Female, age 53, wants life insurance. In 2013, she was diagnosed with breast cancer. It was removed/treated at that time. She has had regular mammograms since that have been normal. She has also been diagnosed with a slower heart rate (bradycardia) and has regular ECGs every 6 months. How would you assess this potential client?
A. Cancer and heart issues – not a great risk. Maybe only apply for Access Life.
B. Cancer seems okay (>10 years ago with good follow-up) but the bradycardia with regular ECGs sounds like a bigger issue.
C. Ask when she last had a mammogram and ECG and if either is pending/soon, what is the anticipated date.
In addition to the Financial Needs Analysis (FNA), a Cover Letter is a communication from you to the Underwriter that can provide additional insight into your relationship with the client, the purpose/strategy for the insurance, and any specific knowledge you have on the client/business. While the FNA will provide important information, the cover letter provides additional information when further clarification is needed. Cover letters are not needed on every case. They are typically used for more complex cases, or on life insurance applications over 5 million dollars.
What could you provide in your cover letter?
Note that the cover letter does not replace the usual financial requirements for age and amount, but it helps the underwriter understand your case, particularly if it is a complex one. Here are links to iA's Financial guidelines, Large Case cover letter checklistandadditional documents for financial cases that provide more information
To submit a cover letter, first submit the application to iA using EVO. Once a policy number has been assigned, send an email to newbusiness@ia.ca with the contract number and the cover letter.
HOW TO PREPARE YOUR CLIENT FOR THE APPLICATION PROCESS
PART 1 – LABS / VITALS
Don’t do vigorous activity or eat high carb/sugar meals prior to lab work and vital signs. This can skew results.
Make sure you are well hydrated for easier blood and urine collection.
PART 2 – APS
Provide accurate information – correct name and address for the doctor(s) who have the most accurate and up-to-date information.
If possible, call the doctor’s office and confirm that the name and date of birth of your client are correct and give them the heads up that an APS request might come from iA.
PART 3 – DURATION
Some applications can be approved at the point of sale. Some might be referred to the underwriter which could take longer.
The biggest roadblocks are questions that cannot be answered in underwriting easily – hard to locate medical records, delays in scheduling labs or vitals, providing unclear responses to underwriting questions, applying for too much insurance without financial justification.
It is important to remember that an insurance policy is a contract of trust. Accurately declaring the client’s situation and status not only helps speed up the underwriting process, but also fulfills the legal responsibilities of all parties that help get coverage for your client.
ADVISOR CENTRE - CHECK IT OUT
Need to know the status of your client’s pending or in force application(s)?
iA provides each advisor with a dedicated space for you. You can review the status of pending applications – what requirements are outstanding, has a decision been made, are there any outstanding questions from underwriting? You can also check on your client’s current portfolios to see if there are ways to support them as they move through life with further insurance and/or investments.
Then click on Individual Insurance and get familiar with some of the support we offer: My Clients, Business Tracker, Documents and My Tools. This is an excellent first line of support, even before reaching out to the Partnership team. Most of our frequently asked questions can be answered here first:
MEET iA TEAM MEMBERS
Annie C.
(Head Underwriter)
Annie began her career in insurance in 2000, working in various administrative roles. She became an underwriter in 2006 and has worked for several companies as a life, CI and disability underwriter. In 2010, she had an opportunity to work as a New Business Manager in an MGA, but in 2013 she returned to underwriting. In 2021 she started with iA as a Senior Underwriter and in April 2022 was promoted to Head Underwriter. On a personal note, she studied music from age 4 to 17 and went up to the entry exam with the Montreal Music Conservatory. More recently, she studied at Laval University and received a Certificate in Food and Nutrition. Her faithful and loyal companions currently are her three cats (triplets).
Marie-France P.
(Head Underwriter)
After completing a bachelor's degree in psychology, Marie-France joined iA as an underwriter. She now has 21 years of underwriting experience at iA, with various mandates such as training new cohorts of underwriters, the VIP team and, currently, acting as underwriting expert for the replacement of the automated underwriting rules engine. Recently, she began taking courses to obtain her motorcycle driver's license. Maybe you'll see her behind the wheel of her new motorcycle this summer.
QUIZ – ANSWER
Best answer: E.
Cancer: After 10 years, it can sometimes be a standard decision for life coverage, subject to details from the doctor (cancer reports and most recent follow-up screening).
Heart disorder: This is a concern since she requires ECGs every 6 months (normally we wouldn’t see such regular ECG follow-up), but if the client is compliant with follow-up, then that’s favourable.
*Please note – we will not review doctor’s reports or medical evidence with preliminary inquiries – they are meant to be a quick inquiry to underwriting, not a fully underwritten inquiry. Therefore, do not include personal information or medical evidence with your inquiry. Also, all responses are tentative, subject to an application and full underwriting.
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