If you’ve been an advisor long enough, you likely have come across prospects that have issues which could hinder them from obtaining traditional life insurance. These prospects may have medical or lifestyle issues that could impede them on getting needed life insurance coverage. Depending on the severity of their issue, it could lead to a heavily rated underwriting decision or an outright decline. For these reasons, as an advisor, it is imperative to have a life insurance solution for all of your prospects and to have a process to ensure that you are able to obtain the best possible coverage for them in the market place.
Process for your “Hard-to-Insure” clients:
- Asking the right questions: Asking the right questions will help determine risk and issues that your client may be facing:
- Do you have any existing medical conditions?
- Have you been declined insurance in the past? – If yes, for what reason?
- Do you have any medical tests or procedures pending that have not been completed?
- Have you been advised to seek professional help with the use of drugs or alcohol in the past?
- Check underwriting guidelines: If there is an underwriting issue, examine and evaluate the underwriting guidelines provided by the traditional carriers to determine how an application will be treated.
- For possible decline or heavy rating, check with Canada Protection Plan underwriters: Canada Protection Plan are the leaders in the simplified, non-medical life insurance field. Direct access to our underwriters allows you to find the best life insurance solution for your prospects. Your prospect could save money and/or possibly obtain better coverage, with no waiting period, by checking with us first.
Following these steps and taking the time to get to know the available products within the market place for your “hard to insure” clients will put you in a better position to close the sale and help in validating your expertise in front of your potential client.
If you want to learn more about Canada Protection Plan and their line of comprehensive Non-Medical life insurance solutions, call Broker Services at 1-877-796-9090 and they will be happy to assist you or put you in contact with one of our Regional Sales Directors.
