Previously Declined

[hardworker]

During the phone interview it came out that the prospect had several other inquiries from life insurers. I asked her what that was about she said she had tried 3 times previously to get a policy. She was turned down except for once where the agent showed up with what she described as a graded policy with a 2 year wait for benefits which she rejected. I had to mark "Yes" on the app that she had been declined by a life ins. co. I can get her issued with day 1 coverage. Will the previous declines affect her ability to be approved for a policy and how much?

Also, what kind of a report are they looking at that shows which insurance co.'s inquired on them? Can we get that type of report to market from it?

 

[jdeasy]

During the phone interview it came out that the prospect had several other inquiries from life insurers. I asked her what that was about she said she had tried 3 times previously to get a policy. She was turned down except for once where the agent showed up with what she described as a graded policy with a 2 year wait for benefits which she rejected. I had to mark "Yes" on the app that she had been declined by a life ins. co. I can get her issued with day 1 coverage. Will the previous declines affect her ability to be approved for a policy and how much?

Also, what kind of a report are they looking at that shows which insurance co.'s inquired on them? Can we get that type of report to market from it?

Some companies ask about that on the application. Avoid those companies. Most companies do not ask so look at those companies.

That's a real deal breaker for me when companies ask about prior declines.

I told the guy at Oxford last summer that unless they were going to approve anyone that other companies would take then they shouldn't have that decline question on their application.

I got the normal company line answer.

 

[indiana260]

During the phone interview it came out that the prospect had several other inquiries from life insurers. I asked her what that was about she said she had tried 3 times previously to get a policy. She was turned down except for once where the agent showed up with what she described as a graded policy with a 2 year wait for benefits which she rejected. I had to mark "Yes" on the app that she had been declined by a life ins. co. I can get her issued with day 1 coverage. Will the previous declines affect her ability to be approved for a policy and how much?

Also, what kind of a report are they looking at that shows which insurance co.'s inquired on them? Can we get that type of report to market from it?

If the app asks if she has been turned down and you mark yes they will decline her.

The report is mib. When they pull mib they will see it has been previously pulled 3 times and wonder why.

There are several companies that do not ask this question. I use 5Star (for the moment) and Aetna. Neither of them ask. RNA, Trans, Equitable don't either. I don't like the companies that list this as a question on the app. What does it matter if they pass the companies underwriting.

So find a company that doesn't ask

 

[PaperHanger]

Carriers who do that simply don't want sloppy seconds, they want first dibs...it's as much a message to the agent, "don't use us as plan B, use someone else for that, use us as your plan A or not at all"

 

[goillini52]

Carriers who do that simply don't want sloppy seconds, they want first dibs...it's as much a message to the agent, "don't use us as plan B, use someone else for that, use us as your plan A or not at all"

I don't think that makes sense. Say Oxford is your go to plan A company. If you go on an appointment and they've been declined in the past 2 years, that's not your fault. Oxford was your plan A, but you had to go to plan B

My point being that you did try to give them 1st dibs, they aren't your sloppy seconds...they're somebody else's.

 

[jdeasy]

I don't think that makes sense. Say Oxford is your go to plan A company. If you go on an appointment and they've been declined in the past 2 years, that's not your fault. Oxford was your plan A, but you had to go to plan B

My point being that you did try to give them 1st dibs, they aren't your sloppy seconds...they're somebody else's.

And the other thing is, what if they were declined on a fully underwritten for something like build but their build is within the SI chart?

That point was made to Oxford and they said it was a good point. Not good enough for them to reconsider their head in the sand position. But a good point none the less.

 

[peteybear]

Here's a true story few will believe. Had an older guy turned down for $80 k of simplified issue. Premium was about $400 a month. One carrier even aps'd. Said screw it. Went to fully underwritten with paramed ,blood and aps. Got him standard for $300k at $680 a month. Sometimes we screw are clients with simplified issue.

 

[HoosierLife]

And the other thing is, what if they were declined on a fully underwritten for something like build but their build is within the SI chart? That point was made to Oxford and they said it was a good point. Not good enough for them to reconsider their head in the sand position. But a good point none the less.

To be fair, I doubt Chad has the clout to make a change like that.

 

[jdeasy]

To be fair, I doubt Chad has the clout to make a change like that.

Maybe? Maybe not? But he ain't the only one it's been discussed with.

 

[WinoBlues]

Here's a true story few will believe. Had an older guy turned down for $80 k of simplified issue. Premium was about $400 a month. One carrier even aps'd. Said screw it. Went to fully underwritten with paramed ,blood and aps. Got him standard for $300k at $680 a month. Sometimes we screw are clients with simplified issue.

The "sometimes" make a difference in the argument. Now I agree.