Main Street Planning Group 180 East Main Street Suite 110 Patchogue, NY 11772 Tel: 631.647.4694 Fax: 631.647.4697 MainStreetPlanningGroup.com
Presented by Ted Mageau Ted@MainStreetPlanningGroup.com
Life Insurance and Cancer Clients perception vs. reality Evolving underwriting philosophy: yesterday, today and tomorrow Some important factors in underwriting a client: type, location, stage, grade, metastasis, timeframes, treatment (prior and current), client age, etc. Many possible underwriting outcomes Not all insurance companies are the same How do you begin to look into insurance? What not to do. Alternative insurance solutions: using your business or workplace to obtain insurance
Client Perception vs. Reality WHAT CUSTOMERS TELL US WHAT UNDERWRITERS KNOW
Evolving Underwriting Philosophy: Yesterday, Today and Tomorrow Type of Cancer Previous Underwriting Decision Today s Underwriting Decision Thyroid Cancer Papillary or follicular some Stage I or II Postpone 1 year and then significant surcharge Possible Preferred after Standard for ten years Possible Standard immediately following successful treatment Possible Preferred after standard for five years Uterine Cancer Significant surcharge or a decline Endometrial Stage IA or IB well or moderately differentiated Possible Standard immediately following successful treatment Testicular Cancer Seminoma Stage I Significant surcharge Possible Preferred after Standard for ten years Possible Standard immediately following successful treatment Possible Preferred after standard for five years
Some Important Factors in Underwriting a Client: Type Location Stage Grade Metastasis Timeframes Treatment (Prior and Current) Client Age, etc. What the Company Needs to Know: When first diagnosed? What kind of treatments were performed and when did treatment end? What medications are you currently taking? Have follow up tests been normal?
Many Possible Underwriting Outcomes Ex.1 - CANCER - BREAST Action will vary according to the stage (size) and grade (often described as well, moderately or poorly differentiated), as well as metastasis (spread) of the cancer. The timeframes given are measured from the point at which all curative treatment is completed. Continued use of endocrine therapy is acceptable. Stage I May be considered after 1 year. Others, including recurrent breast cancer, may be considered after a longer waiting period, depending on stage, grade and metastasis. Ex. 2 - CANCER LEUKEMIA Acute Lymphocytic Leukemia (ALL) and Acute Myelogenous Leukemia (AML) may be considered five years after completion of successful treatment. Chronic Lymphocytic Leukemia (CLL) or Hairy-Cell Leukemia (HCL) High stage is uninsurable at all ages. Low stage may be considered with diagnosis at age 50. Chronic Myelogenous Leukemia (CML) diagnosed at ages 60 and over, treated with medication, may be considered depending on the age at diagnosis, and may be individually considered with diagnosis between the ages of 55 and 59. Ex. 3 - HODGKIN LYMPHOMA Action will vary according to the stage of the disease, which is measured by the number and location of lymph node regions or other sites involved, in addition to the presence or absence of symptoms. The timeframes given are measured from the point at which all curative treatment (chemotherapy, radiation therapy) is completed. Disease on one side of the diaphragm only Localized disease, no symptoms, may be considered within one year after completion of therapy with diagnosis under age 50 and two years after completion of therapy with diagnosis at ages 50 and over. Localized disease with symptoms may be considered two or three years after completion of therapy. Disease on both sides of the diaphragm With no symptoms, may be considered two or five years after completion of therapy, depending on age at diagnosis and current age.
Not All Insurance Companies are the Same Company philosophies vary Based on historical experience It is critical to work with an insurance specialist with access to multiple carriers Carrier A Carrier B Carrier C
How Do You Begin to Look Into Insurance? What to Do and What Not to Do. What to Do: Find a professional Research Multiple policies are okay Informal application What Not to Do: Omit pertinent information Apply to a company(ies) without research Assume
Alternative Insurance Solutions: Using Your Business or Workplace to Obtain Insurance Your group insurance Voluntary worksite Other possible solutions.