Thursday, January 31, 2019

Finally found that unicorn

I've long held the belief that one can insure anyone for anything, if cost is no object.

Seems like I finally found the exception that proves the rule:

Been working on a life insurance case for a young mother, who had requested the Children's Term Rider be added. Because this was an online application process, I only knew a few basic facts about her children: their names, ages and dates of birth. During the actual paramed exam on mom (due to age and face amount), it was disclosed that her 12 year old son had Type 1 diabetes; further probing revealed that this had been initially diagnosed when he was 5, and that his most recent A1C level (a measure of how much glucose is in one's blood; a "normal" level should be at or below about 5.7 percent).

Billy's was at 10.3 (nearly double).

This rendered him uninsurable (and, as co-blogger Bill notes, "is this kid living on juice boxes and candy?  10.3 is an average glucose level of over 280 and makes him uninsurable.  (90-110 is normal). More importantly, mom needs to get her son's diabetes under control before serious irreversible damage is done." Amen!).

As indicated above, though, I still thought there might be some chance at coverage. Unfortunately, all the Guaranteed Issue life plans I could find start at a much older age. At that point, I reached out to the specialists at Petersen International (whom we've met before), but even they were stumped. The one ray of hope was their suggestion of an accidental death policy (which pays only in the event of, well, you know). A $25,000 plan would run about $20 or so a month. Although it's not perfect, I'm leaning towards recommending this to mom, at least until her son's diabetes is under control for a while.

We'll see how that goes.

Still, I hate to see a cherished belief go by the wayside.

ADDENDUM: Any suggestions and/or recommendations gratefully accepted. Just drop us a line.
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