The independent brokerage space has historically been dominated by two product lines. 1. Inexpensive Term insurance 2. Impaired Risk Life Insurance. The Inexpensive Term space is secure. It’s still there and still very inexpensive. What about Impaired Risk Life insurance?
Well, we still get offers here and there, but gone are the days when a carrier will weigh the submitting advisor’s production and our relationship (and production) with the carriers as overriding elements to tip a case in our favor. It’s begged the question “Are underwriters not as talented as they once were? Or, are they not allowed to be?”. Probably a little of both.
As algorithms and AI have entered the underwriting realm, underwriting has become more commoditized. No doubt. Offers from various carriers are similar as many work out of the same reinsurance manuals. And, honestly, one has to wonder about the carriers’ appetites for the business!
Fortunately, here we have vast impaired risk underwriting experience being a tried and true independent brokerage agency. While it’s just not like the old days, we can navigate to the best offers available: Preferred for Diabetics – it’s happened! Nontobacco rates for Vapers or Cigars or Chewers – yes. Standard for Atrial Fib – Sometimes, sure!
While the age of buying a case seems to be over or severely compromised, rest assured, we here are staying at the forefront of the underwriting world and its many changes.
Thank you for the opportunity to help you help your clients.
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