Income levels and net worth for FE apps?

[Aaron JM]

Hi all

It seems every so often I get an interested lead who gets completely spooked when a certain app asks about income and net worth.

These are small FE policies $25k or less.

Isnt that info more necessary for money laundering risk, which a FE does not come close to being useful for?

I want to just skip these questions for FE personally.

Some insurers ask, some don't.

 

[rousemark]

If the question is on the app, you will have to answer it to get the policy issued. Agents cannot pick and choose the questions they want to answer.

 

[rousemark]

BTW, what company are you using. I don't know of a true FE company that asks.

 

[Aaron JM]

The e-apps frequently make it a required question is the thing.

 

[Aaron JM]

BTW, what company are you using. I don't know of a true FE company that asks.

Keeps happening with Sons of Norway

 

[rousemark]

Keeps happening with Sons of Norway

Well, I don't have them. Last I checked they were not in TN. Zpick another company that doesn't have the question if you don't want to deal with it. No one company is so indispensable that an agent has to have them to be a top producer.

 

[Aaron JM]

Their underwriting is somewhat strict so they can get some cheap policies sometimes for healthier ones.

 

[Aaron JM]

I'll just call them/email and ask why it's there.

 

[billyb]

I use SofN and if you don't complete the application fully it won't be issued. Can't see why this would be a problem. Most FE leads have a low income and probably don't have a positive net worth so the company expects that. They just want to know they have income so they have the ability to pay the premium.

 

[theinsuranceman]

I use SofN and if you don't complete the application fully it won't be issued. Can't see why this would be a problem. Most FE leads have a low income and probably don't have a positive net worth so the company expects that. They just want to know they have income so they have the ability to pay the premium.

Are you saying that if the proposed insured's income/net worth is negative enough they will reject the application?