Why does Life Insurance Underwriting take so long

Life Insurance Underwriting can be one of the longest underwriting processes in the whole insurance realm. The reason for this is due to many factors but primarily is due to the time it takes to obtain the medical records from your Doctor, read below...

clipped from www.lifeinsurance-pros.com Life Insurance Underwriting In the Life Insurance Underwriting Process many applicants get very frustrated over the fact that it can take months to get a decision from the carrier. The reason for this is primarily it can take a while to obtain the medical records from your Doctor or Health Care provider. It has even got worse with the new HIPPA laws protecting insured's privacy, so many Doctors now require their own HIPPA form signed by the insured along with the carriers HIPPA or Authorization form and then sometimes the General Agent's own HIPPA form. Factors that affect life insurance underwriting: Your current health and your lifestyle can affect your premiums health factors such as: cholesterol, blood pressure, build (height and weight), family history of cancer and heart disease, and driving record.

Life Insurance Underwriting Guide

Great article on the factors and issues that will arise when applying for life insurance. These are some of the most important items to watch for and discuss with your agent or broker. Identifying any issues up front can give you a better idea of what rate class you may be placed in and what your premiums may end up being.

clipped from law.freeadvice.com What factors are considered in individual life insurance underwriting? Life insurance companies each have their own extensive policy and procedure manuals they are supposed to follow in determining whether or not to issue an Individual Life insurance policy, and in pricing that policy. The insurer's underwriters typically use a combination of factors that experience shows equates with the risk of death (and premature death).

How is Life Insurance used in Estate Planning

I'm going to be doing a little bit more concentration on the use of Life Insurance in Estate Planning. Really how long can the financial mess last, so I will need to focus on other topics. Estate Planning is at the core existence of Life Insurance. To provide liquidity for beneficiaries of the deceased. Good article below...

clipped from www.fedsmith.com Life Insurance is Essential in Estate Planning Estate planning is how you make sure that your assets – your lifetime accumulations – pass to your heirs in a manner of your design. It's how you make sure your family is secure, and your assets end up where you want them. It's taking care of your family, your business – whatever is important to you. Proper estate planning, whether through a will or some other vehicle, will make sure you, and not the state, decide where and how your assets are distributed after your death. Life insurance can give you options that make your planning an easier process. There are two basic ways in which life insurance can assist in your estate planning: There are more advanced uses of life insurance, many of which are geared toward business owners. Some of those examples follow: Credit Enhancement – Life insurance is often used to stabilize a business concern's financial position and serves as a valuable asset to pledge as collateral.

AIG's Reputation and Brand Tarnished beyond repair

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In the Insurance world your image and brand is just as important as the financial stability and claims paying ability of the carrier.  AIG Insurance Company and their brand has been so tarnished from their eventual collapse to Executive retreat's trips and now bonuses, it will be a miracle if the company can recover and ever sell off it's assets to repay the American public. 

Read the New York Times article...



A.I.G.’s Essential Asset, Its Brand, Is Tarnished - NYTimes.com

The government’s fourth round of assistance to the American International Group this month was a play for time — for languishing markets to rebound, for pockets to fill up again and for buyers to emerge for the sturdy insurance companies under A.I.G.’s tattered corporate umbrella.

Only when those insurance companies are sold will there be money to repay American taxpayers.

But after the latest uproar, time does not look like A.I.G.’s friend. The problem now is not a toxic spiral of derivatives like the one that crippled the company last fall, but the damage done to A.I.G.’s brand, first by the financial troubles and then by the recent wave of hearings, subpoenas, late-night television jokes and even a bus tour past executives’ homes.

“Why would we do business with a company that’s constantly in the news, even if the ratings are still supposedly O.K.?” wondered Greg Theis, a financial planner with Legacy Investment Services in Homer Glen, Ill. He helps 55-to-70-year-olds select variable annuities from a bewildering array of carriers.

Let's hope that we can at least end up getting a part of our tax money back from the sale of the companies assets.  The Life Insurance Division of AIG is at least strong and should be able to be sold off for a nice chunk of change.

How to find an Insurance Agent in Idaho

Image via Wikipedia

Great post on how to find an Idaho Insurance Agent...

Life Insurance Guide 101

How to find Insurance agent's in Idaho

Are you trying to find a good reputable Insurance Agent in Idaho? Idaho residents are hungry for at least a couple of good resources to help them find the best Idaho Agent for their insurance needs and reviews.

Great online directory of Independent Idaho Insurance Agents

Independent Insurance Agents & Brokers of Idaho

Idaho Insurance Agency

http://goidahoinsurance.com

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West Coast Term Life Insurance Product Portfolio

In the mix and mire of which term life insurance carrier you should use or work with in obtaining this vastly important insurance there are few companies that stand out. West Coast Life is one of those few carriers that strive to deliver top notch products and customer service to their insureds and brokers. West Coast Life is a leading provider of Term Life Insurance to consumers in the country.  They have continually striven to bring affordable products to the market place, especially within their term life portfolio. 

West Coast Life Insurance Product Portfolio:

Term Life Insurance is the primary product we use from West Coast, they have a couple of different series within the product line:

• Focus Guaranteed Level Term Series
• Golden Legacy Term
• Income Replacement Term Series

Universal Life:

• LifeTime Advantage Plus
• LifeTime Platinum III
• Lifetime Platinum III Plus

We have worked with this Carrier for a number of years and we do find them to be a very high quality company to write business with and for customer service.  West Coast does not write business direct which means you will have to find an independent agent or life insurance broker to sell you a policy.  That will not be difficult you can actually call West Coast and they will send you to a local General Agency to try and help you with your insurance needs. 

In later post's I will get more in depth about the product and how to get the very best rates out of this or any other carrier. 



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Other Substandard Term Life Insurance Articles

Great Article on Substandard Term Life Insurance and how to get the best quotes or rates from the carriers and your broker...

Underwriting Guide to Substandard Impaired Risk Term Life Insurance - Story | Get More Stories at Quizilla

Substandard Impaired Risk Life Insurance is an business term used to
characterize insureds that do not qualify for standard or better rate
classes. The insurance carriers have rate class parameters where they
underwrite then place the potential insured in, then the premiums are
calculated. So if you are a preferred or preferred best rate class then
your rates will be cheaper than someones who is a standard or
substandard rate class.

Diabetes Life Insurance
is a very common type of substandard life case. The key with this
health issue for the underwriters is they really like to see good
control and compliance of the health issues. Cancer probably is one of
the most common types of substandard impaired risk issues, in which the
underwriters will want to see a evidence of remission and no re
occurrence. With all the numerous health issues that could affect
underwriting make a note the more your agent knows up front the better
the underwriters can make a decision. The more information the better
and the quicker you should go through underwriting.
Smoker term life insurance plans get dinged up front for the tobacco use then if combined with other health issues the rate can come back even worse.