insuresu
Expert
- 33
Whenever and if ever possible, I prefer to write a simplified issue policy rather than a fully underwritten policy for a few reasons:
- Most importantly, it protects the client's insurability
- The chances of the client being approved as applied for is about 90%, much higher than what it is for fully underwriten
- No paramed or medical exam, blood & urine tests, or swabs
- Policies are issued quickly, usually within a week, sometimes within 24-48 hours
- Client is happy
- I get paid quickly
- I'm happy
Yes it's true, the premiums are usually a little higher but if everyone is happy, what's the problem?
Besides, once approved there's nothing wrong with shopping for a better premium afterward. Even if something is uncovered via MIB or otherwise, once the policy has been issued and there was/is no fraud involved, the client is protected. The issued policy cannot be taken away.
On the other hand, if someone applies for a fully underwritten policy and is declined or rated, that is automatically entered into the MIB. The client is scarred for life by that information.
Anyone want to comment?