Exam and Lab-Free Life Insurance
Life insurance buyers love the convenience of exam and lab-free applications. They also avoid unnecessary ratings and declines from:
- Elevated liver functions
- Elevated glucose
- Abnormal urinalysis
- T-wave abnormalities
How many of your applications have derailed because of these findings?
Starting with your next client, avoid the unnecessary introduction of potentially adverse underwriting evidence. De-risk their life insurance application by encouraging them to take advantage of the latest intelligent underwriting options.
Insurers use proprietary scoring systems to decide who is, and is not, eligible for exam and lab-free life insurance applications. Therefore, it is best to ask applicants a few questions in advance of starting an app. We’ll use their answers to guide them toward the most appropriate underwriting program, based on their personal profile.
Qualifying for Exam and Lab-Free Life Insurance
In addition to telling us about your client’s age, sex, and the coverage they are looking for, please ask them to provide us with answers to the following questions. Cut and paste these questions into an email, text, or document to and provide them to your client in a way that is most convenient for them.
- Have you used any form of tobacco, nicotine, or marijuana products in the past 3 years, including chewing, cigars, dipping, edibles (brownies, gummies), gum, joints, vaping, pipe, cigarettes, patch, or similar? If yes, please list each, including type, frequency, and date last used:
- Your height: _____ Weight: _____ Change in past 12 months: _____
- What prescription medications are you taking? Which condition does each treat?
- What medical devices are you using (e.g., CPAP to treat sleep apnea, pacemaker or defibrillator to regulate heartbeat):
- Have you been hospitalized, or undergone outpatient treatment, for any reason in the past 5 years? If yes, please provide reason, dates, and outcomes:
- Moving violations / Motor Vehicle Report notes:
- What sports, avocations, or private aviation do you engage in?
- Describe foreign travel already booked:
- Have your mom or dad been diagnosed with, or passed away from, heart disease, cancer, or stroke prior to age 65? If so, who, what happened? At what age were they diagnosed? If they passed away, how old were they?
- Is there anything else you can think of that might impact life insurance underwriting?
Please forward answers to your CPS Advantage representative, a member of the Marketing Team, or via email. We’ll sort through the best options and will respond with underwriting strategy recommendations.
Prior Applications, Exams, Labs
Do you have an interested life insurance buyer who has applied for life insurance in the past two years? Unfortunately, they are unlikely to qualify for new exam and lab-free policy offers. Insurers will want to review any prior exam and lab results. They may require new evidence of insurability.
For applicants who have recently applied elsewhere, please obtain a signed HIPAA and forward it, along with the existing exam, lab results (not just the lab ticket), underwriter comments, and any other underwriting evidence. Please also tell us about all prior offers. Our underwriting team will use that information to survey the market, negotiate with insurance company medical directors, and respond with the best available offer.
Action Steps
Are you currently assisting a client with the purchase of a life insurance policy? Let’s de-risk underwriting and make it super easy for them to apply. Reach out to your CPS Advantage Marketing Representative, or send us an email for a callback. Let’s put our heads together so you can recommend the least risky and most convenient underwriting strategy.
