Life Insurance underwriting is both and art and science. Since every application for life insurance must go through a rigorous underwriting process by insurance companies, Platinum Peak takes control to protect its clients from adverse underwriting consequences. As underwriting advocates for our clients, we have designed a proprietary “informal” underwriting process whereby we complete 90% of the underwriting BEFORE an application is submitted to an insurance company.
Through the use of a detailed preliminary medical questionnaire with a HIPAA Authorization, Platinum Peak Advisors (instead of the insurance company) are able to retrieve a client’s medical records for an internal assessment and “packaging”. Our unique preliminary underwriting process allows us to pre-qualify underwriting offers from insurance companies, while protecting our client’s identity from an MIB hit (Medical Information Bureau). As a result of our Elite Confidential Underwriting Process, we are able to deliver improved underwriting offers to clients, which directly relates to lower premiums.
Step 1 – Client Interview
At Platinum Peak Advisors, we are serious about our client’s privacy and confidentiality; our goal is to protect our clients throughout the underwriting process. Our custom designed preliminary underwriting questionnaire has been developed for our clients to accurately communicate their medical history to us in detail. As our client’s underwriting advocates, it is imperative that all medical information be disclosed so that we can best evaluate the client’s medical history and prepare the case file for insurance carrier review.
Step 2 –Accessing Medical Records
Once we receive the client’s completed and signed preliminary underwriting questionnaire with authorization, we begin the medical records gathering process. It is here that we obtain your medical records from your current and past physicians, hospitals, clinics, etc. Our ValMark underwriting consultant and medical director (if necessary) will review all of the client’s medical records and package their medical history in the most favorable light.
Step 3 –Offer Negotiation
Our primary role as life insurance advisors is to negotiate the best policy pricing, which can only be achieved through negotiating underwriting ratings and offers from insurance companies. Platinum Peak Advisors will send the client’s bundled underwriting package (including a medical summary and cover letter) to carefully selected insurance carriers on an “informal” basis, so they cannot code any concerns with the MIB. We will receive preliminary “offers” in writing, which we will evaluate based on premium, IRR and carrier ratings and present to our client for carrier and product selection.
Step 4 -The PURE Insurance Exam
Rather than allow the selected life insurance company to control the insurance exam, Platinum Peak and its partner ValMark take control to once again protect our client’s interests. Through our proprietary PURE exam process, the written exam and the blood and urine results are delivered directly to ValMark, rather than to the selected insurance company. This allows ValMark’s underwriters to proactively address any surprises which may occur on a client’s laboratory or exam results before submission to carriers. The completed and reviewed exam and laboratory results are sent to the insurance company for a thorough review.
Step 5 –Application Preparation
A life insurance application and all of the associated forms must be completed, signed by the insured and the policy owner (trustee, corporate officer, etc.), and sent to the selected insurance company. The application includes questions related to personal and business contact information, income and financial information, dangerous avocations, foreign travel, driving record, advanced age questionnaire and more. The application also requires trust and business ownership information, as well as existing and previously applied for life insurance coverage. It also includes a telephone verification interview to verify the accuracy of all information provided by the client, including the detailed medical history.
Step 6 – Final Review and Approval
Once the underwriter at the insurance company has received all of the above information and requirements, the underwriter will conduct a thorough review of the completed file. They will request additional information as needed, which must be supplied to them in a timely manner. Assuming no significant changes arise, the insurance company will either confirm or improve their “informal” offer as a formal underwriting offer. The insurance company will then issue the policy. Depending on the insured’s date of birth and how the life insurance company calculates premium, it may be more cost effective to “backdate” the policy to preserve the younger age and lower premium. The policy is delivered to the client for final review and premium payment.
For additional information about the Elite Underwriting, please contact us.