Insurance Coverage and a Second Opinion
Mike has been offering a second opinion on existing term life and disability insurance coverage policies for his clients for thirty years. What makes him better and different, is his talent for finding the right policy from what his clients currently have, with the hopes of finding a better policy to include the ultimate trifecta of increased coverage, increased years of coverage, and decreased premiums.
Insurance has been deflationary for the last twenty-five years, because of advances in medical technology, people living longer, and competition among insurance companies. If a client has an older policy, a second opinion is always a great option. Mike will perform an apples to apples comparison with the intention of extending the years of coverage for a better price.
Specializing in adverse risk cases, many of Mike’s clients have been rejected by other insurance carriers due to pre-existing conditions, particularly prostate cancer, breast cancer, and diabetes, as well as obesity, smoking, and marijuana use. In Massachusetts and many other states, marijuana use is legal; however, every insurance company has different guidelines concerning how long the client has been using and how frequent the use.
Mike’s long-standing relationships with preferred insurance underwriters have given him insight into the niches and nuances of the companies he is proud to partner with. Maximizing this rapport and paired with his personable demeanor and understanding of his clients in such circumstances, is what has led him to build up a successful practice offering a second opinion and become known as the ‘Term Doctor.’
Prostate and Breast Cancer Clients
Some of Mike’s clients have been diagnosed with dangerously high PSA levels (10.0 ng/mL or higher) and realize that their existing insurance coverage is grossly insufficient. Mike works with insurance underwriters to put together a policy that will provide the three-point criteria that he looks for on behalf of his clients: an increase in coverage, an increase in years, and a decrease in premium.
A client of Mike’s, who was diagnosed with prostate cancer, underwent a radical prostatectomy. The purpose of this particular operation is to remove cancerous tissue in the prostate, with the ultimate goal of undetectable PSA levels. After this procedure, the client completed two more rounds of radiation combined with hormone therapy, before his PSA levels were non-detectable. He sustained non-detectable PSA levels for three years. Believing that ‘one man’s trash is another man’s treasure,’ Mike annually sought coverage through various companies and spoke to different underwriters, detailing his client’s current PSA levels. After three years of pursuing six to ten companies, he struck gold and found one company who would underwrite this risk.
Similarly, Mike has provided a second opinion concerning various types of cancer to those who are uninsured or with high premiums. He has worked for the benefit of his clients diagnosed with breast cancer, securing insurance policies that provide all of the needed insurance coverage, after these clients undergo aggressive and lengthy treatments.
Diabetes Clients and Clients with Other Pre-Existing Conditions
Providing insurance coverage for diabetes clients is another adverse risk condition in which Mike specializes. Obesity, which often leads to Type II diabetes, has become a huge crisis in America. Glucose (Hemoglobin A1C) levels rise and wreak havoc with your body. If you are a Type II, or even a Type I, diabetic and have been declined or highly-rated, it may be a good time for the Term Doctor to review your situation and give a second opinion. Factoring in a client’s age, economic situation, and severity of the disease, he consistently finds policies that best suit the client’s needs, within the client’s budget.
One appreciative client, whose previous health and lifestyle choices precluded him from purchasing insurance, referred to Mike as the ‘miracle worker.’ He had made, and sustained, the necessary adjustments for healthier living. He also had a thriving business and a young, growing family. Mike reviewed the client’s current situation, spoke at length with a senior underwriter from one of Mike’s core carriers and, as a result, successfully obtained a thirty-year policy of brand-new coverage.
Being a majority partner in a brokerage general agency allows Mike to have direct contact with each underwriter of every case he works on, of any of the companies with which he works.