Technology adoption, advancements in medical treatments and the wide array of pharmaceutical products are making a larger impact on how we all do business. And, in this case success story, we see the importance of reviewing carrier offers and not taking them at face value.
Maneuverability in Health Class Ratings
With the subjective underwriting process and thousands of medications and treatments, nearly every client’s circumstances could fall within a number of health class ratings. This is why the CreativeOne life sales team not only processes your business, but relies on years of insights and judgment. First and foremost, we service you and your clients by diversifying possibilities among carriers. However, sometimes it’s our foresight and relationships that win conversations with underwriters to maneuver between close underwriting health class ratings. This is where our success story begins …
We work with an advisor in Florida for decades who recently submitted a $100,000 term life insurance application for a 68-year-old female with rheumatoid arthritis. We expected a Table B offer, but received a Table D health class. Shocker! The impact now inflates the premium by 100 basis points, in turn increasing the client’s premium.
What the Advisor Never Knew
Unbeknownst to our advisor, the life sales relationship manager wasn’t willing to accept a Table D rating at face value and felt there was something amiss. This is where are team started to investigate and dive deeper into case specs and Attending Physicians’ Reports (APSs). The next step was to review the labs and see if there was something unusual. Finding nothing, we noted of the 76 joints in the human body, the APS stated the client only had four joints affected by rheumatoid arthritis. Now, we suspected this was a sticky area, so we gathered our intel. It’s time to call various carrier underwriters in search of a better offer. Although it’s only for a $100k term case, we don’t want to go back to our advisor with the Table D unless we can justify it.
We contacted multiple carriers and asked underwriters to give us an assessment based on the information we had available regarding the medication and the number of joints affected. It soon became apparent we would be able to improve this client’s health rating to a potential Table B with an alternative carrier. Thus, we suggested the producer give the client an opportunity to change carriers to secure the better offer, saving the client a considerable amount of premium dollars and providing the advisor with an enhanced credibility.
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively. -Bob Marley
This is why advisors rely on CreativeOne’s life sales team. We’re your offline confidants and second set of eyes when it comes to diversifying your clients’ options. More importantly, we’re a barometer to determine if we need to push for a better solution. Rely on us because we care, we have character and are most concerned with doing what’s best whether you have a $100k term case or $25M case.
We do this because we care, and, others can’t.
Give the sales team who uses practical knowledge to create more proficient opportunities for you and your clients a call at 800.992.2642.