One of the primary considerations that are taken into account when a life insurance company assesses an individual for life insurance is life expectancy. When it is determined that there is a high statistical probability that a premature death is likely, the chances of being insured drops dramatically. While each insurance company has its own unique set of criteria, there are a few core preexisting medical conditions or behaviors that have been proven to result in an early death event. We have listed several prime reasons why someone would be deemed to be uninsurable.
· Time since actual diagnosis. In other words, a recent diagnosis produces more uncertainty in terms of a greater number of unknown factors. Further, the effects of a given medical condition or diagnosis will be largely unknown in the early stages as compared to a condition that has been in existence for a substantial period of time. Degenerative diseases diagnosed several years prior allow for time to evaluate the patient’s response to the disease.
· The individual’s age at time of an injury or diagnosis of a disease. Certain diseases will be more threatening when diagnosed at a younger age.
· The overall type and nature of a particular medical condition. The severity of a condition, injury or disease is also a factor.
· An individual’s lifestyle and lifestyle choices are equally as important. Healthy lifestyle choices such as refraining from smoking can be a major consideration.
· Risk can often be assessed based on how well an individual’s internal organs and body in general is responding to a disease or condition.
High-net-worth individuals and (UHNW) ultra-high-net-worth individuals will discover that being considered uninsurable by one insurance company may not always be a definitive. For example, for risk to be acceptable to another company an individual may have to pay a higher premium for their life insurance coverage. Just because an affluent individual is termed uninsurable at one point in time does not mean that will be the case at a later date. Being able to show that a health condition has improved or subsided is sometimes all that it takes to be successful in gaining quality insurance. Reassessment by a life insurance company is always an option.
Silver Rock Partners is a team of dedicated life insurance advisors who work closely with affluent families to secure the best possible life insurance product. The company also provides innovative tax efficient estate planning for those with a high net worth. Contact Silverrockpartners.com today to schedule a free initial consultation with an expert insurance advisor in New York.
The Silver Rock difference means that we have professional relationships with many trusted carriers and do volume business. This very often results in better offers than what might be experienced with other brokers who typically do not have our influence and credibility in the industry.