Accelerated Underwriting: The New Life Insurance
Most of you have probably heard about Accelerated Underwriting. It has a new, shiny seat at the table within the life insurance realm. In short form, Accelerated Underwriting is a potentially lab free underwriting process. Your clients can be approved in quick fashion based on their answers to questions during a tele-interview and database checks such as MIB and Prescription.
The Insurance Carriers and their teams have looked at the analytics and statistics of previous applications. They realized that an overwhelming number of applications that were medically underwritten and approved at Standard or better rates could have had the same result without the medical exam and labs; saving the insurance company time and most importantly, money.
It’s safe to say that there are more companies right now offering an Accelerated Underwriting program than are not. Depending on the carrier chosen and their given parameters, your clients can be approved within 24 hours after completing their tele-interview.
This program has been met with enthusiasm and excitement by clients and especially agents. A lot of applications stall or completely fall off the wagon due to the exam. Whether it be because clients are afraid of needles, have “White Coat Syndrome,” or simply just don’t ever schedule or complete their exams, the new Accelerated Underwriting programs have been a huge success and have been praised by both advisors and clients alike.
In the agent’s eyes, it makes complete sense. If their client can be offered the same medical rating without having to complete an exam and labs, why not?! Everyone is happy. Agent gets the case closed faster, with less irritation and frustration and the client is covered quicker and has a more enjoyable experience buying life insurance. This of course, makes them more likely to refer friends and family to the advisor.
If you haven’t taken the time to look at these programs yourself or offer them to your clients, please visit our Accelerated Underwriting Section of our website to learn more details about the carriers offering these programs. It can very well save you a headache on your next case.
Written by: Brian Bieker