The #1 reason brokers give for not writing disability income is the underwriting is too difficult. However, if brokers educate themselves and their clients about underwriting for disability income, they’ll be prepared for the process.
The underwriting process can be divided into 8 simple steps:
- Fact gathering—establish expectation that this is a tough but fair process. In addition to client’s contact and biographical information, brokers should collect information regarding the client’s medical history.
- Request a quote and application—on-line at Source Brokerage, Inc., or call a DI specialist at 1-800-925-3898 , or fax a request to 317-803-3370.
- Carrier appointment.
- Present illustrations to the client.
- Take the application. After presenting the application to your client, suggest the following:”Let’s see if you qualify for disability income.” Begin completing the application. If necessary, schedule a paramed examination. Collect financial documentation.
- Underwriting. Expect 4-8 weeks depending on the medical history and case variables.
- Policy issued and delivered either in person or electronically.
- Commission check issued.
When you meet with your clients, prepare them for the process. Disability income is health insurance, so applicants must not only submit their financial information but also their medical history. Physician records are often ordered, which can slow the underwriting process.
To insure you and your clients are informed and prepared, choose Source Brokerage Inc to be your disability income partner. Working with Source Brokerage, we can help you tailor the illustration to best fit your clients’ medical and financial profiles. In addition, we follow applications through the underwriting process–so your clients are happier and you earn your commissions faster.
Source Brokerage, Inc. is your disability income expert. Call Steve Crowe at ext. 222, Ellen Crowe at ext. 223, Brian Hettmansberger at ext. 230, Chris Bussey at 220 for quotes, tools and sales strategies
