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Re: Finding coverage for someone with past health problems

Posted by Steve Eads, CLU on July 31, 2001 at 14:21:40:

In Reply to: Finding coverage for someone with past health problems posted by Matt on July 30, 2001 at 13:32:04:

: I have a problem, my Mother is currently in "ok" health but had a minor stroke about 9 years ago. We have been turned down by 3 insurance companies for long term care coverage. Does anyone know where I can go to get her insured?

Matt: You do have a problem. It is not likely you will be able to get coverage for your Mom since the stroke is one of the most critical concerns for LTC carriers. For a while there were a couplw carriers that were willing to offer impaired risk coverage, but rarely would they take a stroke victim. Those carriers are in deep financial trouble currrently...wonder why?

If you do locate an agent or company that say's they can cover your Mom, BEWARE and BE SURE of their financial condition, the financial condition of their parent company (if any), length of time selling LTC and paying LTC claims, how many policies they have in-force.

Above all, get a second and third opinion before buying.

The first 5-8 medical questions on every application will include a stroke question and if answered "yes" the application clearly states no coverage will be allowed. Ask to see the application before you buy. READ IT. ANY experienced agent can easily call their company's underwriters and give you an underwriting decision (yes/no) before they put you thru the long drawn out application process. Especially considering a serious condition like a stroke.

Sorry you were put thru the mill 3 times. Not saying much for our profession, I'm affraid. Wish I could be more help.

Best wishes,

Steve Eads, CLU

Follow Ups:

Re: Finding coverage for someone with past health problems : : I have a problem, my Mother is currently in "ok" health but had a minor stroke about 9 years ago. We have been turned down by 3 insurance companies for long term care coverage. Does anyone know where I can go to get her insured? : Matt: You do have a problem. It is not likely you will be able to get coverage for your Mom since the stroke is one of the most critical concerns for LTC carriers. For a while there were a couplw carriers that were willing to offer impaired risk coverage, but rarely would they take a stroke victim. Those carriers are in deep financial trouble currrently...wonder why? : If you do locate an agent or company that say's they can cover your Mom, BEWARE and BE SURE of their financial condition, the financial condition of their parent company (if any), length of time selling LTC and paying LTC claims, how many policies they have in-force. : Above all, get a second and third opinion before buying. : The first 5-8 medical questions on every application will include a stroke question and if answered "yes" the application clearly states no coverage will be allowed. Ask to see the application before you buy. READ IT. ANY experienced agent can easily call their company's underwriters and give you an underwriting decision (yes/no) before they put you thru the long drawn out application process. Especially considering a serious condition like a stroke. : Sorry you were put thru the mill 3 times. Not saying much for our profession, I'm affraid. Wish I could be more help. : Best wishes, : Steve Eads, CLU

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