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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.
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