Insurance Horror Stories

With spooky season upon us, it’s time to socially distance around the campfire for some insurance horror stories! These stories are real and were disclosed to us by the clients we’ve helped place insurance for. While these clients' names have been changed, it’s our hope that these stories will provide you with some insight to prevent you from falling into the same traps these clients fell into.

Jason was declined benefit payout by Group Creditor due to failing to disclose a previous surgery:
Jason is a hardworking 34-year-old who suffered an eye injury at work. This injury resulted in him having to take some time off work due to being unable to see out of one eye. When Jason went to claim his disability insurance benefit with his Group Creditor carrier, he was shocked to learn that the company needed to underwrite at the time of claim, and went to his doctor for further information. Jason was contacted a few weeks later, noting that his disability benefit would NOT be approved because he failed to disclose he had his appendix out at age 16! Jason’s benefit was not paid, and he had to hastily go back to work to make ends meet at home.
At Broker Plus Insurance, all of our underwriting is done UPFRONT, not at the time of claim, to allow clients to have as little delay as possible with their claims being paid out.

Michael declined insurance years ago because he was rated as a smoker due to his consumption of marijuana:
Michael was referred to our company by a friend of his; right off the bat, he became very defensive about why he didn’t think he needed insurance. He told us that he was rated as a tobacco user because he enjoys the odd joint on the weekends with his friends. He was upset that marijuana users were rated the same was as tobacco users and noted he would not take a policy if he was rated as a smoker.
Michael obtained coverage with our standard-issue carrier for non-smoking rates because he smokes marijuana less than 4 times per week!

Samara is a cancer survivor who was declined by Group Creditor and was only offered an Accidental Death policy:
Samara came to our company feeling defeated; she had survived cancer as a child and was told she would be uninsurable with any company. She had been told that an Accidental Death policy was the only product she could qualify for. She was skeptical about taking this policy as it would only payout in the event of an accident. Moreover, the amount insured was only $250,000.00, which wasn’t even half of her mortgage amount!
Thankfully, Samara came to us for a second opinion. We were able to put a No Medical Life and Critical Illness policy in place for her!

Carrie is a tattoo artist who has a history of depression and has attempted suicide twice; she was worried she would be uninsurable for this reason:
Carrie got the best service possible at Broker Plus Insurance. Upon hearing of her medical history and occupation, our life agent tried to put coverage in place with our standard carrier. However, upon her decline with this carrier, our life agent knew our No Medical carrier would provide her with the coverage she needed despite the “high risk” occupation and her history of depression.
Carrie was insured with our No Medical Life carrier with no rating imposed, despite her occupation class and mental health history.

Don’t let the insurance horror stories stop your client from getting a second opinion, with industry professionals who have over 18 years of experience. Contact us today for more information about how we take the tricks out of insurance and provide you, and your family, with the treats of having the best coverage possible!

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