Underwriting: Battle of the Superheroes

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

As an advocate for the client and agent, many times I’ve been faced with that old inquiry, “Can they qualify for preferred at another carrier?” My answer has always been….it depends. Just as underwriters are different, rates at carriers are even more different. What it all boils down to is, “Do you want to pay less or be called something different?” Often times, an agent/producer will inquire about a rate class before running an illustration to determine if that new rate class will result in an improved premium. Essentially, applicants want the best rate or most bang for their buck, and being called a better assessment doesn’t always meet that requirement as Carrier A at standard may end up being cheaper than preferred at Carrier B. So my advice is to always run the illustration and have that conversation with your client. If initially they wanted to be Superman, they may just realize that being Batman has its perks as well. 

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 to learn how our in-house Underwriting Department can provide insights to help your cases find more green lights.




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.

250079

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

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

Dispelling Myths of the “Sweet Spot” in Underwriting

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

After spending 17 years working at life insurance carriers assessing large face amounts, the opportunity to move to the field presented itself and I jumped at the chance. The one observation that has been consistent can be narrowed down to one phrase: “What carrier is good at ___________”? (fill in any medical condition, avocation, aviation, etc., your choice!). My answer from both the carrier side and the field side has been the same…EVERYBODY! Everybody? Yes, everybody.

The majority of carriers use one or two of the available four reinsurance manuals. In addition, a few carriers may have some variances in which they can deviate a bit from the manual, but that happens after a carrier has shown a decline in a risk (either due to their mortality experience or new medical advancements). So if there are only a few manuals which all insurance carriers utilize, why do carriers market “sweet spots” or “niches”?

Perhaps the reason is related to how the carrier or product is positioned, perhaps how it is understood by the sales field, but whatever the reasoning, the end result is wanting to encourage you to think of their company when faced with certain underwriting issues. If you really give it some thought, you realize it is unlikely a medical condition could be a plug-in and go scenario. Why? In my 25 years of underwriting, I have never seen any two cases alike. In addition, physicians even have different interpretations or analysis of exams, conditions and treatment. Even in the case of twins with the similar DNA, they may not have the same medical condition and same treatment. So the question remains of how could a carrier indicate a sweet spot?

Individual life insurance underwriting is just that - individual. There is no cookie-cutter approach to medical conditions that can be applied to each and every applicant who has been diagnosed with that condition. No two clients are alike, so there is no set rule to evaluate their eligibility as if they are alike.

Do you have an underwriter with experience on your side? Partners Advantage can help. Read the full article which first appeared in Broker World magazine's November 2016 issue.

Fill out my online form.

Contact Partners Advantage for complete case assistance at 888-251-5525, Ext. 700.

For financial professional use only. Not for use with consumers.

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. Discussions of the various planning strategies and issues are based on our understanding of the applicable federal income, gift, and estate tax laws in effect at the time of publication. However, these laws are subject to interpretation and change, and there is no guarantee that the relevant tax authorities will accept Partners Advantage’s interpretations. 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.


69368