You are on the cusp of an exciting time in the life insurance industry. Your client can now go through the process of purchasing life insurance, up to $1,000,000 currently, without having to go through the time and hassle of a full paramedical exam! How many of your clients or prospects know this? I will bet not many. And when they may think about purchasing life insurance benefits to protect their family, they typically think about how difficult it is and that they are going to have to get poked!! Well not anymore.
Accelerated Underwriting makes life insurance easy
Have you heard the term Accelerated Underwriting? If not, plan to be blown away. And just think, if you haven’t heard about it, surely your clients have no idea. If they knew, they may be more eager to purchase the life insurance benefits they need.
So, what is Accelerated Underwriting?
Simply, it is a faster and easier way for your clients to get fully underwritten, regular priced term life insurance benefit plans up to $1 million without a medical exam. It is not a distinctive type of life insurance; it is just a faster process for issuing policies.
Accelerated Underwriting allows your qualified client to purchase a regular term life insurance policy that does not require a paramedic to visit the applicant’s home or business to collect blood, urine and vital signs. Some carriers also no longer require an Attending Physician’s Statement for qualified clients. Eliminating these steps makes the process easier and quicker.
Let’s look at some carrier examples.
Legal & General (Banner Life) – Your clients up to age 40 can get $1,000,000 of term life insurance coverage using Accelerated Underwriting provided they are a Standard Plus or better rate classification. Your clients up to age 45 can get $750,000 and up to age 50, $500,000 with that same rate classification.
Legal & General requires that you use the “Drop Ticket” application process and during the telephone interview by the carrier with your client, they will ask medical questions to determine if they qualify for the program. If they do, there will be no medical exam ordered. If they do not, a medical exam will be ordered.
Protective Life – Your clients up to age 45 can get $1,000,000 of term coverage if they are a standard rate classification or better. Up to age 60, up to $500,000, preferred or better rate classification.
Protective Life also requires that you and your client utilize the Drop Ticket process for submitting an application.
SBLI – Their program is very straight forward. Any of your clients up to age 60, wanting up to $500.000 of coverage, no matter what the underwriting classification, will not require a full medical exam. SBLI may order an Attending Physician’s Statement however.
SBLI also requires the Drop ticket process be used.
Pacific Life – PacLife has a particular niche in accelerated underwriting. They are offering it to clients between the ages of 50 and 69, purchasing up to $500,000 of coverage. The client is not required to have a paramedical exam done if they have had a medical exam by their doctor within the last 18 months which included labs.
Again, the Drop Ticket application process applies.
These are just a few examples of what is currently available for your client. But as you can see the process of purchasing a life insurance policy has become so much easier, and your clients don’t even know!!
Ask your clients when they last reviewed their life insurance. How their needs may have changed and how much easier it is today to apply for life insurance. Tell the story. Give your clients and prospects the opportunity to have the coverage they need and deserve.
What to learn more? We are happy to help.