Why some carriers are better than others?
This blog will give you the best life companies for individuals with cardiovascular disease. It will tell you why some companies are able to offer better rates than others and also the best ways to go about applying with those carriers.
There are nearly 900 life insurance companies operating in the United States. In 2015 life insurance companies took in over $650 billion in premiums. Trying to find the best company with the lowest rates for cardiovascular disease can sometimes seem challenging.
Remember, life insurance companies must price their policies to be competitive in the marketplace but also to bring a profit to the company. After all every company is in business to make money.
The underwriting of a life policy is what separates one company for the next. Underwriting involves determining how much to charge each individual based on that persons health and lifestyle.
Underwriting is the number one difference when it comes to finding the lowest rates available for someone with a history of cardiovascular disease.
Now, it’s pretty easy for a life insurance company to underwrite a policy on a male age 25 that has absolute perfect health, family history, height/weight, non-tobacco, etc. This individual would qualify for the best risk class with almost every insurance company.
The challenge comes when an insurance company must evaluate the risk for a male 58 former smoker who has a history of heart by-pass surgery, high blood pressure and overweight.
And quite frankly there are only a handful of life insurance companies that specialize in this type of underwriting.
Many carriers are just not experienced enough or simply do not wish to offer coverage for individuals with a history of heart disease.
The companies that specialize in underwriting life insurance with cardiovascular disease must be diligent in their selection of risk. They are not only concerned with life expectancy, but also must take into account administrative cost, overhead cost and profit.
Many of the carries that specialize in this type of underwriting have a long history in the substandard life insurance market. They hire the best medical directors and the underwriters that know how to evaluate risk without throwing every insured into the same category.
What sets aside the best companies are the attention they give to individualized underwriting. Just like no two snowflakes are alike, no two individuals are alike.
One person with a history of heart by-pass surgery may be totally different risk than another person with heart by-pass surgery. One may control their blood pressure, height and weight, exercise regularly and see their doctor every 6 months. The other person may never exercise and never sees their doctor regularly.
By having an insurance company that takes each person applying for coverage individually you have a much better chance of getting a good offer for coverage. You can’t just throw every heart by-pass prospect into the same boat. This is what separates the underwriting at most insurance companies specializing in cardiovascular disease.
What insurance companies review when applying for coverage
Once an application for coverage has been submitted, it is important to know what an insurance company will look at during the underwriting process.
Most insurance companies will not only review your application, but we also want an exam completed by a nurse. Along with the exam the nurse will probably take blood and urine and possibly an EKG. Other information provided to the insurance company will come from credit reports, personal medical records, motor vehicle reports and reports from the medical information bureau.
It is also important to have your agent write a cover letter to the underwriter stating any positive factors such as exercise history, recent weight loss or good family history. This can sometimes be as important as the medical records and shows you are serious about getting the absolute lowest rates.
The top life carriers for cardiovascular disease
Below you will find a list of what I have found to be the best life companies for cardiovascular disease. As an expert in the special risk life marketplace for 30 years, I have worked with all of the carriers and have found each to be very aggressive in the underwriting of cardiovascular disease.
- Prudential Life
- Banner Life
- Lincoln National Life
- United of Omaha Life
- American General Life
- Principal National Life
- Transamerica Life
- Protective Life
- North American Company for Life & Health
- Met Life
- AXA/Equitable
- John Hancock
- Nationwide
The above list is primarily for policies $100,000 and over. There are other carriers that do a terrific job for smaller face amount policies and final expense policies.
How to find an apply with the best life company for cardiovascular disease
To get the absolute best offer on a life policy for someone with a history of cardiovascular disease you must work with an agent who specializes in this market.
Fortunately, you have landed on this page and have found such an agent. I have helped hundreds of individuals over the years secure life insurance protection. Many of those individuals had been declined or rated elsewhere or thought coverage was unavailable in the marketplace.
Since we already know which companies do the best job underwriting these type of policies there is no guessing on which companies to go to apply. But, we still want these “special risk” carriers fighting for your business.
We present the case to each carrier on an informal basis. What does this mean. It means we talk to each underwriter or send medical history to them to review before we actually apply for coverage. This gives us an opportunity to secure a rate for coverage before having to go thru the underwriting process. This makes each carrier fight for the right to offer you a policy.
This is important because it keeps the insured from having to complete paperwork for several companies and from having to be examined before we even know if or what the premium offer is. Why fill out paperwork or get examined if the price is too high? This is a mistake that many uneducated agents do with their clients.
Once the best offer is secured from all the carriers we then present it to our client to see if the rates are affordable. If so, we then continue to the formal process of completing paperwork and securing any other outstanding underwriting requirements.
Finding affordable life insurance rates for individuals with a history of cardiovascular disease does not have to be hard. You just have to know the secrets to be able to find them. Now you know.
Conclusion-
We are experts at finding affordable life insurance for individuals with pre-exisitng medical conditions. If you would like to discuss your situation, please contact us at 1-888-393-9003 or email me at mike@specialriskterm.com
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