I’ve been approved for a life insurance policy through a broker, which is much better than what I could find on my own given my health conditions. It almost seems too good to be true. How can I ensure that my broker fully disclosed my health conditions? Can I contact the insurance provider directly to request a copy of my application? My main concern is that if my conditions weren’t fully disclosed, the company might deny a claim in the future.
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It’s common for a broker to secure a much better rate than what you might find on your own.
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Thats one of the main benefits of being a broker.
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Your application form is in the policy. Your can check if all the questions were answered honestly.
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Thanks, I am waiting for documentation from them. I will check.
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You don’t have to wait for the policy. You must have signed the application. If you docusigned it it’s retrievable
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It would be unusual if your broker couldn’t find a better rate than what you’d find on your own—that’s their job. Depending on the coverage you applied for, the insurance company may have reviewed 4-7 years of your medical records and possibly requested a note from your doctor about your health. Even if they didn’t, they definitely checked your recent medical claims and prescription history. Some companies also conduct LexisNexis searches, which is becoming more common.
It’s not easy to deceive an insurance company; it’s rare without your active involvement. You’re likely fine, and if you live for two years, the policy will be incontestable anyway.
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I was expecting a little bit better rate but the rate is half of what I got myself. I was thinking about this 2 year rule, I read that it is hard but not impossible for the insurance to contest. Maybe someone with experience can chime in.
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After two years, the contract becomes enforceable, even if there were errors or omissions on the application. However, if you intentionally provided false information or left out details, the insurer can cancel the policy and refund the premiums. Proving intent can be difficult for them unless there’s clear evidence.
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That is common. People don’t realize how they get raped by friends and family with licenses
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The broker likely has better access to underwriting details from various carriers, which they used to secure a better rate than you could find on your own.
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Their expected rate, based on the info from their contacts in the companies, was a little bit better than what I got myself. The final approval is about half of my previous rate.
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Wouldn’t you expect a professional to outperform you in their field? It’s like being surprised that a CPA could lower taxes better than someone without accounting credentials. Trust professionals for their expertise—it sounds like your broker did an excellent job for you.
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I agree with the others here. As brokers, our strength is shopping your case around. We work with many carriers and often reach out to multiple ones when clients have higher risks, waiting for the best offers.
As others mentioned, you will see what was included in your medical disclosure or Part II of your application. The insurance company will check this against records from the MIB Group (such as prescriptions and doctor records).
Most of us brokers work through referrals, so feel free to introduce us to a few of your friends.
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Trust your expert advisor. You signed the application. Read it.