Over 150.000 insurance professionals and consumers come to the Insurance Forum every month. Click here to register for FREE


Go Back   Insurance Forums > Insurance Agents and Brokers Forum > Life Insurance Forum

Reply to Term Life Broker Question     
Old 07-04-2015, 07:15 PM   #1
Guru
 
Join Date: Jun 2014
Posts:338
State: RookieYankee is an Insurance Agent from
Term Life Broker Question Term Life Broker Question
How do you figure out who will be able to approve a certain candidate. I had a guy a while ago that Banner Life declined due to diabetes, stroke and high blood pressure but then a few weeks later tells me he just got approved for Transamerica.
------------------------------------
  Reply With Quote to Term Life Broker Question
Old 07-04-2015, 08:10 PM   #2
Guru
 
Join Date: Sep 2012
Posts:2,272
State: Tahoe Ray is an Insurance Agent from Nevada
Tahoe Ray is a member of 1000 posts VIP club
Term Life Broker Question
Originally Posted by RookieYankee View Post
How do you figure out who will be able to approve a certain candidate. I had a guy a while ago that Banner Life declined due to diabetes, stroke and high blood pressure but then a few weeks later tells me he just got approved for Transamerica.
I feel like you post a lot of these...are you consulting your BGA prior to submitting cases?
------------------------------------
  Reply With Quote to Term Life Broker Question
Old 07-04-2015, 08:12 PM   #3
Guru
Mattschmidt on Term Life Broker Question
 
Join Date: Apr 2011
Posts:3,198
State: Mattschmidt is an Insurance Agent from Pennsylvania
Mattschmidt is a member of 1000 posts VIP club
Term Life Broker Question Re: Term Life Broker Question
Originally Posted by RookieYankee View Post
How do you figure out who will be able to approve a certain candidate. I had a guy a while ago that Banner Life declined due to diabetes, stroke and high blood pressure but then a few weeks later tells me he just got approved for Transamerica.
What an awesome question to ask your upline, or in house Underwriter.

Don't be shy. Ask them for help...That's why they make 20-30% over rides on you.

Also, Banner is not always a go to company for people with Diabetes and Circulatory disorders.

------------------------------------
www.diabeteslifesolutions.com
  Reply With Quote to Term Life Broker Question
Old 07-05-2015, 11:25 AM   #4
Super Genius
 
Join Date: Dec 2014
Posts:208
State: UW Guy is an Insurance Agent from Undisclosed Location
Term Life Broker Question Re: Term Life Broker Question
Originally Posted by RookieYankee View Post
How do you figure out who will be able to approve a certain candidate. I had a guy a while ago that Banner Life declined due to diabetes, stroke and high blood pressure but then a few weeks later tells me he just got approved for Transamerica.
It depends on how bad each issue was. If his exam/labs were terrible by Banner's standards Trans might have been ok with with their own labs or had a higher threshold. As an example- the carrier I work for is a decline for diabetics with a HgA1c of 9.5% or higher. But if that's their only big issue I've had table 3 and 4 offers given.

It could also be Banner saw his BP with history of stroke and his BP was higher enough that it was a decline for them. Or the sum histories just ganged up for a rating and made a term offer impossible. I can't speak for Banner but if he's over say, it may have been that they could only make a rated WL offer.
------------------------------------
  Reply With Quote to Term Life Broker Question
Old 07-05-2015, 01:24 PM   #5
Guru
WinoBlues on Term Life Broker Question
 
Join Date: Jan 2009
Posts:17,302
State: WinoBlues is an Insurance Agent from Undisclosed Location
WinoBlues is a member of 5000 posts Super VIP club
Term Life Broker Question Re: Term Life Broker Question
Originally Posted by RookieYankee View Post
How do you figure out who will be able to approve a certain candidate. I had a guy a while ago that Banner Life declined due to diabetes, stroke and high blood pressure but then a few weeks later tells me he just got approved for Transamerica.
Was Banner a flat decline or rating or a postpone? Was the TA a rated term or permanent or siwl? I do not know how many tables express has built in but getting a FU TA policy issued in a few weeks with aps after a decline is pretty good. Assuming there was an MIB hit.

------------------------------------
America's Sons and Daughters http://iraqwarheroes.org/

https://www.youtube.com/watch?v=Wt8y18YFH70

WinoBlues @ Gmail.com
  Reply With Quote to Term Life Broker Question
Old 07-05-2015, 02:01 PM   #6
Guru
 
Join Date: Jun 2014
Posts:338
State: RookieYankee is an Insurance Agent from
Term Life Broker Question RookieYankee is the thread starter for: Term Life Broker Question

Originally Posted by WinoBlues View Post

Was Banner a flat decline or rating or a postpone? Was the TA a rated term or permanent or siwl? I do not know how many tables express has built in but getting a FU TA policy issued in a few weeks with aps after a decline is pretty good. Assuming there was an MIB hit.
The guy didn't know any of the details so I plan on asking him once he receives his policy. Banner was a flat out decline. I couldn't believe TA accepted him.
------------------------------------
  Reply With Quote to Term Life Broker Question
Old 07-05-2015, 02:12 PM   #7
Guru
WinoBlues on Term Life Broker Question
 
Join Date: Jan 2009
Posts:17,302
State: WinoBlues is an Insurance Agent from Undisclosed Location
WinoBlues is a member of 5000 posts Super VIP club
Term Life Broker Question Re: Term Life Broker Question
Originally Posted by RookieYankee View Post
The guy didn't know any of the details so I plan on asking him once he receives his policy. Banner was a flat out decline. I couldn't believe TA accepted him.
First decide if the comp is worth the chase. If it is an older insured or a large face then maybe. Small premium maybe not. remember most companies only pay to T4. I know it is easier said than done. By nature I always want to go back in and knock the other guy out of the house.

If you get back in take picks of the app and the spec page. See if it was clean cheated or if it was table rated and the face and level period were lowered.

Very well could be he is not getting what he thinks he is.
------------------------------------
  Reply With Quote to Term Life Broker Question
Old 07-05-2015, 02:25 PM   #8
Guru
GreenSky on Term Life Broker Question
 
Join Date: Mar 2007
Posts:14,773
State: GreenSky is an Insurance Agent from Nevada
GreenSky is a member of 5000 posts Super VIP club
Term Life Broker Question Re: Term Life Broker Question
Originally Posted by WinoBlues View Post
Very well could be he is not getting what he thinks he is.
That's what she said!

Too easy! I should be ashamed.

Rick
------------------------------------
  Reply With Quote to Term Life Broker Question
Old 07-05-2015, 03:07 PM   #9
Guru
 
Join Date: Oct 2009
Posts:6,453
State: scagnt83 is an Insurance Agent from South Carolina
scagnt83 is a member of 5000 posts Super VIP club
Term Life Broker Question Re: Term Life Broker Question
You need to work with a good BGA/IMO to help you with these cases.

Pinney actually has a health rater that is built into their EZLife quote software. You enter medical info and then it shows you the carriers that will be most accommodating to those conditions. They also have an in-house underwriter who you can run cases by and get recommendations from.

Also remember that you can look up the UW guides yourself and prescreen clients with different carriers that way. Often a google search will yield the UW guide. The key is to get very detailed answers if a client has a medical condition.

Also, with Trans, are you sure it wasnt their SI WL product? Often clients do not tell the complete story, especially when they get coverage from another agent.
------------------------------------
  Reply With Quote to Term Life Broker Question
Old 07-05-2015, 03:19 PM   #10
Guru
WinoBlues on Term Life Broker Question
 
Join Date: Jan 2009
Posts:17,302
State: WinoBlues is an Insurance Agent from Undisclosed Location
WinoBlues is a member of 5000 posts Super VIP club
Term Life Broker Question Re: Term Life Broker Question
Originally Posted by scagnt83 View Post
You need to work with a good BGA/IMO to help you with these cases.

Pinney actually has a health rater that is built into their EZLife quote software. You enter medical info and then it shows you the carriers that will be most accommodating to those conditions. They also have an in-house underwriter who you can run cases by and get recommendations from.

Also remember that you can look up the UW guides yourself and prescreen clients with different carriers that way. Often a google search will yield the UW guide. The key is to get very detailed answers if a client has a medical condition.

Also, with Trans, are you sure it wasnt their SI WL product? Often clients do not tell the complete story, especially when they get coverage from another agent.
That.

btw, a public thank you for your guidance recently. As soon as my Winery owner clients get back from their trip you got some California nectar in bound.
------------------------------------
  Reply With Quote to Term Life Broker Question
Reply to Term Life Broker Question 

  Insurance Agent Forum > Insurance Forums > Insurance Agents and Brokers Forum > Life Insurance Forum


Tags
term life




Similar Threads with Term Life Broker Question
Thread Thread Starter Forum Replies Last Post
Mega Strikes Again NASE/UGA/HEALTHMARKETS moonlightandmargaritas Health Insurance and Ancillary Benefits 570 03-11-2013 11:36 AM
The 9 Most Useful Life Insurance Riders DHK Life Insurance Forum 32 12-25-2012 10:54 AM
How Much Does a Life Insurance Agent Pocket? STIBROKER Life Insurance Forum 21 08-25-2011 03:52 PM
How Does Term Life Insurance Work? James Smith Life Insurance Forum 44 09-27-2010 04:45 PM
The Concept and Importance of a Life Insurance Policy. bhartiaxa Life Insurance Forum 16 05-28-2010 09:47 AM



All times are GMT -5. The time now is 09:08 PM.

Forum enabled with vBulletin®
Copyright ©2000 - 2017, vBulletin Solutions, Inc.


Join the Forum - It's FREE

Share This Page



Weekly Poll

Where do we go from here? POLL
Nothing - No ACA fixes - status quo
29.82 %
HHS Rulings and band aid bills
17.54 %
Hail Mary repeal and/or replace bill
17.54 %
A bipartisan bill to fix ACA
35.09 %

Voters: 57. This poll is closed