Underwriting Cover Letters?

[David C]

Do you regularly include underwriting cover letters with your life applications?

Do your underwriters find them helpful?

 

[dgoldenz]

Yes, especially if there is underwriting info that needs clarification and isn't easily found on the app.

 

[VolAgent]

Unless it is a squeaky clean app, you are doing your client a disservice by not writing one. The underwriter needs your cover letter to turn the applicant back into a person. The cover letter needs to explain how great a person the applicant is, what the situation is, and how much he loves his family. Without that, it is just another number, just another piece of paper to the underwriter.

Also, I have seen cover letters and letters from the applicant turn a sure decline/flat extra case into a standard case. All it takes is one of those to pay for every single cover letter you'll ever write.

 

[David C]

Thanks guys. I wrote two cover letters last night. I'll be doing it from now on.

 

[Mark]

I do one on just about every app..

 

[Norwayguy]

I don't sell health (GI State) but have never written a cover letter on a life case can someone tell me what they include on these cover letters?

 

[souldeux]

I don't sell health (GI State) but have never written a cover letter on a life case can someone tell me what they include on these cover letters?

The most recent cover letter I wrote was for an app on a client with a few health concerns and who lived outside of my state but was purchasing inside my state. In my cover letter, I noted which of her medications corresponded to which conditions, my impression of her overall health, any knowledge I had about her condition that wasn't accounted for on the application, and noted that she had not traveled to my state specifically for the purpose of purchasing insurance. Basically, I summed up the application in a brief letter and painted everything in a positive light.

The cover letter will become the processor's first impression of the application. If it's not squeaky clean, this is your chance to tip their impression towards the positive side before they ever look at it. Plus, it makes you look professional and makes their job easier by giving them a quick reference.

 

[dgoldenz]

I don't sell health (GI State) but have never written a cover letter on a life case can someone tell me what they include on these cover letters?

Here's an example:



Dear [insert name here]:

I have enclosed an application for $1,000,000 of coverage under the universal life program with John Hancock for Mr. John Doe. Mr. Doe has term insurance benefits currently in force with Banner Life, but would like permanent benefits guaranteed for life – the application and the enclosed copy of the exam are submitted accordingly.

Mr. Doe appears to be in superior health and a very good risk for the company. Please process the enclosures as necessary - feel free to call if you have any questions. Thanks very much for your help.

Sincerely,




Your name here


If there are specific health conditions that need to be mentioned (aside from the usual BP/cholesterol/etc), or other circumstances (driving record, etc) that need to be explained in more detail, I just add another paragraph as an explanation.

 

[WinoBlues]

I don't sell health (GI State) but have never written a cover letter on a life case can someone tell me what they include on these cover letters?

Write it like you are talking to the underwriter. Include stuff that will not be in the App. such as life style or diet changes. Also change it up, if you write for the same company a lot you do not want them to start just scanning over your "form letter"

 

[Marpol]

Unless it is a squeaky clean app, you are doing your client a disservice by not writing one. The underwriter needs your cover letter to turn the applicant back into a person. The cover letter needs to explain how great a person the applicant is, what the situation is, and how much he loves his family. Without that, it is just another number, just another piece of paper to the underwriter.

Also, I have seen cover letters and letters from the applicant turn a sure decline/flat extra case into a standard case. All it takes is one of those to pay for every single cover letter you'll ever write.

Well stated VolAgent......every Life Agent should take this advise on every case.