So You’ve Been Rated For Insurance, Now What?

In a perfect world, every client would have insurance in place for their entire family. There would never be any declines or ratings because everyone would be in excellent health. Sounds like a pipe dream, doesn’t it? Well, that’s because it is. While I truly wish that every client who comes through our doors is healthy, that isn’t the case with some of the clients we deal with. Whether it’s hereditary diseases, a high-risk occupation, a history of driving offences or ongoing medical conditions, there are many reasons why clients are rated for insurance.

Many brokers we work with have access to Group Creditor insurance through their in-house programs. While Group Creditor is a good insurance option for clients, it does present several shortfalls to clients and, in many cases, is not the best choice for their insurance needs. For example, Group Creditor clients declined for Mortgage Life will be offered Accidental Death in many cases. Our personal life insurance policies approve many of the clients that Group Creditors will decline, which allows them to have better coverage than an Accidental Death policy. We can customize these policies to a client’s individual health status by allowing them to try with standard-issue first. Then if that doesn’t work – we will offer No Medical insurance.

When a client is rated, our first course of action is to run the rated rates against one of our No Medical products to see if No Medical comes up cheaper. In some cases, it does; however, our primary insurer Wawanesa Life has a fair premium rating. We find that for most clients, the rating for standard insurance is lower than the No Medical ratings. We will then contact the client, explain that they’ve been rated and why. This can be an awkward conversation to have, as sometimes the clients may be embarrassed about why they are rated. Our licensed life agents are professional, compassionate, understanding in explaining it to them. We will then present their options and go over the pros and cons of both. Whichever decision they chose, you can be assured it will be significantly better coverage than an accidental death policy.

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