Life Insurance Broker Explains Common Insurance Underwriting Outcomes
As an experienced Life Insurance Broker, I often get questions from physicians and dentists regarding life insurance outcomes. The outcome in most instances when one applies for life insurance is they will receive a life insurance policy. They may not, however, as quoted receive the best rates available and those rates are only available for 20% of the population that have both perfect medical condition and their family does not have familial diseases such as cancer or heart conditions in their history. There can also be rates that are higher based on your own personal circumstances and family, and then you will see an increase in premiums. Although guaranteed, you will see an increase in the premiums.
If you have just had a procedure or just started on medication, the insurance company might offer you say a Table 1 rate, which is higher. The insurance company will then allow you to go back to them and if there is no change or things get better, they will give you another rate that will be better or lower. Now you can’t get worse, so once they’ve given you a policy those are going to be your rates. You won’t have to jeopardize those if you later go back when your health is better. Once you receive the better rates, those will be the rates for the rest of the time you have the policy.
If you are a physician or dentist and have questions regarding common underwriting outcomes in life insurance, contact our professional Life Insurance Brokers for guidance. Let our knowledge work for you.
This educational blog was brought to you by Life Insurance Broker Michael J. Bruno, seasoned Chartered Financial Consultant, Chartered Life Underwriter and Registered Health Underwriter. Specializing in financial planning and life insurance for physicians and dentists for over 30 years.