Key to Success: Experienced Underwriting Medical Directors
Applicant Summary:
- M, 47, no tobacco use, excellent health
- F, 44, no tobacco use, new finding of atrial fibrillations on EKG
- Need: $10,000,000 of Survivorship Life to fund estate taxes
Advisor calls for assistance with the placement of $10,000,000 fully guaranteed survivorship life coverage. There is no known relevant medical history. With both applicants at preferred, the annual premium is $57,775.
Initial Underwriting Offer
- Male: Super Preferred Non-Tobacco
- Female: Standard Table G (8) due to a new finding of atrial fibrillations on the insurance exam EKG
- Based on the abnormal EKG, the annual full pay premium increased from the expected $57,775 to $72,872, an increase of $15,097 per year.
- The clients objected to the new pricing since they both feel great. The insurer offered to reconsider their offer following a review of the EKG by a cardiologist with subsequent appropriate follow-up.
- Is there a better alternative?
Renegotiated Offer
- Our underwriting medical director disagreed with the underwriter’s EKG interpretation – not seeing clear evidence of atrial fibrillations.
- We asked the file be reviewed by another medical director at the insurer for a second opinion.
- While there are still disagreements about what exactly the EKG is showing, based on the ambiguity, the carrier was willing to improve her offer to standard non-tobacco without further workup.
- Updated Annual Premium: $61,500
- The policy has been placed
- Reconsideration for preferred or better rates will be possible after the applicant has been evaluated by a cardiologist and follow-up testing confirms normal heart rhythm and no other complications.
