they will charge a higher premium.


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PostPosted: Mon Jan 18, 2010 6:55 am   Post subject:   

Hey Guest1.. I got the elimination period adjustment thing. But what kinda riders do you think they aren't gonna allow?


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PostPosted: Wed Jan 20, 2010 6:59 am   Post subject:   

The total worth of monthly benefits that come under a sub-standard policy would be similar to those benefits that come under other disability insurance programs. The difference lies in the way of compensation.



If you'd file a a claim within the first year, then you're probably entitled to receive 33% of the policy benefits. Once you'd reach the second year, you'd be entitled to receive 66% of policy benefits. You'd be eligible to receive all policy benefits only after you reach the third year without filing for a single claim.


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PostPosted: Tue May 17, 2011 11:34 am   Post subject: NTxSygCZQvChE  

Diabetics insurance.. WTF? Smile


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