Great Field Underwriting is the difference between a happy or mad client, getting paid or not paid, and possibly avoiding an E&O claim. You can harm your client’s insurability if your process is, “Let’s just apply and see what they say.” Investing about 15 more minutes up front will ensure you have better results.
Let’s start with my top 20 Questions for great Field Underwriting:
Understand your client’s wants / needs & collect the correct information to find the right solution.
Why do you want this new insurance?
What kind of coverage do you believe you want?
When do you want this to start?
How much coverage are you looking for?
What do you own now, and do you plan on replacing it with a new plan? Or keeping both?
Who else is involved? Spouse? Business Partner? Children? Lawyer? Financial Planner?
What other quotes have you received?
Date of Birth (never just AGE)
Height / Weight & has it been consistent the last 12 months?
Occupation & how long in the field?
Annual income?
Ever file bankruptcy? (What type, when, discharge date?)
ANY nicotine products, Vaping, or Marijuana used in the last 5 years?
What month/year did you have your last comprehensive annual exam? Everything tested good?
Health history - Any moderate / major “Aches & Pains” (Illnesses, surgeries, medications, etc.)
Any family history of cancer, heart disease, stroke, diabetes, or other chronic disease?
Any current / past habits or activities that could impact eligibility? *
Have you EVER had an application altered, modified, or declined because of a U/W factor?
What is the monthly contribution you’re absolutely comfortable with, month after month?”
If you aren’t approved for the desired rate, what would you like to do? **
*Speeding, DUI/DWI, reckless driving, etc., Fun / dangerous hobbies, Criminal History, probation, etc. Counseling, rehabilitation, or medical treatments for ANY prescription or illegal drugs &/or alcohol?
** EX: Your client applies for preferred rates yet get standard. Do you want to pay the extra premium or reduce the benefit to match the new premium?
Let's talk more!