Disability insurance isn’t for everyone. There. I said it. It’s a hard reality for me to admit because I spend every day telling people, “Almost EVERYONE can get DI!” But, sadly, the key point is that almost everyone can get DI, meaning some people simply cannot.
At Disability Insurance Services, our case managers hear questions from brokers almost daily regarding who is and isn’t a good candidate for disability insurance. Because there seems to be some confusion, and because, honestly, some people can’t get DI, I’ve decided to set the record straight. I know most disability insurance wholesalers pride themselves on being able to find a product for just about every client, but unfortunately, some clients need to throw in the towel. I’ve named three such clients below. Sorry guys, better luck next year.
- Always severely injured guy – If you’re currently at home on the couch, unable to work because of your broken legs, and too weak to lift the remote because of your severely fractured elbow, then we cannot insure you. It’s too late. And if you’ve been out on state disability numerous times because of your chronic snowboard mishaps, and are currently out of work because of your recent disasters in Tahoe, then it’s highly unlikely that any carrier will take on the risk of insuring you.
- Red bull astronaut, skydiving guy – Dude, you’re a rock star. But you’re also a bad candidate for DI. If you skydive out of space for a living, you’re definitely the coolest person alive, but we probably can’t help you.
- Really, really pregnant woman – Let me start by saying, if you’re in your first trimester, you can most likely get disability insurance from a standard carrier, though there will be a pregnancy exclusion. But if you’re 8 months in and the hospital bag is packed, then the carrier will want you to apply after the bouncing baby’s birth. For them, it’s too much, too soon.
If your client sounds anything like the people above, then I’m sorry, but you probably won’t have much luck in finding your client disability insurance. But if your client has a pre-existing health condition, a semi-dangerous occupation or is still in residency, then you’re in luck! Your client is still a great potential candidate for disability insurance (though I can’t guarantee pretty prices or an exclusion-free policy). Oh, and if you do happen to know the Red Bull astronaut, skydiving guy, then I’d really like to meet him … or at least be introduced via LinkedIn. Thanks in advance.
Want to learn more about the easiest way to get coverage for clients with pre-existing health conditions? Visit our webinars page and watch the Simplified DI Underwriting video (available 24/7).