Immediate coverage.. Lol

[TPAAgent]

Lets all just be honest here- Level issued policies are just graded policies with level pricing- Insurance companies have no intentions of paying in the 1st 2 years- they'll find something to deny it- If you've had a client die in the 1st 2 years and the policy actually paid- consider yourself lucky-

 

[mudhound]

really? I have had several over the past 30 plus years.

 

[rousemark]

Lets all just be honest here- Level issued policies are just graded policies with level pricing- Insurance companies have no intentions of paying in the 1st 2 years- they'll find something to deny it- If you've had a client die in the 1st 2 years and the policy actually paid- consider yourself lucky-

Every claim I have had during the contestable period has been paid.

 

[billyb]

In 2018 I had my first contestable claim denied. 1 in 42 years.

 

[fed up]

I have had even graded policies attempt to find a way to pay a claim. Colonial Penn asked me more than once on a death claim if the person had died due to other causes.

 

[rousemark]

In 2018 I had my first contestable claim denied. 1 in 42 years.

I have one pending that may be denied.. However, it will be due to a doctors statement that the man had been treated for cancer 4 years ago. That turned up on the claim for the cancer policy the insured swore he had never been told that he had cancer.. The cancer claim was paid because the policy was 25 months old at the time of the new diagnosis.

 

[Newby]

Lets all just be honest here- Level issued policies are just graded policies with level pricing- Insurance companies have no intentions of paying in the 1st 2 years- they'll find something to deny it- If you've had a client die in the 1st 2 years and the policy actually paid- consider yourself lucky-

Not true. In 22 years I’ve had 2- policies not paid after contesting and many many that did pay with deaths in the 1st two years.

Of the two that didn’t they were clearly cases that shouldn’t pay where the insured was knowingly mis-representing their health.

If you underwrite well and use good companies you will rarely have a problem with claims. It should be very rare that someone healthy enough to qualify for level coverage dies of health reasons within the first 24 months. But it does happen. If it comes up a lot for you, and especially if your claims never get paid I would take a look at your underwriting process during the application.

 

[billyb]

My only claim was denied by Columbian. The doctor's records stated that the applicant had recently had a heart attack, but she told me NO. Her husband said he knew nothing about the diagnosis. He accepted the decision made so I think he ķnew. The sad thing was she had a MOO policy 3 years old and let it lapse. Waited a few months and when I knocked her door she couldn't afford to reinstate it.

 

[mudhound]

In 30 plus years i can count on one hand how many were not paid.
1 was suicide 1st year
1 was KNEW he had XY and Z and did not tell me.
1 was sort of questionable but in the end i understood.
That's it.

 

[shonceman]

The sad thing was she had a MOO policy 3 years old and let it lapse. Waited a few months and when I knocked her door she couldn't afford to reinstate it.

Formal reinstatement (that asks ANY health questions, even “any change in health?”) starts the contestable clock over anyway.