Backdating of Life Policies
- Thread starter Josue
- Start date
- 25,036
Four phone calls will get you the real answers.
- 29,515
At least 2 of the 4 you listed, you can't even sell. I'm assuming you're talking about the NYL through AARP, so that would be 3 of the 4. I'm confused(which isn't unusual).
- 25,036
Lucky if you get the policy before their next birthday with Gerber.
Last edited:
- 179
Backdating????
Are you referring to "Saving Age"?
There is a discrepancy on how some carriers approach this, some will just apply for nearest age, some will look at last birthday.
like WINO said, some phone calls will give you that answer. If you are looking at a company that looks at last birthday, and the insured has a birthday during the underwriting process. Then the client will have to pay back premiums from the date applied in order to save age once they are approved.
I just a had a case through Genworth that was approved, but it was in underwriting for 3 F!@#ing months!! The insured had a birthday, and now they owe 3 months in premiums, or accept a higher rate at their current age. Which turned out to be the way it went.
Isn't gerber the only one on your list that is not captive.
IT appears that you are talking about a FE policy, in which a company like SNL will look at last birthday and the underwriting is typically done in about 30 seconds, perfect for a client that is very close to their next birthday.
Are you referring to "Saving Age"?
There is a discrepancy on how some carriers approach this, some will just apply for nearest age, some will look at last birthday.
like WINO said, some phone calls will give you that answer. If you are looking at a company that looks at last birthday, and the insured has a birthday during the underwriting process. Then the client will have to pay back premiums from the date applied in order to save age once they are approved.
I just a had a case through Genworth that was approved, but it was in underwriting for 3 F!@#ing months!! The insured had a birthday, and now they owe 3 months in premiums, or accept a higher rate at their current age. Which turned out to be the way it went.
Isn't gerber the only one on your list that is not captive.
IT appears that you are talking about a FE policy, in which a company like SNL will look at last birthday and the underwriting is typically done in about 30 seconds, perfect for a client that is very close to their next birthday.
- 25,036
""Genworth...in underwriting for three months...."" Yup! Had the same thing happen to me but it was closer to five months and a $500+ monthly premium. Luckily they decided to pay annual in the end. I was studdering trying to explain that they owed $1,600. and the next draft was in a couple weeks.
Had to backdate an Assurity app to capture the previous age this week, just a signed letter stating the intentions of the client.
- Thread starter
- #9
- 179
It doesn't have to be tricky as long as you explain what "saving age" is at time of application, especially if you are going fully underwritten.
Something that will really help with this is getting the first month's premium with application, not a voided check.
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