Our friend Joe L at Issue Insurance tells us that (at least) 3 life insurers have introduced accelerated underwriting programs that promise to cut both the time it takes to get a policy issues and save wear-and-tear on clients' veins.
For example, Banner Life offers AppAssist, which is available for face amounts up to half a million dollars. It does away with medical exams, labs and doctor's notes. The carrier promises that qualifying applicants "can be approved by the next business day, or even faster."
I must admit, this feature has me scratching my head:
"One inch automatically added to client’s height to potentially boost the rate class"
I mean, I get where that could be helpful in assigning a rate, I just don't get how they accomplish the feat: elevator shoes?
So, what makes one a "qualifying applicant?" Well, that will vary from carrier to carrier, but generally speaking: ages 18 to 50, and the carrier will do a 'script check' (for various medications) and run an MVR (for major traffic violations, such as DUI). Assuming the client is on few (or no) meds and has a clean driving record, he or she should be good to go - quickly.
SBLI and Lincoln Financial offer similar programs, all with the goal of streamlining the underwriting process.
I think this is a good trend: for one thing, faster (but careful!) underwriting means less hassle for the client. Be interesting to see how far this spreads.
For example, Banner Life offers AppAssist, which is available for face amounts up to half a million dollars. It does away with medical exams, labs and doctor's notes. The carrier promises that qualifying applicants "can be approved by the next business day, or even faster."
I must admit, this feature has me scratching my head:
"One inch automatically added to client’s height to potentially boost the rate class"
I mean, I get where that could be helpful in assigning a rate, I just don't get how they accomplish the feat: elevator shoes?
So, what makes one a "qualifying applicant?" Well, that will vary from carrier to carrier, but generally speaking: ages 18 to 50, and the carrier will do a 'script check' (for various medications) and run an MVR (for major traffic violations, such as DUI). Assuming the client is on few (or no) meds and has a clean driving record, he or she should be good to go - quickly.
SBLI and Lincoln Financial offer similar programs, all with the goal of streamlining the underwriting process.
I think this is a good trend: for one thing, faster (but careful!) underwriting means less hassle for the client. Be interesting to see how far this spreads.
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