Symptoms, causes, complications, treatments, prognosis, prevention. In the medical world, there are many things to consider when treating a patient. As an insurance agent trying to get a policy placed on a client with a medical condition, your job is much the same – to make sense of it all and present the underwriter with… Read More
Underwriting Archives - Page 2 of 2 - Creative Edge
If not handled properly, financial matters can create sticky situations both in our personal lives and our professional ones. Whether determining how to pay the bills or how a business is going to protect its interests, individuals and families have lots of important financial decisions to consider. If you have business owner clients, one of these financial decisions may be to purchase key person insurance on an employee who’s crucial to the success of the organization. Yet proving the need and being able to financially justify the amount of coverage desired is an important component of the underwriting process for any business case. As the agent, it’s critical for you to have the knowledge and know-how to step in and get the policy placed.
Nature or nurture? The age-old debate has raged on for decades regarding just how we’re impacted by our genetics and our environment. As scientists continue making breakthroughs in DNA testing, we’re starting to better understand how our genetic makeup – and therefore our family ties – affects our health. Some 20 years ago in the insurance business, family history had little to do with underwriting outcomes. Today, this critical component of an individual’s overall picture of health is one that needs to be investigated and well-documented to ensure favorable offers are generated for every client.
We all know that the sole purpose of life insurance is to fulfill a financial need, whether that be for estate purposes, business planning, personal income or otherwise. You’re working hard to help clients meet those needs and prepare for what’s to come in life by streamlining the process of application through placement and presenting the best possible offers. So what should you do when things just don’t go your way?
In working with clients who have chronic conditions, it’s important that you understand and manage their expectations – just as they have to understand and manage their symptoms. Certain types of these conditions are highly treatable and can result in strong offers from carriers, but it’s critical that you perform due diligence in learning about the client’s individual situation and outlook. Ulcerative colitis, commonly referred to as UC, is an example of one we are starting to see more frequently on applications from our agents.
As you grow your business and work to place policies on clients of all ethnicities, backgrounds, ages and lifestyle habits, you will become increasingly familiar with just how varied underwriting challenges can be. Sometimes, you may work with clients who have health issues that aren’t so obvious, resulting from a cause that isn’t easily identifiable. For example, what should you do when a client receives test results suggesting he or she has some variation of abnormal liver function?
Recently, we’ve seen a large number of lymphoma questionnaires from agents needing guidance on quoting these cases. As a result of this unusual volume, we’d like to present the following information to assist you in field underwriting clients with these challenges.
As Americans’ habits continue to change and impact their health, we’re seeing an increasing prevalence of a number of disorders and diseases. Some of these are easily treatable, and may seem like an inconvenience rather than a cause for serious concern. One of these chronic conditions is sleep apnea. However, if left untreated, this disorder can lead to an increased risk of high blood pressure, heart attack, stroke, or work-related and driving accidents, which is why it could impact potential carrier offers for life insurance.
As a life agent, you’re always looking to provide your clients with a best class rating. You also know that different carriers have different guidelines for underwriting applicants. This is just one of the many reasons it pays to do business with Creative Life. Rather than trying to go it alone, partner with your Life Sales Consultant and one of our two in-house underwriting consultants to better field underwrite a particular client and determine with which carrier(s) you should apply. As the marketplace continues to evolve, underwriting guidelines can change, but Creative will help you make decisions that result in the best outcomes for your clients.