Underwriting: Commercial or Private?

By Lisa Morris, VP of Underwriting and Development at Partners Advantage

Aviation consideration can fly in many directions (pun intended). However, the basis of consideration rests on experience and safety standards. Private pilots that are adequately trained and fly enough to stay abreast of the activity have greater opportunities at preferred consideration. Also, commercial pilots who fly on a schedule or if non-scheduled but have the same safety standards as scheduled flights, can also be considered at preferred. Well, what can cause a rating? The most popular areas that result in ratings involve the following:

1. Not flying enough per year (not familiar enough)
2. Flying too much per year (increased chance of accidents)
3. Hazardous activity such as helicopter flying, fire/emergency flying or air traffic control
4. Experimental or Acrobat flying

In addition, a person’s medical history can affect aviation assessment. In this case, consideration of an aviation exclusion can be utilized. However, remember that a claim may be questioned if the applicant crashed due to an infarct (heart attack) while flying. In other words, you’d be faced with the infamous struggle of who came first, the chicken or the egg? Or in an aviation case, which came first, the crash or the infarct. 

Do you have an underwriter with experience on your side? Partners Advantage can help. Contact Lisa “Lee” Morris at 888-251-5525, Ext. 199 or email lmorris@partnersadvantage.com.

Fly High my Friends!

For use with financial professional only. Not for public distribution.

Partners Advantage Insurance Services and their representatives do not give tax or legal advice. The material in this blog is provided for informational purposes only and should not be construed as tax, legal or underwriting advice. Additionally, the information presented here does not consider the impact of applicable state laws upon clients and prospects.

Guarantees and benefits are based on the claims-paying ability of the issuing insurance company. Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. Each case is individually underwritten as the severity of medical conditions varies among individuals. Formal underwriting evaluation and pricing is based on the individual characteristics of each case.

250068

A Possible Solution For Your Clients’ “Rainy Day” Funds

While many people have a “rainy day” fund, a lot of times it can be in a form of a savings or checking account at the local bank. The question becomes what will this money be used for? Vacation, second home, charity, etc. We as insurance professionals, should review our clients’ portfolio to make sure they have enough protection in case of death and/or health issues. Let’s take Jack and Diane for an example:

"Jack and Diane are your typical retirees. They worked hard their entire lives, saved, and addressed the obstacles to an enjoyable retirement – except one. Jake and Diane have not prepared for the risk of needing long-term care. Should LTC become a reality, they have decided that bank type accounts or non-qualified assets they own, could be an alternative option to help pay for LTC expenses in the future. They have made the decision to be “self-funded.”

The issue with self-funding LTC comes with its high price tag. Jack and Diane, in all likelihood do not have enough to pay these costs. Whether it’s just Jack needing care or possibly both needing care in the future, there needs to be something rather than nothing to help cover costs. A combination of life insurance + LTC and annuity + LTC benefits offering a potentially valuable, and often overlooked retirement tool which can offer opportunity for insurance professionals to help prepare clients for retirement concerns such as:

• Living a long life
• Covering LTC costs
• Helping with asset accumulation
• Assisting with wealth transfer

These contracts also offer:

• Premiums that never increase*
• Benefits even if LTC is never used
• Flexibility of either a single or two-person contract

Asset-based long-term care policies work by leveraging existing assets to help pay for LTC expenses when needed or offering the flexibility of passing the asset to a named beneficiary, family or charity as a death benefit. Consider these products as part of your clients’ overall financial strategy.

For assistance regarding asset-based long-term care products contact the Partners Advantage Brokerage Tea at 888-251-5525, Ext. 700.

For financial professional use only. Not for public distribution.

As your clients' personal situations change (i.e., marriage, birth of a child or job promotion), so will their life insurance and retirement income needs. 

Care should be taken to ensure these products are suitable for their individual needs. They should weigh any associated costs before making a purchase. 
Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as sex, health and age, and has additional charges for riders that customize a policy to fit their individual needs. 

* Riders are additional features that may be available with some insurance products, are generally optional and could come with additional costs. Life insurance and annuity policies and/or associated riders and features may not be available in all states, and policy terms and conditions may vary by state.

246094

A Training and Networking Event You Want to Be A Part Of

The PILLAR Boot Camp is Coming to Atlanta, GA and Fort Lauderdale, FL!

The PILLAR Boot Camp arrives in two East Coast cities on October 4 and 5, 2017 and will introduce a complete sales, marketing, and seminar program called The PILLAR System. Join the hundreds of agents who have attended this exciting event and transformed their career by applying The PILLAR System tools and techniques.

The PILLAR Boot Camp you will show you how to:

• Fill seats and conduct a client seminar (This is a mock presentation of a client seminar)
• Generate more prospective clients
• Shift your thinking to the Seven-Figure Mindset
• Thrive in the new era of insurance

Where education meets innovation - you won't want to miss this exclusive event!

Register for October 4 — Atlanta, GA Boot Camp

Register for October 5 — Fort Lauderdale, FL Boot Camp

Questions? Contact the Partners Advantage Brokerage Team at 888-251-5525, Ext. 700

Learn more about The PILLAR System at

thepillarsystem.com

For financial professional use only. Not to be used for consumer solicitation purposes.

Becoming a member of The PILLAR System may be dependent on various factors including but not limited to production requirement and PILLAR carrier contracts placed with Partners Advantage Insurance Services, LLC.

Partners Advantage Insurance Services, LLC reserves the right to change the requirements of the PILLAR System at their discretion. Results may vary, this communication does not constitute an offer or guarantee. Participating agents will need to be properly licensed and may be subject to screening. Participating agents must adhere to all federal and state compliance and market conduct standards. Additional terms and conditions to be set forth in an agent agreement between Partners Advantage Insurance Services, LLC and the agent. 

All rights reserved, trademark pending.

249838

Underwriters Are Not Machines

By Lisa Morris, VP of Underwriting and Development at Partners Advantage

Did you know that Underwriters are normal people? OF COURSE! Although their responsibility is to make a scientific assessment in accordance with the manual, just like normal people, their assessment is based on a number of things that have nothing to do with science. First, an underwriter who is not familiar with a certain condition will err on the side of caution based on those limitations. On the contrary, the more familiar an underwriter is with a condition, the easier it is to implore more assumptions about the risk. Second, underwriters have emotions and just like anyone on any job, it could be a “good day” or a “bad day” and that even crosses over in our careers (yep….everyone is guilty of this at one time or another!) 

I like to compare underwriting assessment to driving. A more experienced driver can deviate from the “10 and 2” wheel handling while a lesser experienced driver will follow ALL rules and guidelines to the letter. So let Partners Advantage Underwriting be your guide to pre-assessments and recommendations. Not only do we know who the good drivers are on which road, but also which driver would be a good fit per clients' individual needs, which is helpful in avoiding your client being stuck in a ditch!

Do you have an underwriter with experience on your side? Partners Advantage can help. Contact Lisa “Lee” Morris at 888-251-5525, Ext. 199 or email lmorris@partnersadvantage.com.

Happy Underwriting!

For use with financial professional only. Not for public distribution.

This blog is designed to provide general information about the subject matter covered. Partners Advantage Insurance Services and their representatives do not give tax or legal advice. The material in this blog is provided for informational purposes only and should not be construed as tax or legal advice. Guarantees and benefits are based on the claims-paying ability of the issuing insurance company.  Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. Each case is individually underwritten as the severity of medical conditions varies among individuals. Formal underwriting evaluation and pricing is based on the individual characteristics of each case.

250044

Tools and Resources for Life Insurance Awareness Month

For us in the insurance industry, Life Insurance Awareness Month is every month. In the month of September, Life Happens coordinates Life Insurance Awareness Month, an industry-wide campaign aimed at educating Americans about the importance of life insurance and helping them get the coverage they need.

Have you helped bring awareness to your prospects/clients on the importance of life insurance?

While many Americans recognize that it is important to protect loved ones with life insurance, far too many lack adequate coverage. Throughout September, Partners Advantage will be distributing weekly emails to our agents with client approved resources. Your #1 asset is your client base, so help ensure that they are covered today. Be their helping hand and provide them with the guidance they need in reinforcing the importance of life insurance. Don’t let life insurance get lost in the shuffle of their daily life.

This is a great time to educate your clients and prospects, and our materials can help.

Want to learn more? Contact your Partners Advantage Brokerage Team

at 888-251-5525, Ext. 700.

For use with financial professional only. Not for public distribution.

This information is designed to provide general information on the subjects covered. It is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Partners Advantage, it's affiliated companies, and their representatives and employees do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.

Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. Optional riders are generally available at an additional cost.


252250