In honor of all the men and women who protect our land of the free, we’re sending out a #RedWhiteAndBlue salute the month of July, dedicated to our active military and veterans. We are eternally grateful for their selfless service!
In the life insurance industry, do you realize just how far we’ve come in providing viable coverage for our military? I bet several of you reading this have held on to some rather dated misconceptions you adopted over the years, possibly overlooking not only viable opportunities in this market, but more importantly, the potential to humbly serve those who have served us.
In effort to help you retool your thoughts, let’s cover a few key topics we frequently see at Ash Brokerage:
Active Military/Reservist/Special Forces*
- FALSE: Not insurable due to the risk of their duties and travel to hazardous areas
- TRUE: An increasing number of life insurance companies now give consideration with review of rank, grade, duties, etc., if they have not been alerted for active duty and/or do not have deployment orders; a smaller number of companies will even give case-by case consideration for those with current deployment orders and certain special forces personnel, who may qualify for coverage with an additional flat extra rating
Exclusion of Benefits Due to Military Ties
- FALSE: All policies are issued with a war or military service exclusion clause, limiting the benefits of the life insurance contract
- TRUE: Today, insurance companies address additional risk considerations and cost during the underwriting process, prior to granting coverage, unlike in past when the exclusionary clause was used to eliminated the insurance companies’ legal obligation to pay proceeds to the beneficiary in effort to control cost/manage risk exposure
Post-Traumatic Stress Disorder (PTSD) Diagnosis
- FALSE: PTSD diagnosis will result in a decline for coverage
- TRUE: PTSD diagnosis may be insurable with favorable features, such as a single medication/low-dose treatment, long duration/mild symptoms, no drug/alcohol habits, stable environment/occupation, family/social support, regular medical care and follow-up
Put it in Practice: Let Ash Brokerage assist you with your next military case. We leverage our experience, carrier relationships and resources to identify viable solutions based on your client’s individual circumstances and insurance needs.
*Subject to formal underwriting to establish insurability along with all parts of the contract/process completed in the United States