Life Insurance Rates with PTSD can be a bit of a mystery. The unicorn in the room so to speak. Your life insurance rates can be impacted for several reasons for having the condition. Life insurance with PTSD (Post Traumatic Stress Disorder) can be challenging for the agent as well.
Oh wait, maybe I shouldn’t have told you that. In all honesty, you deserve to know, and Good Life Protection is here to bring you the truth and nothing but the truth. Wow, maybe I’ve been watching a bit too much Law and Order to be using phrases like that.
In recent years, life insurance has shifted quickly into a digital age. Simply put. We are buying online and over the phone. Is this a problem? Not at all. In fact, with the technology and speed people move throughout the day, it’s a nice luxury to have for the Agent and the consumer.
So, you’re probably thinking at this moment?
Where are you going with this Josh? What is this guy talking about?
I’m getting there, I promise. With the world moving in this digital direction, I’ve noticed one big thing that people have lost throughout the transition. Transparency and that good old fashion relationship building that’s critical in the life insurance industry.
Before, you would meet at your agent’s office, be offered a cup of coffee and talk about your kids’ tee ball game the night before. At this point, you were building that bond with your agent and when it came time to proceed to purchase life insurance with your agent, the truth about your situation was a little easier to divulge and navigate.
Why is this important? For too many reasons to list in a blog post that will keep you interested in reading long enough that you’re not distracted by your next Facebook news feed notification and exit this page before getting to the meat and potatoes.
I will, however, cover some of them. What I’ve noticed as the owner of my own life insurance agency is that people in the new digital age of life insurance have a few issues.
Now let’s think about this second because it baffles me a bit. Me personally, I would rather tell a stranger my issues with something such as PTSD than someone I know locally. I’m not encouraging you to spill your life story to every customer service representative that you speak to.
However, agents don’t always know how to navigate high-risk life insurance cases. Without that transparency, your case will be declined or highly rated. That’s not a maybe either. It’s a personal guarantee.
I notice when I talk to clients, they are constantly rushed. It’s not a few of them, it’s basically everyone. This is normal and I’m not faulting it. However, do you rush your…
I’m assuming the answer to this is no and if you do, I’d make sure to have audit protection for your most recent tax return. We don’t rush these people because we want to achieve optimal results when we work with them.
Especially since we are paying them, right?
Well, guess what? We can help you achieve optimal results as well and you don’t even have to pay us so why does everyone rush in the life insurance application process?
I get it, it’s not a very sexy product. We buy it and hope not to use it. It’s either that or we don’t buy it and hope someone isn’t devastated by are poor planning choice.
At Good Life Protection can we complete the entire process in about ten minutes? Yes. In most cases that this happens, it’s typically because the applicant has literally zero health concerns, is in there 20’s or early 30’s and is seeking low coverage amounts.
Boom, Boom and done. Easy process, right?
Not so fast.
We as the agent and professionals will have many questions for you. Well, at least we should and if you to speak to one who doesn’t I’d run for the hills because only two outcomes are possible.
We must ask these questions for a variety of reasons. First and most importantly, we want to help.
Helping is not taking your application and hoping the insurance gods give you a preferred rating because guess what?
They won’t, and I’ve never seen it and personally have worked with PTSD more times than I count.
The point I’m trying to make here is to slow down, take a breath and work with an agency who can help and wants to be detailed and thorough with your case.
This is an extremely important purchase in your life. It probably ranks in the top ten for you and your family’s financial future and one of the most important decisions you will make over the years.
And now for the meat and potatoes.
Life Insurance has a series of ratings you can achieve. Here’s an example.
So now you know the possible ratings that you can get but how does this work and what do we mean when you are given one of these outcomes?
For those of you that like the numbers, here’s what the ratings mean.
Anything above the standard rating is a discounted rated so to speak. Standard rating is what set’s the price point. If you do better, you will be saving some money compared to the average person applying for life insurance. A pretty sweet deal, right?
Of course, but don’t lose sight of why you applied for life insurance in the first place. An additional charge doesn’t remove your obligation to financially protect your family.
Once you move into substandard or rated cases your prices will do the following.
Table 1= Standard Rating plus 25%
Table 2= Standard Rating plus 50%
Table 3= Standard Rating plus 75%
Table 4= Standard Rating plus 100%
Table 5= Standard Rating plus 125%
Table 6= Standard Rating plus 150%
Table 7= Standard Rating plus 175%
Table 8= Standard Rating plus 200%
Sounds not so fun right? Well, honestly, it’s not that bad. Would you not purchase your dream home over a few basis points on the interest rate? I’m assuming you would still be signing the papers.
But now that the prices inflate just a tad people tend to think it can be negotiated but, in all honesty, that’s a very tough task. At Good Life Protection we can shop it with all carriers, but we can’t cut deals on the offers made by the life insurance companies.
Let’s look at how this breaks down with example rates. Let’s use a 30-year-old male on a 15-year level premium term policy.
So obviously the price jumps some. But it’s not a financial crisis we are entering here. 300,000.00 is still a fair amount of coverage to protect a family and if worse case $46.02 is the rating, it’s still affordable.
So, what’s the catch? Working with an independent broker will help you navigate to make sure you get the cheapest rate from all life insurance carriers in situations involving PTSD or Post Traumatic Stress Disorder.
The rates you see illustrated above are directly from the cheapest option available at those rates.
So, I know you may be thinking after viewing some example charts…
Any here’s your answer. No, you will not be disqualified for having PTSD and YES, life insurance DOES cover PTSD.
But what work will have to be performed? Maybe you’re a veteran with PTSD or just an individual searching for the best rates for life insurance with PTSD, so what’s next?
So, Here’s the Scoop on getting Life Insurance with PTSD
First things first, you will want to get in contact with a life insurance agency capable of underwriting the condition accurately and with the most favorable life insurance carriers that are PTSD friendly.
After discussing your coverage needs we will break down the PTSD together to create the perfect life insurance application for having PTSD or Post Traumatic Stress Disorder.
Your PTSD can be broken down into three categories with the Life Insurance Carrier.
Mild PTSD, Moderate PTSD and Severe PTSD is the first ranking system and then it niches down into…
After we have decided which one of these fits we can begin underwriting deeper.
Yes, The Life Insurance Carrier want to Know.
Typically, the next question we want to ask is how it has affected your personal life. Life Insurance carriers love it when it’s had minimal affect. Are you a family man or woman? Do you still work fulltime with no issues? Has it caused any bankruptcies or personal issues such as violent outbreaks or being arrested?
*Typically, no bankruptcies and 1 medication and well-controlled will still allow us to achieve preferred rates, possibly down to a standard.
Then we will look at medications. How many are you taking and what kind of medication is it? Typically, if no MAOI (Monoamine oxidase inhibitors) are being taken we are still in really good shape.
*Antipsychotics are allowed. If we need 2 more medications to treat the PTSD we are looking at most likely a standard rating at best.
We could also fall into the category of multiple medications, or possibly suicide ideations.
If this is the case, we will be working with a timeline of the medication and the last suicide ideation.
*Table 3 will be the best rating we can achieve.
Other Factors that will be considered.
So now that you know your options, I’m sure the next thing you’re considering is.
Let’s break it down by the categories we have already discussed. Let’s assume you are a 35-year-old Male- (Non-Smoker)- Seeking 300,000.00 in coverage on a 15-year level premium term policy.
If your life is in pretty good order and the PTSD is controlled with 1 medication or less, we would be looking at…
Protective Life Insider Tip-
Protective Life Insurance Company has slowly emerged as having very favorable underwriting for certain niches and Good Life Protection see’s many high-risk case places in favor of the client. (Disclaimer) – Good Life Protection does not have any affiliation with one company. We represent all of them and all of them have unique strengths. Explain your unique case to an agent for best carrier and pricing options.
Protective Life Insider Tip 2-
Protective Life also offers many ways to restructure death benefit payouts to help reduce your monthly premiums in the case your rated for PTSD. This often saves clients a substantial amount of money. In a nutshell, they provide us room to wiggle throughout the process of obtaining life insurance with PSTD.
And for those of you needing multiple medications or a more unique case of PTSD…. Here are your Rate possibilities.
Prices are listed by the absolute cheapest option available between over 50 life insurance carriers.
Having PTSD or Post Traumatic Stress Disorder also does not disqualify you from being able to achieve a non-medical exam life insurance policy.
A Non-Medical Exam Life Insurance Policy with PTSD would need to be evaluated carefully. If you fall into the class of being able to achieve a (Standard Rate) we could also look at companies such as Forester Financials who offers the best and most robust no-medical exam coverage in Good Life Protections opinion, it’s simply the best non-medical coverage available.
It even includes living benefits.
If all else fails in your search for life insurance with post-traumatic stress disorder (PTSD), you still have on an option you can turn to.
Well, depending on age. We can always look at Guaranteed Life Insurance.
If you are Age- 40-50 and have been declined life insurance with PTSD we could look at Great Western who is a guaranteed issue life insurance provider serving people in that age bracket.
If you are 50-85 we can lean on companies such as AIG or Gerber Life to obtain life insurance coverage.
Here’s an example of a male age 43 obtaining a 25,000.00 whole life policy with Great Western with PTSD.
25,000.00 in Coverage- (2 Year Waiting Period)- Whole Life- $130.00 Per Month
And an example of an individual 50 years old needing life insurance with PTSD.
25,000 In coverage (2 Year Waiting Period) – Whole Life Policy
Price? – $128.81 Per Month
As you can see, life insurance with PTSD is completely achievable and not all as scary as may seem. Take your time with it and be transparent with your agent. They are only trying to help.
Weigh all options and be willing to pivot carriers or options till you hit the sweet spot you are looking for. Post Traumatic stress disorder does enough damage to one’s life already. Don’t let it ruin your chances of protection for your family and financial future.
Good Life Protection is always here to help. May the best price win!