- 7,790
Because she'll never be disabled for more than 6 months, duh.
I guess her name must be Claire Voyant!
- Thread starter
- #13
2
2insureyou
Guest
indeed... yes, I've been through all of this with her. She is insistent on the product. We'll see how insistent she is when she sees the price.
- 4,132
The other real s hitty aspect of this is because of that prior situation you mentioned, chances are the under writer will mess it up and you'll do a ton of footwork for a "no".
I always laugh when the bus mags tout DI coverage as the hot ticket to riches. It is one of the most if not the most difficult product to place. Underwriting is a bear.
Usually the people who are really interested in DI, have had a prior experience where DI would have really helped. That's the rub, they see the value in the product, the underwriter sees someone who has had a health problem and will either jack up the rate, or simply issue a decline.
While I would love to sell more DI, it simply isn't worth the time invested.
I will always try for clients who are interested, but beyond that, it's a lot of work often for nothing.
I always laugh when the bus mags tout DI coverage as the hot ticket to riches. It is one of the most if not the most difficult product to place. Underwriting is a bear.
Usually the people who are really interested in DI, have had a prior experience where DI would have really helped. That's the rub, they see the value in the product, the underwriter sees someone who has had a health problem and will either jack up the rate, or simply issue a decline.
While I would love to sell more DI, it simply isn't worth the time invested.
I will always try for clients who are interested, but beyond that, it's a lot of work often for nothing.
- Thread starter
- #15
2
2insureyou
Guest
it can certainly be difficult to place... difficult indeed. I manage to place about 15-20 policies a year for people, but that's about it. That's a small fraction of the life insurance I place...
- 8,707
Started using a client review check off sheet from National Underwriters last summer and got three people strongly interested in DI very interested in Long term disability wrote the apps got the checks all three declined...The people that can see the need can't get the coverage.
Unless they are making $80k+ or are a doctor/lawyer/consultant/self-employed business owner, it's generally wasting time. Between income documentation, occupation class underwriting, health underwriting, offsets for mandatory group coverage, cost due to age or being female, the percentage of people likely to actually get a DI policy and accept it as offered is not very large.
- 8,707
These where self employed people with no spouse so they were very concerned about thier income stopping...Its interesting that the application questions did not trip them up but instead the MIB, RX check and finally the APS did them all in. I have found that it is very easy for a client to be having a bad day when meeting whith thier Dr and have Depression get into thier medical records.
It's always the doctor's records....depending on the benefit amount you can get quick-issue policies done with only a telephone interview and no medical records or income documentation. Depression isn't an auto-decline, but will generally limit the policy to a 5-year benefit max with any company. Still better than nothing at all.
- 8,707
Yeah I know...It just seems that those that want DI always send a red flag up that they may not get through underwriting...I tell people just that these days and have a longer discussion about underwriting trying to ferret out any skeletons so we can get things issued.
