In this case, a request to skip the traditional insurance exam worked out in our favor, as we were able to recommend a carrier with a special underwriting program for high-net-worth clients, resulting in $46,000 of target premium. Read on for the details!
AT A GLANCE
Underwriting Challenge: No Traditional Exam & Paramed
Product Type: Term
Face Amount: $15,000,000
Target Premium: $46,000
SITUATION
- 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 me the program requirements at multiple carriers.
- Ultimately, the program allowed the carrier to receive $46,000 in target premium.
