We see many applications that were initially quoted and subsequently submitted using rate classes that the client has no chance of qualifying for – and it should be no surprise that many of these policies end up being closed out or not taken by the insured.
There are no secrets to the medical underwriting guidelines for each carrier – and our team of specialists can help you to accurately quote and qualify your clients for coverage before you ever take an application.
While it may take an extra two or three days at the outset to determine the best fit carrier and rate class, it’s far better than the additional two or three weeks that it takes to close a file and start a new application process with a different carrier.
With online technology and competing producers constantly promoting the best available rates in order to get the prospect’s foot in the door, you can stand out from the crowd by explaining to your clients why it is necessary to gather information concerning their family history and personal medical history before you ever show them a price quote.
When you present your client with a summary of all the potential carrier offers, it will be apparent that you are working harder than the competition and are acting with their best interest in mind.
We offer a number of one page fact finders on our website which can help you obtain the necessary information regarding any impairment or condition during your first client meeting. The medical data will be needed to provide pricing using an accurate rate class that your client may potentially qualify for. This pre-underwriting exercise will prevent you from showing Preferred Rates to a client who is more than likely going to receive Standard or even Substandard rates.
If you are looking for resources that can assist you in gathering all of your client’s personal information up front to ensure a smooth sales process, our team can provide you with a series of talking points or even a fact finder questionnaire to make the pre-underwriting turn-key and simple.
Contact us today!
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The EPICC Center is the online source for financial professionals, designed to provide them with the essential elements they need to run their practice and increase their bottom line including breaking news, carrier / product information, market trends, sales ideas, marketing tools & resources and more.