Approved but at much higher rated classification

character · 08-16-2007, 03:32 PM

I applied online for a term life insurance and got a paramed come over to my house to give me an examination. A few weeks later I received a call and they said that I was approved but at table rates (tier 3) which is substandard. She said that I was 3 points away from a Standard rating.

Today I got the offical letter and it says that their offer is table C (175%) non-tobacco. They were unable to provide coverage as applied due to abnormal labs.

Now I'm freaking out - ABNORMAL LABS!. I wrote a letter to them requesting the exam results and I also declined the offer.

Abnormal Lab results is a scary thing to read, not sure what that means. I guess what is really scaring me is (god forbid) AIDS or HEP C. It has been about a month since my examination, if it was something as serious as HIV or HEP C would they wait that long to notify me and would they even offer me coverage at all? Can someone please ease my concern about that. This is for New Jersey and the Insurance copany is ING/ReliaStar LIfe

CHUMPS FROM OXFORD · 08-16-2007, 03:40 PM

I would call the underwriting department (or cust. service) and ask them to expedite your records. Maybe they sent it to your physician.

Actually, could be many things...probably not life-threatening. But definitely worth being proactive and discussing it with your Doctor.

Newby · 08-16-2007, 03:50 PM

Originally Posted by character

I applied online for a term life insurance and got a paramed come over to my house to give me an examination. A few weeks later I received a call and they said that I was approved but at table rates (tier 3) which is substandard. She said that I was 3 points away from a Standard rating.

Today I got the offical letter and it says that their offer is table C (175%) non-tobacco. They were unable to provide coverage as applied due to abnormal labs.

Now I'm freaking out - ABNORMAL LABS!. I wrote a letter to them requesting the exam results and I also declined the offer.

Abnormal Lab results is a scary thing to read, not sure what that means. I guess what is really scaring me is (god forbid) AIDS or HEP C. It has been about a month since my examination, if it was something as serious as HIV or HEP C would they wait that long to notify me and would they even offer me coverage at all? Can someone please ease my concern about that. This is for New Jersey and the Insurance copany is ING/ReliaStar LIfe

If you had a terminal condition they wouldn't offer coverage at any price.

Are you working with a local agent? He should be able to help you with this.

character · 08-16-2007, 03:56 PM

NEWBY, thanks for that reply, I know that I don't have HIV but you just never know and my mind went racing all over the place.

I really don't have an agent, I did this on my own using quickquote.com. All the information quickquote has is the same letter I received about abnormal lab results.

So by the fact that they even offered me a plan would suggest that I am not terminally ill or tested positive for HIV? Just need some more reassurance.

Thanks

Newby · 08-16-2007, 06:48 PM

Originally Posted by character

NEWBY, thanks for that reply, I know that I don't have HIV but you just never know and my mind went racing all over the place.

I really don't have an agent, I did this on my own using quickquote.com. All the information quickquote has is the same letter I received about abnormal lab results.

So by the fact that they even offered me a plan would suggest that I am not terminally ill or tested positive for HIV? Just need some more reassurance.

Thanks

Quickquote and the other online sites are good for shopping insurance rates and getting information. But it is not a good way to buy it. A local agent can give you the same prices and a LOT of additional help getting approved.

It's now on your record that you have been rated up. An experienced agent may have been able to avoid that for you. I would still call one though to see what they can do.

fostever · 08-16-2007, 07:00 PM

Four weeks is average time for life underwriting. I agree with Newby this is one of the pitfalls of using online signup. An agent coming to your house costs nothing but a little bit of your time and can be well worth it if they are trustworthy. Sometimes though, if you had no pre-existing conditions and hadn't been to the doctor in a while, you might have the same results.

Dave020 · 08-16-2007, 07:12 PM

I would think the likely suspects are blood test results for things like the following:

Cholesterol level
Blood lipid levels
Triglyceride levels
Elevated liver funtions and enzyme levels
Blood pressure

When you get the lab test results back from the insurer, immediately make an appointment with your doctor to go over the test results. Now here is where things can get strange:

Sometimes the numbers on lab tests for life insurance are more concern to the insurer than your doctor. Logically, your doctor knows that you both have time to correct elevated levels. Life insurers can't take that bet since they only get one chance to make a determination.

Don't freak out over this, it just means there were some things in the lab test they didn't like, from a long-term insuring you perspective.

Your doctor can go over these with you and help to correct anything that really needs to be addressed.

Agree with above, if you were seriously ill they would have declined you. Table 3 means that there are things going on that would indicate future potential problems if not corrected.

WBunch · 08-16-2007, 10:50 PM

I'll also chime in that if you had any wine or other alcoholic beverages the night before the exam than can send your labs on a rollercoaster ride...I had a client once that was a Dr. and in perfect health did her labs the day after her anniversary which she had alot of wine, and the labs were all crazy...I called the company to let them know the situation and they redid the lab work and it came out normal so they issued standard. Many things can cause abnormal labs...

tiburon5253 · 09-09-2008, 10:37 AM

Originally Posted by Newby

Quickquote and the other online sites are good for shopping insurance rates and getting information. But it is not a good way to buy it. A local agent can give you the same prices and a LOT of additional help getting approved.

It's now on your record that you have been rated up. An experienced agent may have been able to avoid that for you. I would still call one though to see what they can do.

Questions from a new agent still on the learning curve...

1. How can a local agent give you the same prices? They would have to be appointed by the carrier being offered in Quickquote, no?

2. What additional help can a local agent provide for getting approved? Are you referencing that we can contact the underwriting departments and get a risk assessment prior to ever submitting the app?

Thanks for the info!

Newby · 09-09-2008, 10:58 AM

Originally Posted by tiburon5253

Questions from a new agent still on the learning curve...

1. How can a local agent give you the same prices? They would have to be appointed by the carrier being offered in Quickquote, no?

2. What additional help can a local agent provide for getting approved? Are you referencing that we can contact the underwriting departments and get a risk assessment prior to ever submitting the app?

Thanks for the info!

Yes, local independent agents can sell all the same term life companies as the onlines (more actually.)

Which ever company is determined to be the best for the client is used and the agent can mail their appointment forms in with the first application. We all sell the same thing at the same price.

A good agent who sells a lot of term will do a detailed fact-finder with the client and know which companies will accept certain conditions. Some companies are quicker to rate people up than others. I don't sell a huge amount of term so I rely on my upline (brokerage) to give some guidance here.

I'm pretty old school, but I think of the internet as being for shopping...not for buying.

bill3173 · 09-09-2008, 11:03 AM

Originally Posted by tiburon5253

Questions from a new agent still on the learning curve...

1. How can a local agent give you the same prices? They would have to be appointed by the carrier being offered in Quickquote, no?

2. What additional help can a local agent provide for getting approved? Are you referencing that we can contact the underwriting departments and get a risk assessment prior to ever submitting the app?

Thanks for the info!

You are not asking me, but I can give an answer:

1. In non pre appointment states, you can send the application in with the appt. paper work, if a particular carrier is needed and offering a better price for your client, taking into consideration heatlh uw guidlines etc.

2. Risk assesment is a biggie and the agent can help with this as well. A client with hbp and depression may get a non competitive quote from a carrier quoting the best std rates and a super competitive quote from a carrier quoting poor std. rates. It depends on where they are placing their bets.

Additionally, an agent in good standing with a carrier can affect the outcome. I had a Sr. underwriter contact me recently on a case and told me that he was sitting on the fence as far as rate up of 25 or 50 %, and wanted to know what I could tell him about the case. Fortunately I had met with her and told him what I knew of her activities and my personal impression and she got the 25% rate up and in this case it saved her over $50 per month. A skilled agent willing to apply himself is worth a great deal to a client.

LGilmore · 09-09-2008, 11:20 AM

Please don't be offended by this but what are your height and weight? When was the last time you saw a doctor and have you had any testing (bloodwork/urine) done in the last couple years?

It might not have been wise to turn down this policy without seeing the lab results and talking with your doctor. While the odds are you aren't going to die soon, the table rating indicates you will probably live a shorter life span than others. You do need to look and see what the findings were and possibly make lifestyle adjustments to improve your situation. You can always ask to have the policy reviewed for change later.

One thing, you wanted insurance and went through the steps and because the numbers weren't low enough you bagged it? Didn't you need insurance? What about changing the duration of the policy until you can clear up your health?

jdeasy · 09-09-2008, 11:47 AM

Originally Posted by character

I applied online for a term life insurance and got a paramed come over to my house to give me an examination. A few weeks later I received a call and they said that I was approved but at table rates (tier 3) which is substandard. She said that I was 3 points away from a Standard rating.

Today I got the offical letter and it says that their offer is table C (175%) non-tobacco. They were unable to provide coverage as applied due to abnormal labs.

Now I'm freaking out - ABNORMAL LABS!. I wrote a letter to them requesting the exam results and I also declined the offer.

Abnormal Lab results is a scary thing to read, not sure what that means. I guess what is really scaring me is (god forbid) AIDS or HEP C. It has been about a month since my examination, if it was something as serious as HIV or HEP C would they wait that long to notify me and would they even offer me coverage at all? Can someone please ease my concern about that. This is for New Jersey and the Insurance copany is ING/ReliaStar LIfe

It could be a lot of things, some less serious than others. It is not life threatening or you would have been declined. If it was hep C, you would have been declined.

These are the kind of situations where an experienced agent would have been a huge help to you thru the application process and now thru the rating process.

There should be that much premium difference. I don't know your age or how much coverage you wanted. I just ran an illustration with one of my companies and what I already had in tere was a 37 year old male non tobacco. For $100,000 on a 20 year term the premium is $23/mo at standard. At table C, the premium is $36/mo. I wouldn't let $13/mo get in the way of my having coverage.

It's not in your MIB that you were rated. What's in your MIB is that you applied with a company. If you apply with someone else, they will ask if you have been declined or rated by another company. Since they know you applied somewhere else, you will, either, have the coverage from another company and they will inquire about replacement or, if you don't have the coverage applied for with another company, they will want to know why.

I would advise you to accept the rated policy, get the results from the company and then take them to your doctor. If it is a correctable situation, apply with another company once the situation is corrected or managed.

Next time you apply, do it with a reputable agent that deals with many companies. Show the agent the last labs. Some companies are more liberal on the blood pressure, chloresterol, liver enzymes, hight and weight, etc. The agent will know these things and be able to recommend a company for your situation.

Markingriffin · 09-16-2008, 07:27 PM

Don't worry. Table 3 is not that bad. I would go have a check up with my doctor and allow him to do blood work. Request the info from the company. Also. goto Request Your MIB Consumer File - MIB Group, Inc. and request a free copy of your mib.

Franz Kafka · 09-17-2008, 12:22 AM

Originally Posted by LGilmore

Please don't be offended by this but what are your height and weight? When was the last time you saw a doctor and have you had any testing (bloodwork/urine) done in the last couple years?

It might not have been wise to turn down this policy without seeing the lab results and talking with your doctor. While the odds are you aren't going to die soon, the table rating indicates you will probably live a shorter life span than others. You do need to look and see what the findings were and possibly make lifestyle adjustments to improve your situation. You can always ask to have the policy reviewed for change later.

One thing, you wanted insurance and went through the steps and because the numbers weren't low enough you bagged it? Didn't you need insurance? What about changing the duration of the policy until you can clear up your health?

It's funny how they all want Life insurance only if they are perfectly healthy but not when they're shown to have health issues. It should be the other way around; that they should grab it with both hands while they are still insurable. I even had a person try to "make a deal" on the premium with me thinking he was buying a used car or something. Find someone who had a loved one pass away with a nice coverage then find someone who had a loved one pass away with no coverage. Compare.