Playbook: Case Success
Our team works diligently on behalf of our advisors, and we’re proud of the case successes we win for them. We put our expertise, carrier relationships, and product knowledge to work for our advisors, to win and place cases for even their most difficult clients. Here’s a few of our favorites.
$15M Term Policy placed without a Traditional Exam & Paramed with $46K Target Premium
A 58-year-old male was looking for $15,000,000 of term coverage.
He was a high-net-worth individual who had recently completed his annual executive physical and did not want to complete a traditional insurance exam, which he viewed as duplicative.
Solution
We researched various options on how to proceed without a traditional insurance exam on such a large line of insurance, knowing that multiple carrier programs are now in market that would be perfect for this case.
From there, we were able to confirm that the Insured medically qualified for preferred rates, and that all exams and labs within the records met the program requirements at multiple carriers.
Ultimately, the program allowed the carrier to receive $46,000 in target premium.
Client with history of multiple DUIs and alcohol use approved for buy/sell GUL coverage of $5M with a target premium of $178K.
A 50-year-old male business owner was attempting to replace $5MM of IUL coverage with a GUL product as part of the funding of his buy/sell agreement.
The insured’s driving history of multiple DUIs from 2010 and 2018 was quickly identified as the lynchpin of the case.
The client’s alcohol usage history was further complicated by historical “social history” notes from his personal physician indicating alcohol usage of fourteen drinks per week.
Solution
With limited GUL products in the market offering guarantees to age 120, this case was immediately limited to a handful of potential carriers. Upon reviewing the file, we noted conflicting alcohol notations between the social history section and subsequent actual office visits which showed a reduced level of alcohol usage.
After a conversation with multiple carriers, we were able to secure a potential offer, subject to only two additional requirements, including:
- A negative Carbohydrate-deficient Transferrin marker & a negative Blood Alcohol Concentration on the insurance exam
- A letter of clarification from the doctor regarding the insured’s current alcohol use
Fortunately for all parties the labs came back clean, and the Client was able to obtain clarification from their doctor confirming minimal current alcohol use.
Based on our diligent review of the medical record, the client was approved for the new coverage to fund the buy/sell agreement. The total target premium on the case was a healthy $178,970.
A tricky Uruguayan Foreign National case results in successful placement of a $2M term life policy with a target premium of $20,150.
A 65-year-old male foreign national from Uruguay was seeking $2,000,000 of term coverage.
When working on a case in the foreign national space, there are a few carriers you can rely on to make the process seamless. With robust country lists, easy-to-access translation services, and more, they can turn otherwise tricky cases into wins.
Solution
Carrier selection relied on core competencies in the foreign national space, including a robust country list, translation services, open product selection, and liberal global net worth requirement. Our recommended carrier took the Uruguay case with an efficient, client-friendly process:
- Unlike most carriers, they offered term on foreign nationals.
- The carrier reads medical records in Spanish and does not require a translation service.
- The carrier allows for the use of a power of attorney on policy delivery.
All these factors made the carrier the insurance company of choice for this case, placing $20,150 in target premium for us.
Case research and follow up with cardiologist reveals mistakes in client medical history, resulting in successful Key Person term coverage of $5M with target premium of $116K.
A 67-year-old male was seeking $5M of Key Person coverage.
His medical records included an echocardiogram indicating an abnormal ejection fraction of 41%. (Normal is 50% and above.)
This, along with the balance of his medical history, resulted in multiple declines, leaving the us without an initial solution for this significant case.
Solution
After receiving the string of declines, we discovered office notes indicating the echocardiogram was normal, contradicting the echocardiogram. These notes, combined with the absence of the typical follow up after this type of finding, led us to believe the discrepancy could be nothing more than human error.
Once we requested and obtained a clarification letter from the cardiologist explaining that the radiologist had input the wrong ejection fraction into the report, we discovered that the true ejection fraction was 61%, a normal finding.
With the clarification letter in the file, the case was approved.
The Advisor was thrilled, and ultimately placed the policy for $116,548 of target premium.
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