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Insurance Need:

Very often when people are confronted with a life threatening illness or injury they will reconsider their insurance needs. In the Substandard market, it is important to remember not to over sell, both from an underwriting standpoint as well as the client's ability to afford the insurance.

Medical History:

Record your client's medical history completely and accurately in the non-medical section of the life application. Do not try to save time or space. Remember that underwriters make unfavorable decisions, based more often on what they don't know, or suspect, than on what they do know. Print the information neatly and completely, include doctors full names and address, include the telephone number if at all possible. (Sample lists of questions to be answered for various conditions follow under "Ballparking Substandard Risks".)

Financial Underwriting

Consider the various financial aspects of underwriting, such as the relationship between your client's age and the cost of the insurance. Remember that the underwriter will also be looking at the relationship between the amount of insurance currently owned and the amount applied for. Another important consideration is the applicant's cash flow and the total premium outlay required. Consider the potential consequences of over insurance, rejection, not-taken policy or lapse.

"But My Doctor Says":

At times, an insurance company may determine that a rating is necessary and the client is taken by surprise, because their doctor told them "...you're doing fine...", "...there may be some minor problems, but no current treatment is necessary...". When this occurs, it is important to remember the difference between clinical medicine and insurance medicine. Many medical conditions may become more severe or more complicated in the future. When this occurs the attending physician can further evaluate the condition and prescribe treatment at that time. The insurance company, however, does not have this option, it has a very narrow window in which to determine the overall risk of the individual, both now and in the future.