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Disability Income

Disability Income Field Underwriting

Field Underwriting

The key to selling and getting Disability Income Insurance underwritten is largely dependent on the successful and complete field underwriting done by the agent. This will help you create a sense of urgency with your prospect as well as insure the smooth process of the underwriting of the application. The following are some key points that the agent should follow in the application process:

  1. Get complete and accurate job description from the prospect. If he/she is an accountant, that is self-explanatory. However, additional information might be level of education or certification. If client is a 'business owner', then more details as to what kind of business it is and normal duties.
  2. Full details of amount and source of income. Salary, profits, dividend distributions, and any other source of income is extremely important. Also very important is any unearned income such as rental income or retirement benefits
  3. Proof of Income - W-2's, Tax returns, schedules
  4. Health history. It is vitally important that all health issues, as well as injuries and treatment be disclosed and dealt with at the time of application. The agent is in a much better position to deal with it at the time of application rather than having to re-sell the case upon delivery. Chiropractic treatment, no matter how infrequent has to be disclosed completely at the point of sale, not at policy delivery time. There may be exclusions and/or ratings and/or limited benefit periods. Prepare your prospect ahead of time to avoid surprise or disappointment.
  5. Complete information for all medical professionals your client has consulted. As much details as possible will help speed the underwriting of Disability Income Applications.
  6. Cover letter to underwriter "introducing" the applicant as well as explaining any circumstances that need to be considered in the underwriting process.

We at New York Long Term Care Brokers have many years of experience selling and underwriting Disability Income Insurance. We are here to help you design, present, sell and implement the Disability Income Program for your client.