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Intriguing disability insurance situation

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  • Avatar CinciResident 
    Participant
    Status: Resident
    Posts: 17
    Joined: 02/23/2016
    Earnest refinancing bonus

    The gist:

    Worked with a WCI-recommended agent to try to get disability insurance. Got a health screening with Principal, who ultimately rejected me (and closed my case) because I have Hep C antibodies. I was diagnosed with Hep C years ago but have been free of it for many years thanks to an experimental treatment. Of course, Hep C antibodies remain and always will.

    I reached out to two other agents found on WCI, both of whom said it wasn’t worth applying elsewhere – that Principal was the most lenient.

    On a lark, I reached out to a local independent agent who does not normally work with physicians. She connected with Ohio National, who is willing to work with me given that the policy won’t apply for any Hep C related issues. Here’s the policy gist:

    5k benefit
    Add up to 20K addl (guaranteed insurability)
    Catastrophic rider
    180 days elimination period
    Policy runs to age 65
    Residual disability rider
    = less than $2000/year

    Given what the other agents advised, I’m surprise that this has come through. Could it be too good to be true? Are there particular clauses/etc I should check out?

    Thanks in advance!

    #221094 Reply
    Avatar bd4727 
    Participant
    Status: Resident
    Posts: 38
    Joined: 02/02/2016

    Experimental treamtent for hep c years ago?

    #221098 Reply
    Scott at MD Financial Services Scott at MD Financial Services 
    Participant
    Status: Website Sponsor, Insurance Agent, Small Business Owner
    Posts: 412
    Joined: 01/14/2016

    The gist:

    Worked with a WCI-recommended agent to try to get disability insurance. Got a health screening with Principal, who ultimately rejected me (and closed my case) because I have Hep C antibodies. I was diagnosed with Hep C years ago but have been free of it for many years thanks to an experimental treatment. Of course, Hep C antibodies remain and always will.

    I reached out to two other agents found on WCI, both of whom said it wasn’t worth applying elsewhere – that Principal was the most lenient.

    On a lark, I reached out to a local independent agent who does not normally work with physicians. She connected with Ohio National, who is willing to work with me given that the policy won’t apply for any Hep C related issues. Here’s the policy gist:

    5k benefit
    Add up to 20K addl (guaranteed insurability)
    Catastrophic rider
    180 days elimination period
    Policy runs to age 65
    Residual disability rider
    = less than $2000/year

    Given what the other agents advised, I’m surprise that this has come through. Could it be too good to be true? Are there particular clauses/etc I should check out?

    Thanks in advance!

    Click to expand…

    Make sure you have the Enhanced Residual on that policy and get the discount they offer of 10% and you should be in good shape.

    S. Scott Nelson-Archer, CLU, ChFC with M. D. Financial Services, Inc.
    Direct Phone 713-966-3932, Email [email protected]

    #221119 Reply
    Avatar climbhigh 
    Participant
    Status: Physician
    Posts: 47
    Joined: 02/22/2016

    I assume that the policy they quoted you isn’t own occupation. I would be clear about that first. If it isn’t, then the price seems a bit high, perhaps? I also pay less than $2,000/year for $5k benefit and similar riders as you quote, but mine is own occ.

    #221140 Reply
    Avatar CinciResident 
    Participant
    Status: Resident
    Posts: 17
    Joined: 02/23/2016
    Make sure you have the Enhanced Residual on that policy and get the discount they offer of 10% and you should be in good shape.

    Click to expand…

    Thanks Scott – How do I ensure I get the 10% discount? Is it as simple as asking my insurance agent?

    #221283 Reply
    Avatar CinciResident 
    Participant
    Status: Resident
    Posts: 17
    Joined: 02/23/2016

    I assume that the policy they quoted you isn’t own occupation. I would be clear about that first. If it isn’t, then the price seems a bit high, perhaps? I also pay less than $2,000/year for $5k benefit and similar riders as you quote, but mine is own occ.

    Click to expand…

    Actually it does include own occupation. Forgot that. Thanks!

    #221285 Reply
    Scott at MD Financial Services Scott at MD Financial Services 
    Participant
    Status: Website Sponsor, Insurance Agent, Small Business Owner
    Posts: 412
    Joined: 01/14/2016
    Make sure you have the Enhanced Residual on that policy and get the discount they offer of 10% and you should be in good shape. 

    Click to expand…

    Thanks Scott – How do I ensure I get the 10% discount? Is it as simple as asking my insurance agent?

    Click to expand…

    Correct, just tell them to add it.

    S. Scott Nelson-Archer, CLU, ChFC with M. D. Financial Services, Inc.
    Direct Phone 713-966-3932, Email [email protected]

    #221289 Reply
    Avatar CinciResident 
    Participant
    Status: Resident
    Posts: 17
    Joined: 02/23/2016
    Correct, just tell them to add it.

    Click to expand…

    Thank you, Scott – and also for the direct message. I tried replying to it, but it’s glitching. Thanks again!

    #221423 Reply

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