Underwriting: The Year in Review & Where We’re Headed Next

Underwriting: The Year in Review & Where We’re Headed Next
What an extraordinary year it has been for life underwriting.  We've experienced rapid and remarkable changes on a number of fronts — some positive and helpful, others more challenging — and all either accelerated by, or initiated because of, the COVID-19 pandemic. We've seen the expansion of technological enhancements and automation of the underwriting process, helping get cases approved more quickly and with less hassle for our applicants.  Conversely, we continue to see COVID-related underwriting restrictions that sometimes affect our ability to get coverage issued, especially wit...
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A Great Idea That Keeps Getting Better . . . and Stronger . . . and Easier! Life Insurance Retirement Plan

A Great Idea That Keeps Getting Better . . . and Stronger . . . and Easier!    Life Insurance Retirement Plan
For life insurance industry veterans, using cash value life insurance to supplement retirement savings is as old as the rate book.  Overfunding premiums and enjoying the advantages of both insurance protection and tax-free accumulation (without the burden of qualified plan rules) is what makes our products unique.  And with the potential for tax-free income down the road, we really have an unmatched solution for clients wanting to enhance their retirement in a very tax-efficient way. If life insurance is new to you, or if you just need a refresher on the LIfe Insurance Retirement Pla...
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New and Enhanced Underwriting Tools Impacting Your Cases Today

New and Enhanced Underwriting Tools Impacting Your Cases Today
Several underwriting tools have been adopted by carriers to issue coverage faster, in many cases without the need for insurance exams or requirements such as a traditional APS.  Some of these tools are new, while others have been in use previously, but have recently been enhanced to streamline the underwriting process. These tools often impact cases that run through an accelerated or streamlined underwriting process (for purposes of this blog, we will refer to such processes as "expedited underwriting"), and may also impact cases that follow a more traditional underwriting path. Informati...
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A Harbinger of Things to Come in Other States?

A Harbinger of Things to Come in Other States?
  Algorithmic and Predictive (aka Accelerated) Underwriting Hits a Speed Bump in New York In January of this year, the New York Department of Financial Services (DFS) issued an Insurance Circular Letter on the Use of External Consumer Data and Information Sources in Underwriting for Life Insurance.  According to the DFS, the purpose of the Letter was "to advise insurers authorized to write life insurance in New York of their statutory obligations regarding the use of external data and information sources in underwriting for life insurance." While on the surface this seems like a rath...
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Fast and Furious - Year-End Sales Ideas in 60 Seconds or Less

Fast and Furious - Year-End Sales Ideas in 60 Seconds or Less
Ready for some quick sales ideas that you can take from start to finish before December 31?  Here are some of the best from Windsor and our carriers!   Year-End Tax Deductions!  American National ​As we enter the last two months of the year we are at the very peak of the pension season. Now is the time to contact prospects who couldn't pull the trigger on planning earlier in the year. There is much greater urgency to establish a plan now than back in March when no deadlines were looming. Contact accountants and let them know that you can help them and their client...
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What Are Underwriting Pros Talking About Today?

What Are Underwriting Pros Talking About Today?
Throughout my career I've had the good fortune to be associated with a number of individuals and organizations that move and shake the life insurance underwriting profession. They include many industry thought-leaders – among them are chief underwriters, actuaries, medical directors, reinsurance leaders, insurance lab and exam leaders, data providers and others. They represent a wealth of knowledge and insight about the state of the underwriting profession, always looking towards what's impacting the industry today and what they expect to impact the industry tomorrow.  So what's at the to...
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