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Blood pressure disorder – how life insurance underwriter assess application for people with Blood pressure disorder?
Does that disqualify from standard premium policy?
What information is going to help you to get a non rated life insurance policy?
Not only that you can also qualify for life but also for Critical illness policy.
How, find out more…
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Leena is known as financial coach for woman and business owner’s, she believes in making things happen for her clients. She is also a TOT (Top of the Table) Advisor at Million Dollar Round Table, The Premier Association of Financial Professionals®, and is one of the top 100 influential expat women in UAE.
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Blood pressure. It is common between male and female. So what kind of policies available for people with Blood pressure? Are they eligible for critical illness policy? Or if they can have a life insurance policy without any rating? This is what you are going to look in today’s episode.
People with the blood pressure, can they have a critical illness policy on place? It is so hard to find out if you really have a blood pressure issue. Especially to the people who have a low blood pressure/ it’s not so easily diagnosed. People don’t even know many years they have a blood pressure. So, we’re going to talk about, if you know or if you don’t know. So if you don’t know and you are applying for life insurance policy, again it matters if it’s large life insurance policy, or a standard life insurance policy. How is the large and small define? Depends on the underwriting requirements.
The insurance companies who tells you okay, this age up to $200,000 – this age up to $300,000 or probably half a million dollars. You don’t need to produce any medical reports. So that goes another category and you also didn’t know you have a blood pressure, it passed through the same way and you have no problem with that because you don’t even know about that. But if you know and you are also buying a large cover, that’s where everything starts. That’s where the complication probably starts. But I’m going to tell you the story of my client who was buying a $25 Million life policy, and suddenly decides that all of these are really important when you’re buying with this health condition. So client had a like 15 year old history of blood pressure, and initially when we applied, the application, the premium was rated by 3x 300% rating. It was certainly not affordable premium. So what do you do in that situation? That’s where the expertise come in the picture. We did everything possible to bring his rating down. Lifestyle, we taken care of.
He was looking after his health regime every year, routine treatments. We have actually produced a reports of the last 5 years, so what was the BP before, and how he has been able to bring it down in number of years. And it shows also that he’s in a stable condition of his blood pressure. That kind of information support that picture so solidly.
We were able to bring down his rating from 300 to 100%. Very much affordable kind of a structure. Again, not all the policies are going to be rated. As I always say, Quality of advice depends on quality of information which you provide. So disclose as much as you can in order to prove yourself that you have a great lifestyle, you monitor your health very well, you’re not such high risk person for an insurance company. Insurance company may accept you without any kind of a rating.
Another question I usually hear, can they buy critical illness policy? I never said that people that have blood pressure they are not eligible for critical illness policy. So don’t get panic if somebody tells you no you cannot buy this thing.
Even for the obese condition is important to know how is your lifestyle, not all obese applications are declined, they still are accepted with this slide of rating? It depends on that as well. BMI under 35 is still accepted without any kind of a rating. So give your information of your lifestyle probably get a policy without any kind of a rating. Critical illness sometimes are declined so don’t be surprised for that.
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