Technology is an incredibly effective tool
(When used correctly).
So knowing the
"ins" and "outs"
"hoops" and "hurdles"
"Caveats" and "Nuances"
are CRUCIAL when applying online for virtually anything:
Credit Card Applications with Instant decision offers
Mortgage Loan Applications which offer instant Pre-Approval Letters
Life Insurance Applications which offer Instant Decision/Simplified Issue offers
There are many algorithms to calculate your "Risk" to a life insurance carrier and not all life insurance carriers are created equal. So just because you may favor a life insurance carrier, understanding that it is a two-way relationship in the sense they the carrier must favor you as well. Afterall insurance carriers are "for profit" companies who want to make sure they diversify their risk appropriately, just as we do when investing our money, time and future, right?
YES: Applying Online can save you time,
but at what expense?
Completing an application with any online platform that markets "Instant Approvals" without knowing the the insurance companies "Appetite for Risk" may be the reason you risk any of the of the
following outcomes:
Getting APPROVED, but at a higher "Risk Class" resulting in Higher Premium over the life of your policy.
Issuance of an Impromptu DENIAL, and having the decision logged in a national centralized database (APCDs, NAIC, MIB).
Getting an Instant Approved (Best Health Classification) (Most Favorable Outcome on traditional Term)
All-payer claims databases (APCDs) are large State databases that include medical claims, pharmacy claims, dental claims, and eligibility and provider files collected from private and public payers (source: https://www.ahrq.gov/data/apcd/index.html)
National Association of Insurance Commissioners (NAIC) The National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers.
(source: NAIC>About)
Also positioned as consumer advocates with tools to assist in locating Life insurance policies of a loved one using the Life Insurance Policy Locator or LIPL
In addition to consumer guides to better aid in all areas of insurance planning
Medical Information Bureau (MIB) Collects information about medical conditions and hazardous avocations with your authorization. It reports this information to life and health insurance companies to assess your risk and eligibility during the underwriting of individual (rather than as a member of a group) life, health, disability income, critical illness, and long-term care insurance policies.
Contact this company to request your report
If the company has a file about you, it will provide one free report every 12 months, ONLY if you request it.
Requesting copies of your own consumer reports does not hurt your credit scores.
For companies required to provide the information in your report for free annually upon request, they must do so within fifteen days of receiving your request.
How to use this MIB report
Fact-check your medical specialty report before or when applying for private life, health, critical illness, long-term care, or disability income insurance. Generally, if you haven’t applied for individual life or health insurance at an insurance company that uses services from the listed company, the company won’t have a consumer report for you to request.(Source: CFPB > MIB, Inc. )
What is considered "APPROVED", "ACCEPTABLE RISK CLASS" with one insurance company can also be where the line is drawn and can be classified as a "DENIAL", "HIGH RISK CLASS: DOES NOT MEET CARRIER GUIDELINES" .
Let our experience work for you to make sure you
apply for the coverage with the right carriers, The FIRST time with
ACESS TO TOP LIFE INSURANCE CARRIERS & UNDERWRITERS
What are the Statistics of a Digital Life Application?
WANT TO KNOW WHERE YOU SHOULD APPLY TO IMPROVE YOUR ODDS?
Contact us today or complete the initial intake form by clicking here
*Metric reported for full month March 2023. "Instant decision" is defined as total instant decisions as a percentage of total decisions from business submitted in March 2023 (Source: Insurance Carrier with :a Financial Strength Ratings of A+ (Superior) from AM Best)
** Metrics reported YTD through March 2023. "Lab-free decision" is defined as total lab-free decisions as a percentage of total decisions from all business submitted through March 2023. "Lab-free decision" percentage includes instant decisions.(Source: Insurance Carrier with :a Financial Strength Ratings of A+ (Superior) from AM Best)
