Another day goes by and OneAmerica Financial has another enhancement to the Care Solutions asset-base long term care line of business. No, there is no product change to announce. The most recent change is to the Pre Underwriting Inquiry process.
A Pre-Underwriting Inquiry (PUI) is the informal inquiry program for the Care Solutions products where you can submit your applicant’s health history for review.
After collaborating with a variety resources including agents, BGAs & IMOs, Care Solutions Regional Marketing Directors, Regional Account Directors, and Internal Sales Partners – the PUI process was revised. This includes a new PUI Submission Request Form as well as some procedural enhancements within OneAmerica Financial. One thing that is not changing is the commitment to reply within 24 hours of receipt of the inquiry.
Upon receipt of the PUI, Care Solutions underwriting will review the information and advise if the client would be eligible for both Asset Care and Annuity Care. Underwriting will also let you know if the proposed insured will be eligible for expedited or full underwriting, whether there may be a potential rating for Asset Care, or limitations to the Continuation of Benefits (COB) rider for Annuity Care.
The objective of this effort is to streamline the process and reduce the back and forth emails with Care Solutions underwriters. There are some absolutes that must happen for a PUI to be considered.
- Before submitting, the agent should triage the case by referring to the Ineligible Impairments for Asset Care and/or Ineligible Impairments for Annuity Care list including a review of the build chart.
- Using the Care Solutions Process Guide or by contacting your internal sales partner, for conditions that might necessitate a 6 month wait.
- The client’s age, gender, height, and weight must be submitted.
- Obtain list of medications including dosages and frequencies.
- If the PUI is a result of a decline from another carrier, include the declination letter.
Here are a few more things to remember.
- You need to complete the client information section along with all of the related medical history.
- If you proceed to a formal application, please include the PUI submission as well as the response from underwriting.
- The response from underwriting will be tentative. A final decision will be based upon review of the formal application and review of all underwriting requirements.
If you want more tips, a PUI Helpful Hint sheet has been developed to provide you with more ideas and information about the updated PUI.
If you need more information or have any questions, please contact Justin Fox at justinfox.isp@oneamerica.com or on his toll free direct line at (844) 658-3725.
As always, thanks for taking time for me.
In the February episode of Coffee Break, we shared with you the NEW OneAmerica Financial as well as a navigational overview of the updated OneAmerica.com website. If you have not viewed it, please take a minute to see this week’s episode.
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