204-A Behind-the-Scenes Look Into High-Risk Life Insurance Underwriting: Interview with Todd Simpson CLU, ChFC from The Stamm Agency
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 28 May 2015
⏱️ 79 minutes
🧾️ Download transcript
Summary
One of my goals for Radical Personal Finance is to bring more transparency to the world of professional finance. Today, I'm glad to shine the light on the life insurance industry.
I've invited a friend of mine onto the show to discuss his 30-year career as a life insurance broker.
Todd Simpson CLU®, ChFC® is a veteran of the life insurance business. His specialty is high-risk underwriting, so he brings not only a long career's worth of experience but also a unique perspective to the difficult-to-place cases.
I think you'll really enjoy this conversation. We cover:
- The incredible changes that have occurred in life insurance product design over the last 30 years.
- The most common medical problems that cause problems with life insurance underwriting.
- The impact of drugs and drug use on your ability to get a life insurance policy.
- And more!
Enjoy the show,
Joshua
- Todd's firm and website: http://www.thestammagency.com/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Transcript
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| 0:00.0 | Would you like to get the back office scoop from an experienced veteran of the life insurance industry to understand how companies actually approach the underwriting of individual policies? |
| 0:11.0 | Today I'm going to share with you an interview with a friend of mine, a man named Todd Simpson, who is a 30-plus-year veteran of the life insurance industry and specializes in high-risk, or what we call special risk, underwriting for life insurance. |
| 0:25.0 | I think you'll enjoy this behind the scenes view of the industry. And the Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets. This is episode |
| 0:49.8 | 204 of the show. And there be with a friend of mine, Todd Simpson. |
| 0:55.0 | Todd is one of the partners in a company called the Stamm Agency. |
| 0:59.0 | He is an insurance broker. |
| 1:00.0 | Doesn't work directly with individual clients, but rather works as a broker working with life insurance |
| 1:04.4 | agents. |
| 1:05.4 | Took some microphones into his office, pinned him down, and asked him all the hard questions |
| 1:09.8 | that I think you would want to ask him if you had the opportunity. |
| 1:13.0 | I mentioned Todd a couple of times on the show, not by name but in referencing a friend of mine who was a high risk or a special risk |
| 1:24.7 | broker and this was somebody that I worked with when I was an active life insurance agent to help me place |
| 1:28.9 | a lot of my cases. Todd's a great guy has a long history in life insurance business and I think you'll enjoy some of the behind the scenes access doing my best to change the tenor and the tone of financial media. |
| 1:42.6 | So oftentimes the people that are referenced on financial media, |
| 1:45.9 | the people that want to be out there, |
| 1:47.6 | and the people that are out there with a message, |
| 1:49.8 | something to sell. |
| 1:51.0 | And I'm trying to go to the people that aren't out there asking for things and try to talk |
| 1:55.6 | about how things really happened. |
| 1:57.6 | So to try to expose the reality of things to you. |
| 2:01.8 | And that was what happened. I called up Todd and I said, hey Todd I want to come and talk to you and bring you on the show. He wasn't necessarily looking for it. He didn't really want to do it, but he agreed to do it. And that was how he wound up on the show but I think you'll find this |
| 2:13.5 | insightful. I'm trying to ask him the toughest questions that I can and try to create more of communication. |
... |
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