I hadn’t see this one before. A potential client called recently asking if he could purchase a guaranteed universal life insurance policy with $100,000 face value at the age of 75. So far, no problem.
However, I then asked him some questions about his medical history and found that he had an aneurism on his descending aorta stented a couple years ago, and also was diagnosed a couple years ago with Polycythemia, a blood disorder in which your bone marrow makes too many red blood cells. In his particular case, this leads to too much iron in his blood, and he occasionally has to have blood withdrawn to reduce his iron levels.
I admitted I had no heard of this condition before, but the beauty of working with an agency like mine is we have the ability to get back quick answers from multiple insurance companies through our trial offer request process. Additionally, we retain a medical director for help with our tough medical cases.
Life Insurance Approval with Polychythemia
What we found was about 70% of the companies were willing to consider him for life insurance, but at substandard rates. May life insurance agents would not have even known where to start or how to quote a prospect like this, but we had his quotes to him just two days after our initial conversation, and they were backed up by tentative trial offers from underwriters, which means in all likelihood, he will be approved.
Had this 75 year old man gone to another agent, he probably would have tried applying with one of the 70%,and would have been declined. With our process, we already know which companies will decline him, and which are likely to offer.
Here’s a copy of the trial offer request I sent out on his behalf:
“I have a male PI, 75 year old, non smoker, 6-4, 232 lbs. Very active. Bikes 13 miles/day.
Takes Tricor for triglycerides, under good control.
Takes a medication for enlarged prostate. PSA at 2, strictly due to enlargement. 2 biopsies and multiple DRE’s have shown it’s not cancerous, with most recent one 2 yrs ago.
Takes a med called Hydrea for Polycythemia, which helps keep the iron levels down. He has his blood tested monthly for iron and red blood cell levels, and says most months, the levels are good, but once every 3 or 4 months, he has to have 500 cc’s of blood removed to get levels back to normal, a procedure called a phlebotomy. He says even when the levels are increased, he has no symptoms, and his dr says it’s not dangerous. He will continue to monitor monthly.
One year ago had an abdominal aneurism surgically treated. The size was 5 cm and was on descending aorta. It was stented, and dr said with this treatment, it could not burst.
He needs 100K to 250K of Guar. UL.
Thank you for your consideration.”
I guarantee you if you called 10 life insurance agents you found on the internet, 8 of the 10 would have either quoted this man incorrectly during the first conversation, or would have just said they didn’t think he could qualify. If you’ve had a history of polycythemia or have an aneurism, or any other medical issue, give us a call. We’ll research your case thoroughly to help you find the most affordable and suitable policy for your life insurance needs. 877-443-9467*Written by Chris Huntley. Huntley Wealth Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.