Executive Underwriting – No Exams, No Labs

Many executives and professionals undergo executive physicals each year.  These types of exams include a comprehensive health review, complete lab panels and cardiovascular testing.  These may be conducted at the individual’s personal physician’s office or through a formal program at major health care facilities, such as Mayo Clinic or Cleveland Clinic.

If your professional client has completed a comprehensive executive physical within the past 18 months, they may be eligible for permanent coverage through a streamlined underwriting process, without the need for an insurance paramedical exam and labs.

  • Ages 25-65
  • Up to $20 million of coverage
  • Indexed UL and Variable UL plans, including Survivorship (spouse must also have had an eligible physical in the past 18 months)
  • Preferred and Standard classes
  • Executive, Professional, White Collar occupations;  Minimum annual income $100k
  • Medical records are required and must include the Executive Physical Exam meeting a minimum criteria of physical measurements with vitals (height, weight, blood pressure reading, pulse), medical history review, full panel blood and urine tests, and cardiovascular testing

Contact our Underwriting Team for assistance or more information.

Underwriting Recreational Marijuana

Did you know that Non-Smoker rate classes are available on marijuana use?  In some cases, Preferred Non-Smoker rate classes may be possible.

Take a look at these potential rate classes for recreational marijuana use:
  • 8 or less days per month may qualify for Preferred Plus Non-Smoker
  • 3 or more times per week may qualify for Preferred Non-Smoker
  • If no more than 1 time per day and up to 4-6 times per week may qualify for Standard Non-Smoker

Contact the Underwriting Team for best possible outcomes on marijuana use.

Placing Sleep Apnea Cases: A Breath Of Fresh Air

Imagine the thought of not being able to take in a breath, then suddenly gasping for air when you’re able to breathe in again.  Now, you’re probably thinking to yourself this sounds a lot like the feeling you sometimes get with certain not-so-favorable offers on impaired risk cases!

All kidding aside, this is actually what happens with people who have sleep apnea.  An individual suffering from sleep apnea may not even be aware of it while it’s happening, but could still experience symptoms – most commonly, daytime sleepiness, morning headaches and loud snoring.  Sleep apnea restricts oxygen to vital organs and if left untreated, it can lead to more serious conditions such as heart arrhythmias, stroke and diabetes.

Diagnosis is usually made after undergoing an overnight sleep study.  Severity is measured by the Apnea/Hypopnea Index (AHI) which represents the number of episodes per hour.  An AHI score of 5-14 indicates mild severity, 15-30 indicates moderate and over 30 is considered severe.

CPAP (Continuous Positive Airway Pressure) is usually the recommended treatment.  Other treatments may include dental appliances or surgery.  Follow up sleep studies to monitor the effectiveness of treatment are also often recommended.

So what does all this mean for life underwriting?

The key to favorable outcomes isn’t as much the severity at diagnosis as it is the follow up and compliance to treatment.

In some cases, lack of compliance or failure to follow up can lead to highly rated offers and declines.

Take for instance this case involving severe sleep apnea but with good follow up and compliance:
  • 66 year old male applying for $500k of Term coverage
  • Lifetime non-smoker
  • Height 6’ 4”, weight 220 lbs
  • Hypertension, well controlled on Amlodipine
  • High cholesterol, well controlled on Pravastatin
  • A sleep study done in 2016 revealed severe obstructive sleep apnea with an AHI of 78 and CPAP treatment was initiated
  • Sleep apnea is well controlled, without symptoms, and good compliance on nightly CPAP use.

Underwriting decision: Preferred NS for the sleep apnea history!

Place more business and earn more commissions!  Our Underwriting Team is here to help you get the best possible underwriting offer on each and every case.

Why Gifting Matters to You

Gifting is an important tool in designing many types of Advanced Markets cases.  Gifts can create opportunities but may also generate complications for producers and clients.

Questions you may be asking are, “How will knowing more about the gift rules help me in my career?” or “How will gifting help my client achieve their goals?”

Because your clients have the opportunity to realize significant financial and emotional value in making gifts, you will want to be knowledgeable about gifting.  The financial and emotional value clients experience through gifting can be enhanced with Life Insurance.

Generally, it’s not difficult to convince clients that they need insurance, but it’s hard to find the money to pay the premium.

Gifting may be the answer for getting the necessary premium dollars.

With Life Insurance, gifts serve a similar purpose.  A client may gift cash to an adult child so that child may purchase a policy on the parent/giver.  When the giver dies, the child receives a tax free death benefit that can pay for services or items that the giver may have previously supplied.

Consider This

For example, a father has three children, but only two of whom have interest in owning real estate that has been in the family for generations.

To equalize his estate, the father gives cash to the non-business heir, Jill, so she can buy a Life Insurance policy on him.  At the father’s death, the real estate can move to his two children that are interested in owning it, Jill receives cash from the policy’s death benefit while keeping the death benefit out of the father’s taxable estate.

Regardless of whether the gift is given for financial or emotional reasons, gifting can be a big part of a strategy to get clients closer to their desired goals.

For more information about gifting call your Life Sales & Marketing Representative.

A Cross Selling Opportunity That Often Goes Overlooked

With medical advancements, people are able to survive critical illnesses which may in the past have resulted in a death.  While your clients can rest easy knowing they have a higher chance of survival if they receive an unsettling diagnosis – they also have to afford living with the condition, which can create a severe financial strain if they are not properly covered.

For clients who are looking to protect themselves from the financial burden medical expenses would bring, there is Critical Illness Insurance.

Critical Illness Insurance offers a tax-free lump sum payment on first diagnosis of any one of a list of serious illnesses – including cancer, heart attacks, or stroke.

With comprehensive benefit plans and affordable costs – you could find coverage to fit any client’s budget, with benefits up to $500,000.  For a total of $57 a month, a female, age 45 could receive a $50,000 lifetime benefit with the option to choose 10-15-20- or even 30-year coverage periods.

With Critical Illness Insurance, your clients’ premium dollars are, in essence, being put into a safety deposit box, which can be collected in one of three ways:

  • The policy will pay the face value in the event your client is diagnosed with one of the 12 covered illnesses, including cognitive impairment or Alzheimer’s Disease
  • The policy will pay the face value to your beneficiary in the event your client passes from one of the covered illnesses
  • 100% of all premiums paid towards the plan will be returned to the beneficiary as a tax-free death benefit if your client passes for any other reason

While most critical illness policies have a reduction of benefit at age 65 – we have contracts that extend the full benefits out to age 70. In addition, any benefits after age 70 would still pay a full benefit for cognitive impairment or Alzheimer’s Disease.

Traditional health insurance plans, while the most common form of protection, will only cover hospital and pharmaceutical expenses.  However, additional costs, such as insurance deductibles, childcare, insurance premiums, and short-term home health care would be billed directly to your client – who should be recovering, not stressing about how they will pay the bills.

Critical Illness Insurance is one of the best kept secrets in the industry and provides advisors a great opportunity right now to meet more clients, help more families and increase sales.

Look to your clients with a family history of Cancer, Heart Disease, or Hypertension.  They are very likely to be interested in purchasing protection.

The likelihood of surviving a critical illness grows every year, as does the threat of being diagnosed with one.  Contact your Disability Insurance Specialist for detailed information about a plan that meets each of your clients’ needs and budget.