Secret to finding the lowest rates on life insurance with lupus
This article will give you the tips you need in order to not only find the lowest rates on life insurance with lupus, but also how to go about applying for this coverage without having to complete multiple applications and insurance exams.
It can be said that lupus can sometimes be quite challenging for life insurance company underwriters. After all, lupus can often have several different symptoms that can affect the overall mortality risk of the insured.
By definition, lupus is an autoimmune disease that attacks the body’s tissues. Symptoms can sometimes include but are not limited to; fever, skin rashes, swollen joints, liver disease, heart conditions, blood vessel disease.
Women are 10 times more likely to be afflicted with lupus. The most common ages for lupus diagnosis are between 15-55 in women. Men’s symptoms sometimes include kidney disease, pleurisy (inflammation of the lungs), anemia, seizures.
Lupus can be a very devastating disease for those who are afflicted.
So, how does someone with lupus go about finding the lowest rates on life insurance with lupus?
Find an expert agent
In the life insurance world, there are thousands of agents who can sell you a policy. But, did you realize that not all agents have the experience to find the lowest rates on life insurance with lupus?
Typically, these agents will have been in the business for many years. They will have a special background in dealing with only the life insurance companies that underwrite the lowest rates on life insurance with lupus.
Typically these special risks agents will be independent agents. This means they have no allegiance to any one life insurance company. This gives the agent the freedom to choose the carrier that best fits the situation.
It is also important to remember that “special risk” underwriting is a very limited field for insurance carriers. Their are over 1,000 life insurance companies operating in the United States.
But, only a handful are considered special risk underwriting companies. Oh, you may find some life insurance companies that will offer a policy for someone with lupus, but you also may be paying way more than you have to.
Choosing the best carrier
So, now that you know there are actually agents out there that specialize in underwriting those with pre-existing medical conditions, the next thing is to find out the best carrier.
Here is an example of how the special risk life insurance agent would go about finding you the lowest rates on life insurance with lupus.
Betty is a 45 year old female diagnosed with systemic lupus erythematosus (SLE) 5 years ago. She is currently stable and has been well followed for at least 2 yeas by her physician. She currently has no renal failure or other conditions and is being treated with steroids. Betty is looking for $500,000 of the lowest term life insurance she can find.
Betty’s agent, an expert in special risk life insurance immediately knows from experience several life insurance companies that may make an offer. But, he wants to make each insurance company fight for the business.
Betty’s agent doesn’t request for Betty to complete an application or even an exam at this point. He wants to make sure he has a viable offer before putting Betty through the process of jumping thru hoops.
Betty’s agent asked Betty to sign an authorization that allows the insurance company to review her medical records. This process known as a trial application is something that most inexperienced agents simply don’t know to do.
Once the medical records come in, each life insurance company reviews an makes a final tentative offer. Betty’s agent makes sure that each carrier gives their best possible offer and let’s them know this is a competitive situation.
Once the best possible offer is received, Betty’s agent then goes back to Betty with the rates that would be offered “if” Betty decides to formally apply.
Formal application for coverage
Applying for formal coverage is now much easier. The insured, in this case Betty knows which company in the marketplace will offer her the lowest rates. She was able to find out the lowest rates on life insurance with lupus without completing multiple applications and going thru multiple life insurance exams.
She did not have to waste time talking to multiple life insurance agents. Not if the tentative offer for coverage that the “special risk” agent shopped and found for her is acceptable, she will now complete the formal application and any other needed requirements.
The process of trying to find the lowest life insurance rates when you have a pre-existing condition does not have to be time consuming and exhaustive if you have the right resources. A special risk agent that represents multiple companies who specialize in underwriting coverage for those with pre-existing medical conditions will do the trick.
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