Disability Insurance is underwritten fairly but can take time and can be rigorous. Establishing the right expectations with your client up-front, will make for a much less stressful process. You can expect the carriers to do a thorough and complete job of underwriting, to include collecting doctor’s reports and requiring income documentation. Expect the best possible underwriting decisions if there are no surprises.
1 - Fact Gathering - be as complete as possible
Ask your client specific questions when you’re getting to know them. The following information will help dibrokerWest find the best coverage and produce an accurate quote.
Client Name – a unique ID helps identify the proposed insured.
Date of Birth – is more helpful than age, some carriers use age last, some age nearest.
Tobacco use – current and paste usage, including cigarettes, chewing, cigars, nicotine gum or patches or other use.
Gender – rates for females tend to be higher than those for males.
Occupation/Duties – be as specific as possible, for physicians provide specialty.
Net Income – the net income after expenses, but before taxes. Proof of income is required.
State of Residence – you must be licensed in the state where the application will be signed.
Medical History – all medical history will be considered, do not omit medical history.
Medications – most carriers now do a prescription check on applicants.
Complete Carrier appointment – verify your state is not a pre-appointment state; if not then this may be completed with the submission of your first application for that carrier.
4 - Present the Proposal
Utilize our Library of sales tools and product presentations and ideas to help present your client’s proposal.
For access to dibrokerWest’s entire video library, sales tools, forms and case management resources that will help you sell and place Disability Insurance. Register or Login here.
5 - Take the Application
Complete the application – verify all questions are answered completely.
Get Income Documentation – generally if your client is W-2’d, then a current pay stub, or last year’s W-2 will suffice. If they are a business owner, then 2 years of their full tax returns are likely necessary for underwriting.
Schedule Teleapp (if necessary) – You should utilize the teleapp process whenever possible. Teleapps reduce the underwriting time and will improve your placement rates.
Schedule Paramedical – dibrokerWest is happy to do this for you, but if you are coordinating with other insurance or have a service you prefer to use, please let us know that you have already ordered the exam.
6 – Disability Insurance Underwriting
Expect underwriting to take 4 to 8 weeks depending on medical history and case variables.
Case Status is available 24/7 Online through Broker Services
7 - Policy Issued/Delivered
Policy e-Delivered – we use e-delivery whenever possible.
Policy Delivery Receipt – you’ll receive a policy delivery receipt.
Signed Amendments – be sure to get any amendments signed and returned.
Pay Premium – pay any premiums that are due to place the policy in-force.
8 – Commission Check Issued
Your commissions will come direct from the Insurance Company. Most carriers allow for direct deposit which is the quickest method for receiving your commissions.