I have a client that wants a 30 yr term for $1,000,000 on himself and his wife, instead of taking multiple apps for each company I want to shop can I have them do their physicals first and them send that info to the companies I want to shop and see who gives the best offer before completing the applications?
1,000,000 Policies
- Thread starter DC2188
- Start date
- 599
Sure. The only issue would be the time it takes to get that all in the works.
- 24,968
If it is a big enough case have your brokerage do a trial app. If it is a OK case call the brokerage in house underwriter and give him/her _everything_ on the client. They will be able to recommend the companies and the likely rating. If you do not have a brokerage that can do all this for you I recommend Pinney. Mike, the underwriter, has been pretty right on on his recommendations to me.
Doing a trial then a formal can get time consuming. And remember someone has to pay for the exam, labs and APSs. So you do not want to do this for a little <$5,000 case IMO. My last one took 5 months or more to place. But the premium was pretty big.
- 15,319
I'm guessing that the prospect is somewhere in his 30's so even for a 30yr term the premium will be relatively low. I might just grab a Part 2 from any company and ask the medical questions.
Then call Mike at Pinney as the FE agent posted above. He'll give you a good idea of what's available and they'll do most of the heavy lifting.
Rick
Then call Mike at Pinney as the FE agent posted above. He'll give you a good idea of what's available and they'll do most of the heavy lifting.
Rick
- Thread starter
- #5
Just turned 40. I will most likely turn to Pinney when the time comes. Is a part 2 just the med questions?
- 24,968
Yeah, I kinda bounced right over the 30 year. I start looking at dialed down UL on older 30 year plans.
- 24,968
That would have been in the FE forum.
Stevekobrin
Expert
Shopping is definitely the right thing to do. Your clients will appreciate getting pre-underwritten because this way when they finally apply, they will be confident of the outcome.
Remember that exam results are only part of the requirements needed for prequalification. Client disclosures and a cover letter are essential. Medical records may have to be reviewed. Once you provide an underwriter with thorough and accurate quote information, he or she will be much more comfortable putting a reliable rate on the table.
If your MGA provides broker support services, then you will have an underwriter assigned to these cases to assist you. They will also assume the costs of the exams and records.
Then, when you go formal, they should have a case manager preparing the paperwork for you and managing all the underwriting requirements.
This kind of system really give the clients the feeling that there are are in good hands. They will really appreciate your making them feel that way.
Remember that exam results are only part of the requirements needed for prequalification. Client disclosures and a cover letter are essential. Medical records may have to be reviewed. Once you provide an underwriter with thorough and accurate quote information, he or she will be much more comfortable putting a reliable rate on the table.
If your MGA provides broker support services, then you will have an underwriter assigned to these cases to assist you. They will also assume the costs of the exams and records.
Then, when you go formal, they should have a case manager preparing the paperwork for you and managing all the underwriting requirements.
This kind of system really give the clients the feeling that there are are in good hands. They will really appreciate your making them feel that way.
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