In this case, a 48-year-old female was seeking $15M in IUL coverage. All was well until the underwriter informed the Member that they could not financially justify the request coverage. Upon receiving this news, the AIN Underwriting Team & Member Firm worked together to re-package the financial underwriting of the case, turning it into a win. Read on for the details!
| AT A GLANCEUnderwriting: Financial Underwriting Carrier: Securian Product: Eclipse Accumulator II Target: $328,200 SITUATIONA 48-year-old female was seeking $15MM of IUL coverage.Upon initial review of the case, the underwriter was unable to justify the amount of coverage applied for.SOLUTIONChris Zufall, Securian Underwriting ConsultantAIN Member Underwriting ServicesRESULTSThe Member Firm reached out to the AIN Member Underwriting Services Team when the financial justification was questioned.Upon review by the AIN Member Services Underwriting Team, and in collaboration with Chris Zufall, the Member Firm was given a “to do list” which included:Preparing a detailed cover letterSubmitting two years of tax returnsUpdating Securian’s financial supplementAfter receiving the updated documentation mentioned above, Securian was able to approve the case based on the following:Cover letter verifying the sale of the insured’s business and liquidity event creating the capital required to pay the ongoing premiums.The tax returns showing the significant annual income the insured’s business was providing, supporting the indicated sale price of the business.The corrected financial supplementThis updated financial package ultimately allowed Securian to understand the need for the full $15MM and place $328,200 in target premium. |
