Today I discussed with our financial planner George, an interesting story about how we can advocate for our clients insurance needs.
We had a client, let’s change his name to 'Mark', looking to get insured through Wilson Financial. He was healthy, had a strong income and he was tripling his debt by buying a new home and renting their current home. He was building his wealth and knew that he needed cover to protect it.
During our fact finding process we found that a decade earlier Mark had been diagnosed with a serious condition which would prevent him from being insured. Various lifestyle changes meant that he had since stopped experiencing symptoms however, "I haven’t had any issues whatsoever since I moved to a different climate, that was over a decade ago".
The issue for the insurer was that he had been to a doctor just a few months prior with a symptom that could possibly be related to his previous condition. The underwriter assessing his insurance connected the dots and decided they wouldn’t insure Mark. This put the client in a difficult position "I never imagined being in this much debt, I was counting on the insurance".
Rather than accept the decision and inform the client, George took things a step further. He personally contacted the underwriter who had made the decision on the case and discussed the facts surrounding it. As it turns out, the incident three months ago resulted in a series of medical tests and X-rays that could potentially prove that the doctor’s visit was unrelated. George then asked the client to go back to the hospital and request these records. With this new information, they were able to confirm that the symptom was not related to a major condition, and they reversed their decision.
George tells us that "Sometimes, due to major medical issues it is impossible to get insurance for our clients, however; we do everything in our power not to accept a decline on an application. I wouldn’t want to deal with the stress and anxiety of not being covered, and we don’t want our clients to go through that either."
We think outside of the box to get results, we work with our contacts within the industry to better our clients position, and we will not give up on what we believe should be approved.
*Names and minor details have been changed to protect identity
We had a client, let’s change his name to 'Mark', looking to get insured through Wilson Financial. He was healthy, had a strong income and he was tripling his debt by buying a new home and renting their current home. He was building his wealth and knew that he needed cover to protect it.
During our fact finding process we found that a decade earlier Mark had been diagnosed with a serious condition which would prevent him from being insured. Various lifestyle changes meant that he had since stopped experiencing symptoms however, "I haven’t had any issues whatsoever since I moved to a different climate, that was over a decade ago".
The issue for the insurer was that he had been to a doctor just a few months prior with a symptom that could possibly be related to his previous condition. The underwriter assessing his insurance connected the dots and decided they wouldn’t insure Mark. This put the client in a difficult position "I never imagined being in this much debt, I was counting on the insurance".
Rather than accept the decision and inform the client, George took things a step further. He personally contacted the underwriter who had made the decision on the case and discussed the facts surrounding it. As it turns out, the incident three months ago resulted in a series of medical tests and X-rays that could potentially prove that the doctor’s visit was unrelated. George then asked the client to go back to the hospital and request these records. With this new information, they were able to confirm that the symptom was not related to a major condition, and they reversed their decision.
George tells us that "Sometimes, due to major medical issues it is impossible to get insurance for our clients, however; we do everything in our power not to accept a decline on an application. I wouldn’t want to deal with the stress and anxiety of not being covered, and we don’t want our clients to go through that either."
We think outside of the box to get results, we work with our contacts within the industry to better our clients position, and we will not give up on what we believe should be approved.
*Names and minor details have been changed to protect identity
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