A Proactive Approach to Obtaining Favorable Underwriting Offers and Policy
What many people don’t realize is that the single greatest impact on the price of a life insurance policy is professional management of the medical underwriting process. Using our knowledge of how carrier underwriters, medical directors, and actuaries make decisions, we proactively position your life insurance application it its most favorable light.
We accomplish this through a proprietary informal underwriting process where we complete 90% of the underwriting BEFORE an application is submitted to an insurance company. This preliminary process enables us to pre-qualify underwriting offers from insurance companies, while protecting your Personal Health Information from the Medical Information Bureau so that your insurability remains unharmed.
Once received, offers from various companies are analyzed by our team. We then work to match the best underwriting results to the appropriate product and optimized solution. Finally, we then discuss all of this information with you so that you can make an informed decision.
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VIEW OUR CASE STUDIES
Clarification of medical details results in a favorable rating
SITUATION: A couple in their early 70s needed $3 million of coverage for their estate plan. The husband was uninsurable due to multiple heart attacks. The wife was also considered uninsurable due to obesity with a history of multiple “mini-strokes”, high blood pressure, asthma, and sleep apnea.
APPROACH: After reviewing the case, the Underwriting Advocacy Team determined that the wife might be insurable. They worked extensively with the wife’s physician to demonstrate that the “mini-strokes” were actually migraines. They showed that the wife’s high blood pressure was well controlled, as were the asthma and sleep apnea
RESULT: $3 million of coverage was issued at standard (vs. substandard) rates.
A strategic approach to securing underwriting through multiple companies results in a more efficient insurance portfolio
SITUATION: A couple in their early 60s with a net worth in excess of $10 million needed $5 million of coverage at a more efficient price. They had $3 million of coverage in force.
APPROACH: Coordinating the applications for coverage with multiple companies was essential in this case. The Underwriting Advocacy Team first used a private inquiry process to secure initial offers from the companies. Secondly, they coordinated three applications in phases to avoid exceeding carrier capacity limits. Lastly, they arranged to have the clients examined only once for all three applications.
RESULT: $5 million of joint coverage at preferred rates which increased the overall efficiency of the couple’s insurance portfolio.
The addition of contextual medical information clarifies medical history and results in a favorable rating
SITUATION: A 60-year-old male diabetic needed $2 million of coverage. He had a history of burst vessel in his eye and also an abnormal amount of protein in his urine (an indication of a possible kidney problem).
APPROACH: The Underwriting Advocacy Team reviewed the client’s medical records and highlighted the client’s excellent history of diabetic control and normal urine findings. They also provided a detailed summary of the client’s medical records, which reduced the amount of assessment time required by the insurance company underwriters.
RESULT: A standard offer was received for the entire $2 million of coverage. The Underwriting Advocacy Team’s knowledge of which carriers viewed diabetics favorably as well as their ability to address the abnormal protein finding were critical in securing coverage at standard (vs. substandard) rates.
*These are hypothetical examples for illustrative purposes only. The experiences of these clients may not be representative of the experience of all clients and is not indicative of future results.