De-Risk Life Insurance Underwriting
Life insurers order paramedical exams, labs, and EKGs to uncover new, previously undiagnosed medical concerns. Common findings include:
- Abnormal liver functions
- Elevated glucose
- Blood or protein via urinalysis
- T-wave abnormalities on an EKG
How many of your applications have derailed because of these findings?
You now have the option to avoid ratings and declines by introducing your clients to the convenience of exam and lab-free life insurance applications. Help your clients qualify for the lowest premiums possible!
De-Risking the Underwriting Experience
Several new exam and lab-free underwriting programs have come on the market in 2023. One highly rated mutual life insurer now offers up to $5M coverage exam and lab-free for applicants to age 50! Life insurance buyers love the convenience of these programs! Policies are issued in as little as one day. Pricing is identical to fully underwritten coverage. Even super preferred rates are available! With that, which of your clients wants to expose themselves to the risks of adverse exam findings when there is a much easier, de-risked way to buy life insurance?
Sequential Underwriting for Large Coverage Needs
Most life insurers still require a paramedical exam, labs – and sometimes even an EKG – for applications above $5,000,000. As your clients’ advocate, recommend they apply for exam-and-lab-free underwriting first. This way they may be able to lock in favorable offers – before ordering additional testing. Remember, the only reason insurers are willing to incur the expense of insurance medicals is to uncover new, previously undiagnosed medical concerns. Is that your goal? Your clients’? Safety first! While sequential policy placement requires a bit more effort, it is the least risky method to acquire significant amounts of life insurance at the lowest possible cost.
Up to $135M Exam and Lab-FREE Life Insurance
Business owners and C-suite executives who have comprehensive physicals every 12 – 18 months may qualify for much larger policies without insurance medicals. Executive underwriting programs are offered by about a dozen of the industry’s most experienced insurers. Healthy applicants may qualify for coverage north of $100M without an insurance physical.
For jumbo policy needs above $135,000,000, some type of current testing is usually required. In such settings, applicants can still control several aspects of policy pricing by:
- Sequentially layering their applications and policy placements
- Preparing for favorable paramedical exam results
When you have the opportunity to write jumbo cases, arrange for a Zoom with one of our medical underwriting directors. Let’s get caught up on the latest underwriting strategies. As a team, we can structure the most convenient and de-risked approach to securing your client’s coverage.
Exam & Lab-Free Underwriting: Becoming the New Normal
De-risking the life insurance underwriting experience via exam-and-lab-free underwriting should be the default strategy for most applicants. Neither you, nor your client, have an interest in uncovering new, previously undiagnosed medical concerns, before placing life insurance coverage. Call your Marketing Representative, complete our life insurance quote request form, or request a callback via email. Let’s put our heads together and plan your next client’s life insurance application without hassle – and without exposing them to easily avoidable underwriting risks.
