You may have read the announcement by Hartford Life Insurance that they were improving their underwriting guidelines for breast cancer survivors. You can find the full article on The Hartfords website, below is the jist of it. I will provide additional details when available. My initial thought is that this will be a good thing as most stage 1 cancers are charged the standard rate plus an additional 50-100%, plus an additional $7.50 -$10.00 per every thousand dollars of coverage.
Under The Hartford's new underwriting guidelines, individual life insurance policies are available at standard rates to women who have been treated for the first time for small (1 centimeter or less), well differentiated, localized Stage 1 breast cancer and have a strong prognosis for survival based on the results of common tests.
The Hartford's innovative life insurance underwriting guidelines for breast cancer are in effect for variable universal life, universal life, whole life and term life insurance policies issued by Hartford Life Insurance Co. and Hartford Life and Annuity Insurance Co., subsidiaries of The Hartford.
"Because the outlook for those with breast cancer is so much better today than in the past, The Hartford became convinced that we could also do better in underwriting people with breast cancer," said Dr. Ann Hoven, chief medical officer for The Hartford's Individual Life Division.
"The Hartford based its new underwriting criteria for breast cancer on past experience as well as expectations of continued improvements. We wanted to take a forward-looking approach and make a difference with our actions, call attention to the importance of early detection and enhanced treatment."
Up to 15 percent of those treated for Stage 1 breast cancer in the past five years - more than 100,000 women - would be eligible for life insurance policies at standard rates, Hoven said. Other applicants may continue to buy life insurance but at higher rates.
Update - Prudential just released updated underwriting guidance as far as breast cancer is concerned. We are appointed to represent Prudential and can offer you quotes from Prudential as well as many other companies.
Friday, October 07, 2005
Underwriting Diabetes
One of the most common health issues we encounter.
Did you know that rates can vary by carrier by as much as 50% or more!
It's true! There are companies available that have a thorough understanding of diabetes. These companies know the true risk and underwrite accordingly. Other companies will simply double your rate.
What do companies look for?
Control - Do you have good control of your diabetes?
Compliance - Are you following doctors orders? Eating the right foods, maintaing a healthy weight, eating the right foods?
Complete Medical Information - Do you have thorough medical records? Have you been going to the doctor for checkups or do you skip appointments and only have sporadic records?
Most companies will take the "standard" rate they offer consumers and charge a Table 2 rate, which means 50% more than the standard rate.
If you have good control, you end up paying 50% more in order to subsidize rates for individuals with poor control!!
Does that seem fair to you?
It is possible to get "standard" rates with some of the carriers if you know who to go to. More on this soon. Thank you.
Did you know that rates can vary by carrier by as much as 50% or more!
It's true! There are companies available that have a thorough understanding of diabetes. These companies know the true risk and underwrite accordingly. Other companies will simply double your rate.
What do companies look for?
Control - Do you have good control of your diabetes?
Compliance - Are you following doctors orders? Eating the right foods, maintaing a healthy weight, eating the right foods?
Complete Medical Information - Do you have thorough medical records? Have you been going to the doctor for checkups or do you skip appointments and only have sporadic records?
Most companies will take the "standard" rate they offer consumers and charge a Table 2 rate, which means 50% more than the standard rate.
If you have good control, you end up paying 50% more in order to subsidize rates for individuals with poor control!!
Does that seem fair to you?
It is possible to get "standard" rates with some of the carriers if you know who to go to. More on this soon. Thank you.
Life Insurance for individuals with Health Issues
Did you know that not all companies are the same when it comes to underwriting individuals with health issues!
It's true. While some companies will add a rating onto the standard rate that others pay, there are other companies that aggressively underwrite you for standard rates.
I'm Michael J Horbal, President of www.LifeInsuranceAdvisors.com.
I help individuals obtain the coverage they need at the most competitive rates available. You will see additional posts soon about diabetes, heart disease, cancer, and more.
Free Advice - I'll tell you the companies to go to, the preparation needed, and the information you need to know in order to be an informed consumer.
It's true. While some companies will add a rating onto the standard rate that others pay, there are other companies that aggressively underwrite you for standard rates.
I'm Michael J Horbal, President of www.LifeInsuranceAdvisors.com.
I help individuals obtain the coverage they need at the most competitive rates available. You will see additional posts soon about diabetes, heart disease, cancer, and more.
Free Advice - I'll tell you the companies to go to, the preparation needed, and the information you need to know in order to be an informed consumer.
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