Executive Life Insurance Underwriting Strategies
Executive life insurance underwriting programs now enable some healthy applicants to obtain north of $150M coverage without insurance physicals. Clients love the convenience! Advisors also benefit by avoiding underwriting complications from elevated blood pressure, abnormal labs, or new t-wave abnormalities. When you work on jumbo cases, let’s try to de-risk underwriting by taking advantage of one or more Executive Life Insurance Underwriting programs.
Related Articles:
One highly rated brand name life insurer now offers select high net-worth individuals and couples the opportunity to apply for up to $65M life insurance without insurance company exam or labs. Term insurance, permanent insurance, and survivorship life policies are eligible for this exciting opportunity. For coverage needs beyond $65M, it is often possible to line up several similar executive underwriting programs to place north of $150M without the need for an insurance physical or labs.
Qualifying Criteria
- Applicants ages 35 – 70 (unable to backdate to qualify)
- Minimum household net-worth $10M
- Death benefit $5M – $65M, including ROP / increasing DB designs
Requirements
- Company specific or multi-company HIPAA form with complete medical records for past 5 years
- All diagnostic & prognostic test results from all healthcare provides for past 5 years
- Complete physical exam, labs completed in past 18 months for applicant ages 35 – 50
- Complete physical exam, labs completed in past 12 months for applicant ages 51 – 70
- Favorable EKG or other appropriate cardiac testing within past 5 years
Ineligible
- Foreign nationals, overseas residents
- Professional athletes, celebrities, high profile individuals
- Applicants who completed an insurance company exam or labs for another insurer in the past 12 months
Prequalifying Your Clients for Executive Underwriting
An acceptable tentative offer without insurance company exam and labs must be confirmed via subsequent formal application, current health questionnaire, non-medical & financial information, including MIB, MVR, ID.me checks etc. The insurer reserves the right to request additional medical or non-medical underwriting information. A tentative informal offer may not result in a formal offer of insurance.
Some of your high net-worth and ultra-high net-worth clients, especially corporate executives, might have ready access to required medical records, making an initial informal review quick and easy for them and for you. Can you think of an appropriate prospect or client who has been sitting on the fence about life insurance, not wanting to have to schedule an insurance physical they consider obsolete, based on the existence of recent personal physicals?
Our team of medical underwriting directors are working on several executive underwriting cases any given time. Every day they negotiate with our industry’s chief underwriters to place as much coverage as possible without requiring insurance physicals.
Do you have executives who need large amounts of life insurance? Let’s skew the underwriting of these important cases to your and your client’s advantage. Set up a call with one of our underwriting directors early in the process, before you take any applications or order insurance medicals.