If you were an underwriter and received the following application on your desk, what questions would you have?:
- Female, age 35
- Noted to be retired with no annual income; Net worth left blank on the app
- Seeking $8 million of term coverage; Purpose of coverage left blank on the app
You’d be scratching your head wondering – why is this woman retired at such a young age, and why is she looking for $8 million of coverage?
What the broker forgot was a good cover letter explaining the purpose of the coverage. This client just inherited a very large estate and recently quit her job. Estate taxes were a concern – based on the inheritance, the $8 mil applied for was justified.
We’re here to help. We’re here to provide our expertise when it comes to writing good cover letters – we can even help write them for you.
We’ll help explain the purpose of your application to our carrier underwriters. That said, the most important source of information about a proposed insured is you – we’ll need your help to prove your applications are financially justified.
Key information we’ll need:
- What is the purpose of the application?
- How was the face amount determined?
- Who will be the policy owner and premium payer?
- What is the current amount of in-force and applied for insurance?
- Do you have any other pertinent documentation you can provide to explain how the amount of insurance was determined?
Give our Underwriting Team the opportunity to help you move your applications smoothly through underwriting. If we answer our underwriters questions before they ask, who knows? We could see quicker approvals, which gets you paid faster – and we all move on to your next big app waiting to happen.