Fridays with Fisher and LTC Coffee Break are for financial professionals only. We will discuss asset-based LTC, selling strategies and marketing tools using OneAmerica’s Care Solutions portfolio with your clients along with other non-consumer information.
Every Tuesday morning at 10 am, Michael Florio and I host our webcast LTC Coffee Break. To check out this week’s episode, you can CLICK HERE. As part of our discussion, we shared some of the key feature of Asset Care. One of those points is our underwriting for Asset Care.
To paraphrase what I said in our webcast – virtually every asset-based / linked benefit / hybrid life insurance policy that provides true long term care benefits is willing to underwrite business out to table 4 and consider it a standard / preferred risk. But, Asset Care can underwritten and rated to table 8.
Now, when your client is rated, that in all likelihood will require some heavier underwriting. That additional information may needed from of a paramed exam or attending physician statements (APS). And, often, those requirements are not determined until the application is in-house and with underwriting. (Just trying to set an expectation for you.)
In our webcast, Michael shared with you one of the most useful tools that we have available for you – the Pre-Underwriting Inquiry (PUI). The pre-underwriting inquiry is an outstanding tool for you to use when you suspect that the client will have an underwriting challenge or two.
Complete the document (it is a fillable form) then submit it to OneAmerica underwriting to review. Within 1 business day, you will have an assessment of the risk and along with what product and riders may or may not be available. Of course, this is not a binding offer, but it gets you further down the path to submitting an application.
Going back to my days as an agent – it is far easier to have a conversation with a client who is expecting a policy than to deliver a rated policy to a client that is expected a preferred-best policy.
We have another tool to help in the underwriting process and that is the ineligible impairment list. I often advise producers to review this one page document with the client before submitting a PUI for review.
Another “best practice” for Asset Care is to review the Asset Care ineligible condition list before presenting an illustration. That way, if the policy is heading toward a table rating or worse, you can set the client’s expectation.
If you would like to learn more, my internal sales partner Justin Fox and I are always available to assist you with any of your questions. Justin can be reached at (844) 658-3725 and firstname.lastname@example.org. And, I can be contacted by phone/text at (678) 512-9627 and email@example.com