The times they are a-changin’, in the life insurance application process anyway, especially when it comes to term life. Let’s face it; the life insurance application process is cumbersome and antiquated. Even with technology, life insurance carriers have had a difficult time getting away from those 30 to 45 page overly compliant applications that take more time to complete than it is worth for some term cases.
Enter the drop ticket process; a short form or transmittal that takes you about 5 minutes to complete. You can complete it electronically or on paper. There are no signatures required so it can easily be done over the phone. Once submitted, a carrier representative will call your client to take the full application, taking that time consuming task off your hands. So how else does the Drop Ticket save you time and make your life easier?
- Less time taking an app – takes you about 5 minutes and can be done on paper or electronically.
- No travel time to visit face to face – you can take a drop ticket over the phone.
- Reduced cycle time – the interviewer that takes the app gets it done in good order every time.
- Less APS’s – the interviewer can ask additional medical questions that help the underwriter make a decision without an APS.
- Paramed is ordered for you – the interviewer orders the exam while on the phone with your client, setting it up for a time and date convenient for them.
- You get paid faster – reduced cycle time means you get paid faster.
- Your time is worth more – spending less time on the app process means you have more time to do what you do best, sell!
We at BBA Life continually monitor your app through the process to make sure everything gets done according to plan. The most important aspect of using the drop ticket is that your client knows what will happen after you have taken the initial information. You should let your client know that they will be receiving a call from the carrier interviewer within about 48 hours. The call will take about 30 to 45 minutes. They will want to have ready:
- List of medications they take.
- Personal and household income.
- Names, addresses, and phone numbers of doctors and medical care providers.
- Their driver’s license number.
- Current life insurance information including the company name, benefit amount, policy number and year issued.
- Their approximate assets, liabilities and net worth.
After the interview is completed, the client will be sent the application for review and electronic signature.
We are having more and more carriers utilize the Drop Ticket method of taking an application, and now several are talking about eliminating the medical exam in the process. How fabulous would that be!?! We will keep you updated.
If you would like to take a look at our BBA EZLIfe Drop Ticket multi carrier application, simply click here.