Expedited Underwriting

Earlier this week on LTC Coffee Break, we shared with you the announcement to changes to our expedited underwriting program.

LTC Coffee Break with Florio & Fisher review changes to the expedited underwriting,

It’s funny – after our broadcast, I received a few emails saying, “I didn’t know that you had expoedited underwriting. I believed that Asset Care was full underwriting with APS and paramed.”

Well, shame on me for not doing my job and discussing expedited underwriting with you sooner.

As you are aware, Asset Care is our flagship life insurance based long term care funding product. It can be written on either a joint or individual basis with benefits that can be offered either on a limited basis or for a lifetime. If you want more information about the Asset Care features, please contact either Justin Fox my internal at justinfox.isp@oneamerica.com or via phone at (844) 658-3725 or me.

From an underwriting perspective, Asset Care is available to Table 8.

But, I digress. We are here to discuss expedited underwriting for Asset Care. Simply, expedited underwriting is a program that we offer if your client meets certain criteria. Those conditions are as follows:

  • The applicant meets build requirements for Asset Care
  • The applicant’s medical history meets the criteria found on the Asset Care Impairments guide
  • The applicant has not been declined for other insurance (life, LTC, disability, or health)
  • The applicant sees her or his physician regularly
  • The applicant is applying for amounts within the maximum net amount at risk guidelines
  • The applicant has completed the tele-interview

A regular physician visit is defined as:

  • ages 65+, last visit in the last 12 months
  • ages 50-64, last visit in past 18 months
  • under age 50, last visit in the past 24 months

The maximum net amount at risk guidelines are $250,000 when applying for lifetime Continuation of Benefits Rider (COB) and $500,000 when applying for limited or no COB.

This chart will help you understand how net amount at risk for Asset Care is calculated.

This information is also available in the Care Solutions Process Guide.

If you have any questions, please contact either Justin Fox my internal at justinfox.isp@oneamerica.com or via phone at (844) 658-3725 or me at (678) 512-9627 and kevin.fisher@oneamerica.com.