Underwriting can be overwhelming and convoluted.
Here at IAMS, we know that the clients you protect have their own unique histories that often present Underwriting challenges. With so many options available, knowing where to start can be daunting. Let IAMS remove the mystery and help you choose the right carrier the first time. Contact Andrea the next time you’ve “got a guy” that you’re not quite sure where to start with, and stop declines before they happen. You might just be surprised at what she’ll find…
The Challenge
- Male, mid-40s, non-smoker
- Non-US Citizen, seeking 1 million in personal coverage.
The proposed insured is a citizen of Chihuahua, Mexico, who has lived in the US for the last 15 years and works as a 1099 employee. He does not have a Green Card, Visa, or Social Security number. However, he does have an Individual taxpayer identification number, owns a home in the US, and has two US bank accounts.
The Solution
While the majority of our carriers did indicate that this would be a decline until the client held a Green Card, or US Citizenship was established, we were able to find a handful of carriers that were willing to offer coverage after meeting certain criteria; Proof of identity, including a passport or Gov’t issued ID was the first stipulation. Financials were also a large part of any consideration, and a global net worth of at least 1 million dollars was required, with some requiring up to 2 million and 5 million. Additionally, we had to show that the client has lived in the US for a minimum of 5 years and maintained residency or business property in the USA, with no plans to move back to their native country. Finally, we had to provide medical records showing established medical care with a doctor or clinic in the US.
While this case required more paperwork and financials than most for this face amount, and multiple companies declined, we could provide the client with options from 5 different carriers who were willing to offer! Showing once again that no two carriers are the same – one carrier’s decline is another carrier’s placed policy.
Do you have an underwriting question? Contact Andrea Rasser, FLMI, CLU, ChFC, AALU for help by calling (800) 255-5055 or emailing andrea@iamsinc.com.
While underwriting challenges can slow down the sales process, having the right resources at your disposal can make all the difference. The IAMS Life & Annuity Academy offers exclusive training, tools, and insights to help advisors sharpen their skills, streamline client interactions, and grow their business. Whether it’s marketing strategies, sales techniques, or product education, the Academy equips you with the knowledge you need to navigate every step of the insurance process more effectively.
There is still time to apply for the Spring 2025 Life & Annuity Academy, held April 2 – 4 in Des Moines, IA. Click below for details.
