Question - submit app with Preferred, approved for Preferred PLUS

[SParker]

Hi All,

I submitted an app for a WL product, the illustration submitted together with the app was prepared using Preferred non tobacco. Underwriter came back and approved for Preferred PLUS.

Now what? does it mean that I need to resubmit an illustration using Preferred Plus status showing a lower total premium for the policy? Or will the carrier adjust this on their end and send an invoice for premium that is less than my original illustration?

What else will be affected by this change in status and how?

Thanks

 

[Golfnut2112]

I would call the company

 

[SParker]

I would call the company

They just reached out to me and asked that I submit a new illustration with Preferred Plus status.

I thought there will be quite a substantial savings in premium upgrading from Preferred to Preferred Plus, it turns out that it only saves about $500 per year in annual premium, I was expecting more.

 

[fed up]

They just reached out to me and asked that I submit a new illustration with Preferred Plus status.

I thought there will be quite a substantial savings in premium upgrading from Preferred to Preferred Plus, it turns out that it only saves about $500 more per year in annual premium, I was expecting more.

That is fantastic news on the rate. Saving your customer $40 per month, perhaps he can purchase even more coverage and should be very pleased

 

[pfg1]

I like when that happens. I typically design my policies based on the amount of premium they want to pay - unless its a GUL.
So when it comes back better... they get more bang for their buck. More initial coverage and better rating means it will perform better long term on the cash value & DB also.

 

[WinoBlues]

That is fantastic news on the rate. Saving your customer $40 per month, perhaps he can purchase even more coverage and should be very pleased

Kind of my thinking.

keep the same premium and buy more PUAs. Show him both options and let him decide. Or add Waiver if not already included. That way it pays if he Lives, Dies or something in-between (including the ABR)