Securing coverage for a client with multiple DUIs is always a challenge, but our team found a path forward on this recent case, securing a win for the client and advisor. Read on to see how we made it happen!
Case at a Glance
Underwriting Challenge: DUI History
Product Type: Guaranteed Universal Life
Face Amount: $5,000,000
Target Premium: $178,970
Situation
- A 50-year-old 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.
