There are times where preliminary inquiries are key to properly positioning a case with an insurance carrier. We will review all the information you provide us and determine insurability including whether or not the client will be looking at a standard risk, possible rating or exclusion, a postpone or a decline. Submitting a preliminary inquiry will save both you and your client precious time and will help speed up the underwriting process. In addition, it will help the advisor from a sales standpoint by being able to manage expectations with your client based on our preliminary assessments.
Here is an example of a typical inquiry from an existing client:
I recently met with a prospect but not how to go about it. He is a 43 year old non-smoker who is a type 2 diabetic. He was diagnosed about 4 years ago and is taking Metformin and something else but not insulin. He is also on medication for high blood pressure but he can’t remember the name. I asked him if it was under control and he said yes. He is looking for a 10 or 20 year term product for 1.5 to 1.75m to cover a mortgage on a commercial property. His annual income is in excess of 300k and is a self employed accountant. Any help would be greatly appreciated.”
– Advisor in Swift Current SK.
This was the response:
Thank you for your inquiry. Based on the information provided, we would be looking at an approximate rating of +75 due to his history of diabetes. There is a possibility of a credit provided his blood sugar is well controlled and there are no associated complications. If his blood pressure readings are within acceptable limits for his age there would not be any additional debits for this. There do not appear to be any financial justification concerns based on his income and the amount of coverage being requested. Please let us know if we can assist you further.”
– MRM underwriter