By Lisa Morris, VP of Underwriting and Development at Partners Advantage If you’ve ever been faced with a situation where your client has multiple medical or mortality impairments, then welcome to the world of substandard underwriting! There may be a few situations when the client has one significant impairment and a few other minor impairments that adds to the major issue, and may tack on additional rateclasses. But why? Some conditions are exacerbated or the mortality risk increased when they are together. As an example, let’s consider siblings. There are situations where one child acts worse when their other siblings are around. This is the same relationship of multiple impairments in which the additional, or increase in risk is due to the other being “around” — this condition is called comorbid impairments. Certain conditions have an added risk when they are combined with another. For example, due to metabolic concerns, a person with diabetes has an additional risk if they also have coronary artery disease because one condition can increase a person’s mortality risk when they are put together. For these situations, pivot to the Partners Advantage Underwriting Department so that they can assess and determine the items that may increase an assessment and just like comorbid impairments, sales and underwriting has something in common — its customers! Don't forget to get your copy of the "4 Steps to an Effective Cover Letter for Life Insurance Applications" by VP of Underwriting and Development, Lisa “Lee” Morris.
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. 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. Partners Advantage Insurance Services and their representatives do not give tax or legal advice. The material in this article 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. 250102
On December 22, 2017, President Trump signed the Tax Cut and Jobs Act (TCJA) into law. The TCJA has made significant changes in personal and business federal tax rules. Learn how the new tax law can impact the use of Life Insurance and Annuity products for legacy creation and retirement income planning strategies. You will learn:
How the new tax act can affect households in different economic situations
Estate planning changes and how financial professionals should respond
How businesses can take advantage of the new tax law with concepts
Complete the form to access this On-Demand webinar to learn how to thrive under the new tax law with families, estates, and businesses.
This webinar is intended for educational purposes only. For financial professional use only. Not to be used for consumer solicitation purposes. You should not treat any opinion expressed as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion and experiences. Partners Advantage does not warrant or guarantee the accuracy or completeness of the information contained herein. Partners Advantage Insurance Services and their representatives do not give tax or legal advice. Accordingly, any tax information provided is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. Encourage your clients to consult their tax advisor or attorney.
There is an ongoing myth that Underwriters do not review cover letters. Boy, is that so far from the truth! The purpose of a cover letter is similar to the frame of a house. It serves as the foundation of the applicant’s risk. This foundation gives a carrier underwriter a peek into the window of how the case was sold, the purpose of coverage, your relationship with the applicant, and a little about the client’s risk. As a result, the underwriter can start off with an open mind and baseline of the proposed insured. Essentially, the key to an efficient and effective cover letter is being transparent and detailed, thus sending a signal to the underwriter that you’ve done your part in the application process. Effective cover letters are your introduction of your client to the carrier underwriter. Learn more in the full white paper "4 Steps to an Effective Cover Letter for Life Insurance Applications" by VP of Underwriting and Development, Lisa “Lee” Morris.
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. For Financial Professional Use Only. Not For Use with the Public. 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. 373093
Top producers consistently have one advantage the average agents don’t: they all have a system. Do you have one? Partners Advantage’s PILLAR Playbook is an “online university” that gives you access to a huge library of 2-8 minute videos, which give you quick-hit tips you can apply from day one. These videos are bringing fresh ideas in prospecting and fact-finding that help excites clients, drive sales, and bring your business to a whole new level. What is PILLAR? Partners In Life, Long-Term Care, And Retirement The PILLAR System was created by Partners Advantage and reflects dozens of years' experience and countless hours in the field with leading agents, The PILLAR System is a proven marketing, sales and client fulfillment program for growing and thriving in the new era of insurance. We believe it’s unlike any training and seminar program in the industry. Our approach broadens product confidence, details marketing, sales and client processes and teaches a results-transforming shift in perspective we call, The Seven-Figure Mindset. The PILLAR Playbook takes it a step forward and provides agent additional access to tools and guidance that help them stay up on top. If you are interested in enrolling in The PILLAR System and would like access to The PILLAR Playbook, you can enroll at www.thepillarsystem.com, click APPLY and fill out the enrollment form, or contact us at 888-251-5525, Ext. 700. 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. For financial professional use only. Not for use with consumers. 373075
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