Who underwrites Barrett’s Esophagus the best?
When it comes to searching for the best term life insurance companies for Barrett’s esophagus there are many factors you have to consider. Here are a few things to consider:
- Premium cost
- Financial strength of the carrier
- Product or policies offered
- Policy options and features
- Customer Service
All of these features are important when purchasing a term life insurance policy to protect your family. But, perhaps the most important thing to consider for someone with a history of Barrett’s Esophagus is the underwriting of each carrier.
Underwriting of a life insurance policy involves evaluating the risk of the applicant and applying a proper rating or premium to the policy.
You see all life insurance carriers underwrite risk differently. They all evaluate health and lifestyle based on a certain criteria that each company has determined will be fair to the customer and eventually profitable for the insurer.
Now when you get right down to it most life insurance carriers have no problem offered their lowest published rates for someone in excellent health or that meets all the criteria for their best underwriting risk class.
The secret is to find which life insurance carriers underwriting department offers the person with Barrett’s Esophagus the best class. Quite frankly, some life insurance carriers just have no interest in underwriting a policy that is not a squeaky clean risk or perhaps that might offer a much higher rate for someone with Barrett’s Esophagus than another carrier would.
What’s the secret?
The secret to finding the best carriers in the life insurance industry for Barrett’s Esophagus is working with an agent that specializes working exclusively with those particular carriers that have a history of offering the lowest rates for those with Barrett’s Esophagus.
An experienced agent in this niche market will be one that has dealt with negotiating between the top carriers on those with Barrett’s Esophagus. The agent will be your secret weapon because they will already know who those companies are. This will save you not only money in how much you pay but also a lot of time an aggravation searching from company to company hoping you have the best one.
How much in savings will I see?
Let’s look at an example of a typical situation for someone looking for life insurance protection but has a history of barrett’s esophagus.
Diane is a 45 year old female businesswoman that has determined she needs $500,000 of term life insurance. But, she is worried about how much the premium might be due to her history of Barrett’s Esophagus. Diane calls her property & casualty company since they already insure her for home and auto coverage. They are a huge well known company, so she figures they will offer her competitive rates even with her history of Barrett’s Esophagus.
Her property and casualty agent explains how great their policies are and give her a rate based on her age and amount of coverage. Diane explains her Barrett’s Esophagus history to the agent. The agent doesn’t seem to concerned and quotes her a rate based off her qualifying at preferred rates. In reality the agent had no idea what the underwriting department would do once it reviewed her medical records. He was just hoping for the best and would cross that bridge when he came to it.
The underwriting of the policy took about 4 weeks at which time the property & casualty insurer approved at policy. The problem was the rate was about 5 times higher than what was originally quoted. The agent explained that this was due to her history of Barrett’s Esophagus and was the best they could offer.
Diane was not happy with the rate and wondered why the agent didn’t tell her up front that the cost would be so much higher. She probably wouldn’t have wasted her time even completing an application if she had known.
In the agent’s defense he probably didn’t know how to help her. He probably had no experience in dealing with people with some medical history. After all this is a very specialized area of underwriting that takes year of experience and knowledge.
Not happy with the outcome of the application Diane begins her search for a lower cost rate. She goes online and gets the 1-800 number of some big name quoting firms. She doesn’t really like having to deal with person after person and not knowing who she will talk to next. The big 1-800 number firms seems very impersonal and really still didn’t offer her much confidence that they could provide her with better coverage at a better rate.
Diane is frustrated with the whole process. One day while visiting a friend she mentioned her dilemma in finding coverage. Her friend who had a history of heart disease recommended her to an agent that helped her find coverage when she needed. This agent was a life insurance agent that specialized in coverage for those with pre-existing medical conditions.
The correct way to get coverage
Diane met with the special risk agent. The agent explained to her that he had helped many people over the years find affordable coverage for Barrett’s Esophagus. He told her the proper way to find the company that would offer the lowest rates.
He gathered up her information regarding her Barrett’s Esophagus history. He knew the exact questions to as, like when was the diagnosis, what treatments had she had, what was the exact diagnosis and size? Once he got all the information the agent went to work calling different insurance carriers and discussing her situation.
Diane did not have to search any longer. The agent was doing all the legwork. The agent was negotiiating among the insurance carriers that he knew from experience that could offer the best rates.
After a few days, the agent came back to Diane with a tentative offer for coverage. The rate was way less than the plan offered with her property and casualty agency. She was excited about the offer and formally completed and application.
The new policy was underwritten an approved at the rate of the tentative offer.
Top companies for Barrett’s Esophagus
Here are some of the companies that offer some of the best underwriting for Barrett’s Esophagus.
- Prudential
- Banner Life
- Cincinnati Life
- Principal Life
- United Of Omaha
- American General Life
- North American Life
Conclusion-
Remember the most important factor in determining which company will offer you the best rates on your life insurance plan is the company that underwriters your policy the best. Make sure you use an expert agent when looking for coverage with pre-existing medical conditions. We are those experts. If we can help you please contact us at 1-888-393-9003 or mike@specialriskterm.com
