With the current pandemic in full swing, agents will want to change their formula on how they do business. One of the main places they will have to consider is underwriting remotely for life insurance. One way that many have turned to during this time is remote underwriting for Life insurance. Life insurance requires an in-depth medical examination, involving in-person visits like blood pressure reading, weight check, blood draw, and more. That can seem hard especially with certain states with limited contact and shelter-in-place orders.
How To Do Remote Underwriting?
There are many new ways available to help agents and consumers alike. These methods are especially helpful for underwriting remotely for Life Insurance, being able to provide us a solution that keeps us in safe places. One method of underwriting remotely is through nonmedical underwriting. This method uses data collected about you from two different resources in order to assess your risk. Information is collected by the MIB (Medical Information Bureau) an insurance trade organization that serves as a cooperative data exchange formed by the North American insurance industry to detect and deter fraud on applications for medically underwritten insurance, and Script Reports. Life insurance companies have the methods of determining your risk level and putting your client in a pool.
The downside of Non-Medical Underwriting
This is good news to clients and agents alike, but at what cost? Non-medical underwriting compared to a fully underwritten client might increase prices. With fully underwritten clients who saw a paramedical tech, companies are better able to assess risk for clients and put them in a pool more reasonable to their current health. With non-med, access to health information is less detailed. Insurance companies tend to throw more people in a similar pool that could increase premiums for those looking for coverage.
Life Insurance companies such as Foresters National Life Group, Anico, & Transamerica have adjusted to non-face to face underwriting, which gives agents more options to provide to their clients during the current pandemic. If you have any questions contact our Life Specialist, Enrique Torres, for more information about helping a client or yourself with tough life questions!
Empower wants to help you get the best insurance for your needs and the most for your money. We want to help you stay on top of your health.
If you have questions about underwriting remotely for Life insurance CALL US at (844) 410-1320
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