Is Cerebral Palsy insurable for life insurance?
When underwriting someone with cerebral palsy, life insurance carriers will want to know some important details regarding the severity of the condition. With that said the most important factor is finding the right company.
You see their are over 1,000 life insurance carriers operating in the United States, but only a few really specialize in underwriting conditions such as cerebral palsy, diabetes, heart conditions, multiple sclerosis, etc.
How do I find the companies that underwrite cerebral palsy the best?
The easiest way to find the companies that underwrite cerebral palsy the best is to work with an independent agent. But, not just any independent life agent. You will want to work with an independent life agent that has experience and special knowledge in dealing with these particular type of cases.
You see most agents simply don’t know how to properly prepare a prospects case to an underwriter in order to get a favorable outcome. Most agents especially those agents who are captive agents and only represent one or two carriers have no access to the special risk carriers. Many of these agents simply have their prospects apply to their main carrier and hope for the best.
This is not a good situation for the prospect. This in fact can hurt the prospects chances of finding affordable coverage. You see you never want to take a shotgun approach to a situation where you are looking for a specialized carrier. Many times a carrier that possibly would have given a good outcome on a cerebral palsy prospect will simply refuse to quote once they check the medical information bureau file.
You see the MIB file allows insurance carriers to see what other companies the insured has applied to, and if they see someone has applied to multiple insurance carriers they may simply decide to step aside. Why would they do this you may ask? Well, believe it or not insurance companies are in business to make a profit. If they see that someone is simply shotgunning applications all over town then they know they have a very low chance of getting the business.
Insurance companies do not want to spend the money underwriting a policy when they have a slim chance of getting the business.
The best approaching to finding the lowest offer
So, what is the best approach to finding the lowest offer for someone with cerebral palsy? First, locate an independent life agent who specializes in representing the carriers that underwrite cerebral palsy the best. Fortunately, you came across this blog site so you already have access to that.
Your expert agent will then be able to prepare your case to the top companies in the marketplace for cerebral palsy risks.
How to prepare your case?
Preparing your case to the underwriters is what sets the experts apart from the inexperienced. First, you never want to formally apply for coverage until you have received a tentative offer from the underwriting company. This not only saves you time in doing paperwork, exams, etc. but allows you to find out if the coverage will be affordable.
In order to informally apply for coverage you will need to answer some questions regarding your cerebral palsy history. Below are some of the questions that your agent will need answered in order to find you the best rate.
- What is the severity of your impairment? Mild, moderate, severe?
- IQ if known?
- Emotional age level?
- Academic age level?
- Suffered from any seizures? If yes, date of last seizure?
- Has the prospect had surgery or been told that they need surgery? If yes, type of surgery and date?
- Has the prospect been hospitalized for this condition?
- Are medications being taken? If so, type, dosage and frequency?
- Is constant supervision required?
- Has any paralysis occurred? If yes, severity?
- Is the prospect mentally or physically challenged?
- Any assistance with bathing, dressing, eating or walking?
- Any problems with bladder of bowel control?
- Any other medical conditions?
In addition to the above questions other information needed are date of birth, any tobacco use, amount of protection and type of protection needed (term or whole life)?
Once the above information is gathered your special risk agent will then go to work calling and speaking to different carrier underwriters who specialize in coverage for those with cerebral palsy.
Once the agent has confirmed all tentative offers they will then come back to the prospect with the lowest rates available. Of course, their is no guarantee that coverage will be found or that an affordable rate will be found. But, the prospect will know that they have done everything they can to find out if affordable protection is available.
Again, it is vital that you use an agent or agency who has been in business for many years and has the knowledge and experience necessary for these special risk type cases.
I hope you have found this information helpful. If you would like a free consultation regarding your life insurance situation, please contact us by e-mail at email@example.com or 678-207-8160. You will speak directly to the owner.