It takes 10 minutes to fill out an SBLI app. As long as she's not a total decline, that seems fine to me. Yes, the agent should be asking these basic questions to see if she's even insurable, but a lot of times these type of clients don't even know their own meds or A1C.
Term Policy for a Diabetic Female
- Thread starter LAKingsFan
- Start date
It takes 10 minutes to fill out an SBLI app. As long as she's not a total decline, that seems fine to me. Yes, the agent should be asking these basic questions to see if she's even insurable, but a lot of times these type of clients don't even know their own meds or A1C.
- 24,968
I just submitted my first SBLI app so I do not have any experience with their underwriting. However, I did get an email that they are definitely not looking for anything that requires an APS and got the impression that they are Edit= Not the place to go if APS or Rated may be the outcome. Just my 2 cents.
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They will go up to table 8 with no exam/records. If they are 18-60 and $500k or less, there is no exam, period. Pretty cool.
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they actually pull medical records for all individuals with diabetes, or other high risk health issues. Again, they would prefer you pre-qualify people as opposed to just sending them an application, have them order medical records, then decline an applicant.
I think most insurance companies operate that way.
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If someone with diabetes doesn't know their medications history or A1C, that is a huge RED FLAG to me, and to an insurance company underwriter. If you're taking a medication daily ( insulin/metformin etc) how could you not know what you're taking? If anything, you could tell us if you take insulin, an oral med. or a combination of both.
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dgoldenz - be careful. We write a lot of SBLI non-med and if you're placement ratio is low, they'll lean on your BGA to have a conversation with you - if that doesn't work, they'll cancel your contract.
This product is priced to have a certain placement ratio and when agents abuse the system like this, it will effect everyone writing this product. Like you said, cool product - but lets try to keep it that way.
This product is priced to have a certain placement ratio and when agents abuse the system like this, it will effect everyone writing this product. Like you said, cool product - but lets try to keep it that way.
I haven't done any high-risk cases on the new SBLI platform, thought it was always no records. They haven't pulled records yet for me. Most of our high-risk cases go to Prudential/Banner/AIG/etc.
Sure it's a red flag when people don't know their meds, but it happens all the time. Half the diabetic people I talk to don't know their A1C. I ask every single potential client "Have you been prescribed any medication?" and it's amazing how many say "no" and then Rx check shows 4 different Rx currently being used. "Oh yeah I forgot about those". I also ask everyone "have you ever been declined for life insurance before?" and they often seem to "forget" about those too.
In my experience, the lower the face amount, the less likely someone is to know their meds and A1C. We all know these type of clients...
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Sending in an app to see what the client can qualify for is not abusing the system. If you are sending in 10 of them a week that all wind up being declined is a different story.
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Again instead of just sending an application send a quick quote for a risk assessment. You get a really back from them in 24 hkurs
Comapnies appreciate this. Or if you don't care just send an application with health issues that they wouldn't approve and have application declined in 48 hours
Traveling_LA_Agent
Expert
- 26
United Home Life is also a nice option for someone with diabetes. Very liberal underwriting, basically T8 built-in, and a nice ROP/RPU 20 year term available.
- 18,988
Good one!!!!!
- 24,968
Welcome to the FE forum.
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I like their ROPTerm as well. Was better, but still a good SI alternative. Wish they had not done away with the 30 year term plan.
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