by Pat McEvoy Life Sales Consultant
There's so much more to succeeding in life sales than helping clients understand the need for life insurance and then simply selecting the right product to fit that need. Field underwriting is critical, and a solid working knowledge of carrier underwriting guidelines can only help. Yet still, perseverance and a willingness to get back in the game after rejection – whether from a client or a carrier – might be the most important attribute to getting where you want to go. This month, we've started a new column to help you take underwriting challenges and turn them into opportunities for placement (see page XX). So be on the lookout for practical tips and solutions each month, and remember that Creative Life is your true partner in the process from application through placement. If at first you don't succeed, enjoy a better outcome when you try again with our resources and support on your side.
THE FACTS
- Male, age 53
- Veterinarian with an expanding practice
- Looking for a business loan
- Elevated Prostate-Specific Antigen (PSA) levels
THE GOAL
Provide enough solid information for a carrier to counter the client's health issues that appeared on a previous paramedical exam. Ultimately, the client needed to obtain life insurance coverage to satisfy a business loan and move forward in expanding his veterinary practice.
THE COURSE OF ACTION
Last summer, the client sat down with his agent and laid out plans for expanding his veterinary practice due to continued growth in his community. He would be taking out a business loan, and would need appropriate life insurance coverage in order to do so. After working through the details and completing a fact finder, the agent helped the client apply for a policy from one carrier. However, the client's paramed exam lab results came back indicating elevated PSA levels. The carrier declined the case on the spot without ordering an Attending Physician's Statement (APS) to review the client's overall health history.
The client was distraught over the decline, and feared he would not be able to obtain life insurance at all. The agent considered his options and called Creative Life for help. Together, we developed a plan for working directly with a new carrier to provide more comprehensive health information on the client with a goal of getting placement and a strong class rating.
THE SOLUTION
While the agent worked to obtain an APS on the client, we contacted the underwriting team at Lincoln Financial Group directly to discuss the case. After reading the office notes provided and sending over the client's history of PSA levels as provided from his physician, the underwriter was concerned but remained open minded. He took into account that the client had multiple biopsies completed and was seeing his urologist on a regular basis to monitor the condition. After consulting with Lincoln's medical director, the underwriter agreed that the client could qualify for standard non-tobacco rates subject to a new exam with a normal PSA level.
THE RESULT
For the client: Even though the client's PSA level was slightly elevated on the new paramed exam, the carrier did approve the client standard non-tobacco as we had hoped. He was then able to obtain the business loan he needed at a cost he could afford to grow his practice and continue making an impact in his local community.
For the agent:
Lincoln LifeElements® Level Term face amount $1,300,000
Total target premium $6,438
The agent realized that by partnering with Creative Life, he could focus on doing what he does best while knowing he had dedicated resources in his corner for getting even the toughest cases placed. He looked forward to receiving the referral business this satisfied client promised to send his way.
Remember, if you get knocked down, you're not out. Call your Life Sales Consultant to pick you back up and help you take the next steps to move forward.
FOR AGENT USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. 12006 - 2011/10/18
Lincoln Life Elements Term is issued by Lincoln Financial Group, West Des Moines, IA. Product features, limitations and availability vary by state. Guarantees provided by life insurance are subject to the financial strength of the issuing insurance company; not guaranteed by any bank or the FDIC. Agents may not give tax, legal, accounting or investment advice. Individuals should consult with a professional specializing in these areas regarding the applicability of this information to his/her situation.