Life Insurance: Pre-Existing Conditons - YouTube

Today's Cardinal lesson is about life insurance  and pre-existing conditions and specifically  

we're showing prices here for somebody age 65. We  here at Cardinal talk to a lot of people for the  

first time when they're turning 65 and approaching  and going on Medicare, and we're in the Medicare  

Supplement business and that's a great way to  meet new clients if you're in our business,  

and so the topic today is really about the  pre-existing conditions and life insurance  

and whether you can even get the stuff. I've had  more clients where I'm talking to them about their  

health insurance, life insurance, their finances,  their IRA and then I suggest or we open up a  

discussion about life insurance and have more  clients say oh I can't get life insurance, okay  

okay that's interesting, why not? Well I've  got such and such and such and whatever,  

I had a guy out here three years ago  and he said no no I don't qualify,  

and so I want to clear up something, if you've  got pre-existing conditions and you've got even  

some serious health conditions and you're at  that retirement age and you're just thinking  

my age and the health conditions I can't qualify,  I'm just going to just go against that today and  

I'm going to tell you that we've got something  for you, so let's jump into this a little bit.  

I just put a couple of examples up here and the  first category that we're going to talk about is  

really so if we have somebody that we're  talking about right now in the last couple years  

you've had a stroke, or maybe a TIA, you've had  heart bypass surgery, a heart catheterization,  

you've had cancer, you have cancer, you have  COPD, chronic obstructive pulmonary disease,  

MS, dementia, I mean these are all things that  people are thinking like no way a life insurance  

company is going to take me and we have a product  even from several companies. I've just put you  

the prices from one of them where they're  gonna write $25,000 worth of life insurance  

which is really kind of the minimum that I think  you ought to have to go through retirement,  

$25,000 at age 65 for a man, $248 a month and  for a woman $182.29 a month, $25,000 worth of  

life insurance, and people say well what's the  catch if I've got all of this kind of stuff,  

well the catch is this thing does not pay  its full benefit for 24 months, actually  

it's not the 25th month, you make it through  the first two years with the policy in force  

it pays the full $25,000, if you die in the first  two years it's going to play something short of  

that, we can give you the particulars on that  if you give us a call, point being is you can  

if you can qualify for nothing else, you can get  this at these prices. If you want more than this  

we can stack policies because we have this type  of thing from more than one company. We also, if  

you've got some of these diseases, or one of these  diseases, and then you've got a little bit of time  

you know like I've put up here two to three  years, so if something like this was in the past  

and you've stabilized, you've recovered with many  of these conditions that you think you're up here,  

you can get a policy like this which is called  easy issue, and one big difference is this pays  

its full immediate benefit ,so it's just like  any other life insurance policy you've had,  

we get it issued, it starts right away, if  you died suddenly the full benefit is paid  

to your beneficiaries right from the beginning.  Now so what does it take to qualify? We just  

simply need to ask you some questions and they're  probably going to run a drug, prescription drug,  

profile on you, many of these companies we  can get these things automatically issued,  

some of them need to call you and they're just  going to ask you the same questions that we did,  

we have this from several companies, but the  point of somebody that had a TIA and it was a  

minor TIA, they only had one and it was  more than so many months ago or a year ago,  

there's a chance that we can get them with one of  our companies approved over here on something like  

this, okay, that's just the point I want to make  is that we don't necessarily put everybody that's  

ever had anything serious immediately here, we're  going to put them down here, the other benefit is  

this price is not quite half as much but it's you  know it's approaching that, I mean $25,000 for a  

65 year old person still with some conditions  $134.58 a month and a lady $109.58 a month  

so and you can buy more than $25,000 of this if  you want many of these companies go up to $50,000  

and furthermore, is if you're really wanting to  get more than $25,000 we can just stack policies  

and we've done that for several clients that  don't want to go through this third alternative.  

Now the bottom alternative where we talked about  in the you know what you could say is the best,  

you got to go through the most to get through  this is a fully underrated life insurance,  

and that means you're going to get a complimentary  paramedical exam which you're either going to go  

into their office and take the physical  or you're they're going to come see you  

and this thing you know so they're going to  go through that and if you've got anything  

ailing you they're going to find out about it okay  and so that is a stop sign for a number of people,  

they just don't want to go through that, and  when that's the case we just put them up here  

and we get the policy issued just over the  telephone very easily, this program is really,  

I'm making a big deal out of nothing, it's really  no big deal to go through the paramedical exam  

and you can even have some of this  stuff but if it's well controlled,  

I mean, I went through this not too  long ago on some pretty large policies  

and I've got high blood pressure, but it's  well controlled, I've got high cholesterol,  

it's real controlled, I take some other  medicines for anxiety and just some things  

that you would think would send a life insurance  underwriter crazy, I'm a little overweight,  

there's I got through standard issue, I went  through the paramedical exam, so this is not  

the big deal that people make it but nonetheless  it creates a little bit of a hassle, you can see  

the life insurance is much less expensive  and these are the select or preferred rates  

even if they do ding you on something or  they calculate that you're a little higher  

risk they can rate these policies. Now I've  just started with $25,000, we have more and  

more clients when this is presented to them that  are buying a $100,000 worth of life insurance,  

possibly on each of them, and I'm going  to tell you why they're doing that is that  

life insurance creates an immediate payment to  your family members or your name beneficiaries,  

it's not going to mess with the lawyers, it  doesn't mess with probate, it doesn't take  

months and years, it doesn't happen in the public  eye, it's just whoever the name beneficiary is the  

money is created very quickly, you know, usually  just weeks, sometimes a month, five or six weeks,  

you know, been in this my whole life, delivered  a lot of checks to beneficiaries, people all  

of a sudden realize that having a life insurance  policy in effect or some substance allows them to  

sit down with the pen and name beneficiaries, some  people like to give a substantial contribution to  

their church and maybe they don't want everybody  at their estate knowing it, you know you can just  

name your church as the beneficiary, people want  to leave their nieces and nephews or perhaps their  

grandchildren or they want to set up a college  fund, I mean this money just goes directly,  

it's quick, doesn't go through probate and it  leaves a wonderful legacy, no income taxes, I  

mean it's just it that's why you know most wealthy  people that I've worked with throughout my career  

they own lots of life insurance, you  know they've got the high-powered,  

high buck financial advisors and lawyers and  attorneys and CPAs and people advising them,  

they own a lot of life insurance, this stuff  makes sense, it creates a state liquidity,  

I can't talk enough about it, I mean it's we have  more and more people buying larger life insurance  

where they've relied on term insurance, they  relied on their insurance at work, and it's  

been there for them, they made it through that,  and they've always worked under the assumption  

I don't really need life insurance in retirement  because I'm retired now, I've got assets, is that  

we'll be able to live just fine off of the money  we have, and the IRA that's left, and her Social  

Security check, I'm just telling you this is very  nice to have in place even if you pass away at 90.  

I'm Hans Scheil and I thank you for listening.