How a medical diagnosis revealed a niche that changed one agent's career

Creating the market

What’s also worked for Schmidt is his effort to raise awareness, not just within the diabetes community, but with insurers. He spends a good deal of time working with insurance companies and underwriters, providing them information, statistics, and even meeting with them to discuss insurance options for diabetics. His efforts resulted in one insurer agreeing to create a product exclusively for his agency and specific to people with diabetes. “We’re making some headway, and we’re hoping to have one more insurance company by the end of the year to agree to a specific product exclusive to our agency.”

Maybe it’s because Schmidt has built relationships with close to 100 insurers that are offering life insurance options for diabetics. Maybe insurers listen because Schmidt’s company operates in all 50 states, D.C. and Puerto Rico, with headquarters in Pittsburgh, where his wife is from, and Wichita. He has 12 employees and does 90 percent of his work virtually. “You can do this job anywhere,” he says.

He’s even sold policies mid-air. On a recent, flight Schmidt spent five bucks for the in-flight Wi-Fi and had a conversation with his client, who decided to buy. “I was doing that at 30,000 feet. We are a fast-paced society. That’s the kind of world we live in.”

Another of Schmidt’s initiatives is to work with the American Diabetes Association to raise awareness within the community about the availability of life insurance for diabetics. One of the toughest challenges he faces, he says, is dispelling the rumors that suggest people with diabetes cannot get life insurance. “There’s so much misinformation that discourages people from even wanting to try. When I get a phone call or a chat through our website, the first thing people say is ‘I know I have diabetes and I probably can’t get insurance.’ We’re spreading the message. Of course, when you’re trying to reach a group of 30 million, it’s tough.”

The change agent

Tough, but not impossible. That tends to be a theme in Schmidt’s life, particularly when looking at the changes in the life insurance industry and knowing that Schmidt is a fairly significant reason that more coverage options now exist for diabetics. Yet he says it’s because the insurers are willing to listen, and partly because people with diabetes don’t fit the stereotype anymore. “People with diabetes are no longer, and really never were, the stereotype of being unemployed and on disability. Now we have athletes, NFL quarterbacks, race car drivers, Miss USA pageant contestants. If you have diabetes, you can live not only a normal life, but can outlive some of these other people who are making poor lifestyle choices.”

Even so, Schmidt continues to champion the cause for his clients. He says he’s proud of creating something that’s helping others. “Especially knowing what my father, my family and I went through, I tell people we’ve been there. I was told point blank by a reputable person that I couldn’t get insurance. I’m one of those people, if you tell me I can’t do something, I’m going to work a little bit harder.”

That tenacity is changing the life insurance industry, one insurer at a time. 

Know a great young advisor who is making a difference in the industry? Nominate them to be featured in The Succession Initative or LifeHealthPro’s 30 under 30 feature by emailing [email protected].

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