Seeking Insurance For Diabetics? Do Your Homework
Lets face the grim news. America is in the middle of a huge overweight crisis. Thats right. About 60% of us are considered overweight, with 1 in every 2 of the overweight group now considered obese.
Forgetting the issue of beauty here, lets just focus on the health, or should I say, the unhealthy aspects of this situation and how they relate to the underwriting of a case.
Being overweight impacts health to such an extent that it can bring on some very ominous health conditions such as heart attacks, strokes, cancerand diabetes. Those conditions become important considerations when placing life insurance. The focus here is on diabetes.
The incidence of diabetes has tripled over the last 20 years, and it even affects children as young as 8. Many adult diabetics have no idea that they have it until an abnormal lab result pops up.
What do you do when a client confesses that he, too, has become one of these statistics and has been living with or has just been diagnosed with diabetes? Do you chuck the application in the round file? Do you ask another agent where to place the case? Or do you tell the client that youll see what you can do, only with the hope that the client will go away for the time being without you losing the client?
Here are some ways to get the case placed with the best possible scenario for the client. These suggestions assume you will be placing the case with the help of a brokerage general agency.
First, ask the client the right questions in order to obtain the important medical information concerning the particular condition. Some brokerages, including ours, fax the agent a “quick quote” form for impaired risk cases to help guide the questioning. If you have one of those forms, use it to ensure you get all the key data.
The information you collect this way enables the in-house underwriter at the brokerage to communicate with various company underwriters to negotiate the best circumstances for the particular client.
One of the most important pieces of information the brokerage needs in such cases is the clients “A1C” readings. This indicates what level of control the proposed insured has over his or her diabetes. It is the starting point in the search for the best coverage for the client.
Also supply information about whether other organ systems, such as eyes, kidneys, feet or heart, are involved. In addition, obtain information related to the age of onset of the diabetes and the types of medications the client is taking.