Underwriting Steps For 1st Day Coverage Final Expense Insurance – Podcast Episode 29

In this podcast, I’m going to be discussing underwriting steps for first day coverage final expense life insurance. First thing I’d like to talk about is, for us to understand if you qualify for first day coverage is we need to understand what’s going on with you kind of just the basic stuff, you know your age, your gender, your smoker, you know, smoking status, you know, if you’ve got any health or medical information, we need the people that we are helping just to provide some basic information.

So that we have an idea what insurance company is going to be best what insurance company is going to give them the lowest price, which insurance company is going to give them an approval for first day coverage.

1:17

So for final expense life insurance, just to let you know, the underwriting is pretty lenient, we’re going to talk about that in a moment too. But yeah, just most of the normal stuff you have is not going to be any issue at all for first day coverage.

And so we’re going to need to know age, birthday, gender, and just some probably medications, we can tell an awful lot about what’s going on with you. We can almost underwrite people just based off knowing their medications. You know, we’re not that good. We’re that familiar. But, you know, certainly anything, any information you can provide to us as far as health issues going on, and stuff like that, that’s going to be fairly helpful, too.

2:01

Which brings us to our second point is the end of the evaluation process from us at funeral funds of America, I know, you’re probably worried about whether the insurance company will approve you, you should be worried about whether we will approve you. And I don’t mean that in like a daunting way. It’s just that, you know, once we talk with somebody over the phone, get their health info, our approval rate, as long as we know everything, our approval rate at funeral funds of America is 100%. We don’t get it wrong. We don’t get it wrong. This is what we do we work with enough different insurance companies that we know who will get approved and who will not get approved.

2:34

We don’t get it wrong 100% approval rate. Now, do we have a 100% approval rate? No. And the fact of the matter is that sometimes people forget to tell us things. And it may have been a medication or a combination of medication that you took a while ago. And, you know, we’ve had people with with like, cognitive issues like dementia want to get approved, and they forget to tell us about a dementia medication they’re on.

And that is really sad, that is really, really sad. We don’t get upset in any way. With anything like that. They just forgot to tell us about the medication. And the insurance companies look at those medications. And they know you’ve got dementia or Alzheimer’s or something like that. So as long as we we know what’s going on health wise, we will get people in the right policy. And we will get that approval 100%. It’s just sometimes people will forget. And then also, unfortunately, some type it some times people think they can sneak one over on the insurance company. And they don’t reveal to us, and then they don’t reveal to the insurance company, that they’ve got this health issue.

3:56

And of course, the insurance company’s not going to issue your policy if you’re lying. Oh my gosh, that’s called insurance fraud. knucklehead. Don’t do that. You know, the best policy on final expense policy is honesty. Right? Because if we know what you’ve got going on medically, we can work around that in almost every case, in almost every case, but don’t lie. You know, when you can commit insurance fraud. The insurance company doesn’t ever have to pay.

They do not have to pay if you willingly and knowingly committed fraud to get an insurance policy. So you will never ever, ever see any of our agents at funeral funds in America. fudging health details. No. There’s a lot of insurance agents out there that will and you know you do not you do not want to be the insured out there.

You know, to accompany where your agent said, Hey, we’re just is gonna mark you as non smoking, even though you quit six months ago, and I know, I know, the insurance company only asked about smoking in the last 12 months, but we’re gonna fudge this, because we’ll get you that lower rate. Well, when you pass away if the insurance company finds out that you were actually smoking within six months, and the application said to have used any tobacco, nicotine products, vaping, anything like that in the last 12 months, and you Mark No, the insurance company doesn’t have to pay.

No, you committed fraud, even if the, even if the agent filled it out your signatures on it. So yeah, that’s fraud, you don’t have to be, don’t do that. Don’t be that person. Because that would be terrible when you think you have everything taken care of. And then you find family finds out that, you know, you didn’t do the right thing, and didn’t tell the truth, when it was really required the most, and they’re not gonna get any money, now they’re gonna have to pay it, they’re gonna have to put it on their credit cards, probably pay 26% interest. Not a good deal. Don’t do that.

6:01

So the people that we’re talking to provide some information to us, that allows us to evaluate them to find out what insurance company would be best. And at that point, then we get on the phone with the insurance company, in most cases, some of the insurance companies we’re we work with, it’s an online process. But yeah, from there, then we move on to the insurance company underwriting. And that’s what I mentioned before, sometimes people will try to sneak things through and the insurance company catches him and go, nope, denied, you know, so if you just let us know, you know, everything, your your history, most of the time, it’s just going to be looking back two years in most cases.

There’s some things that the insurance companies ask, have you ever had, you know, like, if you’ve ever been diagnosed with dementia or something like that, but we can help you work around that. And don’t be bashful? Just tell us you know, I if you read off your list of medications, I know I myself, I’m going to be able to tell you almost right away, whether you’ll be able to qualify or not just based off the medications because this is what we do all day long. And we know that you know the doctors know that if you’re like on Lisinopril, you know, the underwriters for the insurance company. They they know if the doctors put you on listener Perlis for high blood pressure, right?

7:26

You know, Metformin, diabetes, insulin, diacetyl, DiNozzo, Exelon resident any of those, those would be like dementia medications. So yeah. Again, if you’ve gone through our underwriting, and you’ve been told by us that you qualify, and you haven’t forgotten, anything you will get you will get your policy approved, and we will get you locked into that lowest price. And that’s our last talking point today is approved, you know, the application is either approved or declined.

And there’s no in between the health questions on these policies are all yes or no, there’s, there’s, there’s no room for any fuzziness on this. There’s no room for kind of fudging things at all. I mean, that’s kind of the the blessing about these policies, is they’re very straightforward that way. So the insurance company, by the time we get off the phone with almost every insurance company we work with, by the time we get off the phone with the insurance company, you’re gonna have an answer, which is, it’s terrific. Man, I tell you what, those companies that take three, four or five days, some even take weeks or a month to get approved for final expense policy, they drive us nuts, holy cow, because, you know, there’s companies that have their act together, that can give you an answer right away over the phone with your agent.

8:48

And those companies are going to be the best companies in almost every case, because they’ve got their act together, they’ve got their technology together. And when when they’re running their business in a responsible and efficient manner, they can offer premiums that are less expensive, and that just that just translates to more money in your pocket.

So yeah, set a really good overall look on underwriting steps for first day covered for final expense, life insurance. It’s really important you work with a qualified agent. There’s a lot of agents out there with a lot of experience. And I can tell you that you know, if an agent is visiting you in your home in a lot of cases, cash anymore even there’s so many inexperienced agents out there, you know, especially with you know, the you know, the phones and ever since COVID.

A lot of agents have kind of converted over to telesales. And a lot of these insurance companies, this is just kind of plus information on this one. A lot of those those insurance agents only work with like one or two companies. So If you don’t qualify, you’re out of luck. And sometimes they’ll just try to push things through to underwriting even though they know you’re on the edge, and you’ll get a denial.

10:10

And then there’s a bunch of insurance companies out there that ask Have you ever been denied any insurance in the past and that affects your underwriting as well too. So with this type of insurance, you want to get approved the very first time you don’t want it in an experienced agent just kind of playing with your your health records with an insurance company just hoping something’s going to go through because they need the commission. So yeah, just be careful of that. But that’s the underwriting steps for first day coverage final expense life insurance

NOTE: Show notes are AI transcribed, so there may be some spelling or grammatical errors.