Underwriting Credits Help Make The Sale
Carriers use crediting criteria to improve your clients’ ratings. The following case study shows how the identification and application of underwriting credits can significantly reduce premiums.
Case Study:
- Male, age 35, NS
- Seeking $2 mil of term
Scenario:
- No tobacco use
- Build is 5’8”, 204 lbs
- Blood pressure 130/85
- Cholesterol 273 with cholesterol/HDL ratio of 5.5
- Father diagnosed with prostate cancer at age 56, but still living at age 67
Underwriting Rating: Using traditional criteria, this proposed insured would qualify for Standard Plus with a $2500 annual premium.
Crediting Criteria: Crediting Criteria added 1 inch to the proposed insured’s height, making him 5’9”, 208 lbs. He was then considered Preferred for build.
Final Decision: Case was moved to one class higher and issued Preferred – Annual premium = $1753 and saving nearly 30%.
On each case we see, we work hard to identify any underwriting credits your client may qualify for. Contact our Underwriting Department today.