Uninsurable

I was told that I am 
“uninsurable”

There are many medical conditions people live with
that do not prevent them from working
or having a normal, full life, managing the condition. 

To an insurance company, however, assessing risk for a claim that could be precipitated by that pre-existing, however well managed, condition can result in a decline to offer insurance at all, or to apply a restriction in the contract excluding that condition.

Often when people who have applied for insurance are confronted with an exclusion or decline to offer any benefit they feel insulted and angry. “I’ve lived with (this condition) for years” or “My doctor says I am fine” and they are right. Advances in medical treatments and interventions now permit a normal life for individuals who years earlier would not enjoy the same active lifestyle.

So, what can a person do who has been declined for issue?

There are a number of options for “uninsurable” clients, but it takes a savvy broker with access to specialty markets that provide life insurance for personal benefits and the living benefits insurance for disability, income replacement and critical illness.

One certain way to get coverage is to be an employee of a large company that offers benefits through an employer sponsored plan of group insurance. The employee can join the plan, often without medical evidence.
Membership in a professional organization, a union, business or trade organization and others can sometimes provide benefits with “non-evidence” to a certain limit depending on the coverage selected.

For most self-employed, contract worker, at home business entrepreneur, however, those are not options.

Life insurance, accidental death insurance, income replacement, disability, critical illness, specific loss (fracture, cancer, etc.) insurance, health (drugs/medical) and dental can be sourced by an agent with access to all insurance companies offering individual benefits through licensed independent agents.

For example, if you have a heart condition, you will not be eligible for standard issue life or disability insurance. You can qualify, depending on the exact condition, for a modified coverage for illness like Critical Illness, that covers a number of conditions; Accidental Death Insurance and Income Replacement Benefits if you are unable to work due to an injury or accident. Certain specific loss conditions (cancer, fracture, burns, etc.) are also available.

There are companies providing benefits for individuals deemed “uninsurable” by traditional carriers.

What the consumer needs is a broker with knowledge of alternative solutions and access to non-traditional products in a specialized marketplace.

Imagine a business partnership with one partner deemed uninsurable; or an estate plan situation that requires life insurance to meet family equalization obligations, or the future care of a disabled member. Many personal tax planning structures require life insurance for funding.

Don’t accept “You are uninsurable” as a response to a request for benefits.

Seek other options – the “un”conventional insurance marketplace through a resourceful advisor.