Field Underwriting Guide

Transcription

1 Field Underwriting Guide Thank you for choosing Vantis Life. Your business and the applications you submit are very important to us. This Guide is designed to provide you with an easy-to-read reference source of important underwriting guidelines and processes. For more detailed information, please visit AgentWeb. For agent or broker use only. Not for use with the public. Not a deposit Not guaranteed by any bank or credit union Not FDIC/NCUA insured Not insured by any federal government agency

2 Understanding the Underwriting Process is Critical to Your Success What is Underwriting (a.k.a. Risk Classification)? Underwriting or risk classification is the process of grouping together individuals with similar characteristics. Proposed Insureds with similar characteristics are placed in the same rating classes and charged the same premium. The better the Proposed Insured s health, family history, etc., the better the rating class. Those with less than favorable health history and risk factors pay more premiums. Those with more significant health history may pay a substandard extra or are declined coverage. Rating Classes The underwriting process is necessary to determine the underwriting class for a Proposed Insured. Level Term, VantisValue SM and VantisValue SM P l u s a re f u l l y u n d e r w r i t t e n, u n l i ke p ro d u c t s s u c h a s Guaranteed Golden, Super EZ Term, or Super EZ Complete Permanent. UltraSelect, SelectPlus, Select, Standard (non-tobacco) and Standard (tobacco) are non-rated classes. A substandard extra is offered to those individuals whose health, driving history, foreign travel, and hobbies may result in an early death. Proposed Insureds with significant problems or other challenges can be postponed for a certain period of time or declined for coverage. Prescription Database Search As part of the underwriting process, upon receipt of the appropriate HIPAA authorization, Vantis performs a prescription database search on all life business with the exception of Guaranteed Golden and Children s term insurance. This data base search provides detailed prescription histories which facilitates faster and more accurate underwriting decisions. Fully Underwritten Term Life - Underwriting Classes Level term plans are offered for guarantee periods of 10, 15, 20, 25 & 30 years. At the end of the guaranteed level period, coverage is automatically renewed to a Yearly Renewable Term (YRT) and may continue to age 85. Renewal premiums are based on the insured s attained age. UltraSelect Excellent health & family history. No tobacco use within 5 years. Low-risk lifestyle Select Good health & family history. No tobacco use within 2 years. Low-risk lifestyle Standard (Tobacco) Acceptable health & family history. Tobacco use within a year. Moderate risk lifestyle SelectPlus Very good health & family history. No tobacco use within 3 years. Low-risk lifestyle Standard (Non-tobacco) Acceptable health & family history. No tobacco use within 1 year. Moderate risk lifestyle This is general guideline, as other factors are considered, including but not limited to avocation, travel to foreign countries, and build guidelines (height/weight). Approval is subject to the full underwriting process and review, including a completed application, medical examination and laboratory work

3 Age & Amount Requirements For Fully Underwritten Term Life Age Face Amount Requirement $100,000 & Over $100,000 & Over $100,000 & Over $100,000 & Over 61 & over $100,000 & Over Home Office Specimen (HOS) Insurance Blood Profile (IBP) Electrocardiogram (EKG) Paramedical $100,000 & Over $100,000 & Over Not Required Paramedical $100,000 & Over $100,000 & Over $500,000 & Over Paramedical $100,000 & Over $100,000 & Over $250,000 & Over Paramedical $100,000 & Over $100,000 & Over $250,000 & Over Paramedical $100,000 & Over $100,000 & Over $250,000 & Over Blood work (IBP), Urine specimen (HOS), Personal History Interview (PHI), Motor Vehicle Report (MVR) & Electrocardiogram (EKG for ages 41 and above) are always required for $1,000,000 face amount and higher Minimum Face Amount = $100,000 Face amount includes all Vantis Life coverage in-force, and applied-for in the past 3 years

4 Fully Underwritten Permanent Life Underwriting Classes Vantis Life offers two types of permanent life plans: VantisValue SM (does not pay a dividend) and VantisValue Plus SM (pays a dividend). There are 4 different types of coverage: Straight Life, Life Paid-up at age 65, 10-Pay and 20-Pay Life. UltraSelect Excellent health & family history. No tobacco use within 5 years. Low-risk lifestyle Select Good health & family history. No tobacco use within 2 years. Low-risk lifestyle Standard (Tobacco) Acceptable health & family history. Tobacco use within a year. Moderate risk lifestyle SelectPlus Very good health & family history. No tobacco use within 3 years. Low-risk lifestyle Standard (Non-tobacco) Acceptable health & family history. No tobacco use within 1 year. Moderate risk lifestyle Age & Amount Requirements For Fully Underwritten VantisValue sm (Non-Participating) Age Face Amount Requirement Home Office Specimen (HOS) Insurance Blood Profile (IBP) Electrocardiogram (EKG) 0 15 $100,001 - $500,000 No Exam Not Required Not Required Not Required $100,001 - $500,000 No Exam Required Required Not Required $100,001 and over Paramedical Required Required Not Required $100,001 and over Paramedical Required Required $500,000 and over $100,001 and over Paramedical Required Required $250,000 and over $100,001 and over Paramedical Required Required $250,000 and over $10,000 - $100,000 Paramedical Required Required Not Required $100,001 and over Paramedical Required Required $250,000 and over Additional Requirements Ages 0 20: $100,001 to $500,000, Attending Physician Statement (APS) with results of physical done within the last 18 months. Ages 61 70: $10,000 - $100,000, APS if seen by a Dr. within 6 months of the application. Personal History Interview (PHI), Financial Questionnaire, Motor Vehicle Report (MVR) & Electrocardiogram (EKG for ages 41 and above) are always required for $1,000,000 face and higher. Children s insurance subject to appropriate amounts in force on parents and siblings. Any coverage applied above $100,000 should include a cover memo with details as to how the amount applied was determined. Face amount includes all Vantis Life coverage in force and applied for in the past 3 years. Minimum/Maximum Face Amount $100,001 to $5,000,000 for VantisValue - Ages 0 through 60 $ 10,000 to $5,000,000 for VantisValue - Ages 61 through 70

5 Age & Amount Requirements For Fully Underwritten VantisValue Plus sm (Participating) Age Face Amount Requirement Home Office Specimen (HOS) Insurance Blood Profile (IBP) Electrocardiogram (EKG) 0 15 $100,000 - $500,000 No Exam Not Required Not Required Not Required $100,000 - $500,000 No Exam Required Required Not Required $100,000 and over Paramedical Required Required Not Required $100,000 and over Paramedical Required Required $500,000 and over $100,000 and over Paramedical Required Required $250,000 and over $100,000 and over Paramedical Required Required $250,000 and over $100,000 and over Paramedical Required Required $250,000 and over Additional Requirements Ages 0 20: $100,000 to $500,000, Attending Physician Statement (APS) with results of physical done within the last 18 months Personal History Interview (PHI), Financial Questionnaire, Motor Vehicle Report (MVR) & Electrocardiogram (EKG for ages 41 and above) are always required for $1,000,000 face and higher Children s insurance subject to appropriate amounts in force on parents and siblings. Any coverage applied above $100,000 should include a cover memo with details as to how the amount applied was determined Face amount includes all Vantis Life coverage in force and applied for in the past 3 years Minimum Face Amount: $100,000 Maximum Face Amount: $5,000,000 Minimum/Maximum Face Amount - All Ages

6 Criteria UltraSelect SelectPlus Select Tobacco Use Personal History Family History Parents/Siblings (blood relatives) Drug and Alcohol History Driving History DUI/DWI No tobacco/nicotine products in 60 months No personal history of diabetes, cancer, cardiovascular or coronary artery disease, hypertension or any ratable health impairment No history of drug or alcohol abuse No more than 2 in the past 3 years with no reckless driving No history of DUI/DWI No Hazardous Occupation or Avocation No tobacco/nicotine products in 36 months No personal history of diabetes, cancer, cardiovascular or coronary artery disease, hypertension or any ratable health impairment No history of drug or alcohol abuse within the past 10 years No more than 2 in the past 3 years with no reckless driving No history of DUI/DWI in the past 10 years No Hazardous Occupation or Avocation No tobacco/nicotine products in 24 months No personal history of diabetes, cancer, cardiovascular or coronary artery disease, uncontrolled hypertension or any ratable health impairment No history of drug or alcohol abuse within the past 7 years No more than 2 in the past 2 years with no reckless driving No history of DUI/DWI in the past 7 years No Hazardous Occupation or Avocation Occupation/ Avocation Aviation No private aviation No private aviation Ratable private aviation No Treatment No Treatment With Treatment Cholesterol 220 (21 50) 240 (21 50) 240 (21 50) 240 (51 & >) 250 (51 & >) 250 (51 & >) Cholesterol/HDL No Treatment/5.0 No Treatment/6.0 With Treatment/6.0 Blood Pressure No Treatment 130/80 (21 50) 140/80 (51 & >) No Treatment 140/80 (21-50) 150/90 (51&>) With Treatment 140/90 (21-50) 150/90 (51 & >) Build Fully Underwritten Products (Level Term - Minimum Face Amount: $100,000) (VantisValue SM Permanent - Minimum Face Amount $10,000 Ages 61 through 70) (VantisValue SM Permanent - Minimum Face Amount: $100,001 Ages 0 through 60) (VantisValue SM Plus Permanent - Minimum Face Amount: $100,000) No history of death due to cardiac, stroke or cancer related issues prior to the age of 60. See Maximum Height & Weight Guidelines -Select Risk Criteria- No history of death due to cardiac, stroke or cancer related issues prior to the age of 60. See Maximum Height & Weight Guidelines One death due to cardiac, stroke or cancer related issues prior to the age of 60. See Maximum Height & Weight Guidelines

7 SELECT RISK MAXIMUM HEIGHT AND WEIGHT GUIDELINES ULTRASELECT SELECTPLUS SELECT HEIGHT WEIGHT (LBS) WEIGHT (LBS) WEIGHT (LBS) 4 ft 10 in ft 11 in ft ft 1 in ft 2 in ft 3 in ft 4 in ft 5 in ft 6 in ft 7 in ft 8 in ft 9 in ft 10 in ft 11 in ft ft 1 in ft 2 in ft 3 in ft 4 in ft 5 in ft 6 in ft 7 in

8 Other Products Super EZ Super EZ term and Super EZ Complete permanent plans differ from fully underwritten term and permanent plans in that the application consists of fewer questions and generally, No medical exam or lab tests needed. Approval is subject to underwriting review and requirements, which may include an Attending Physician Statement (APS) and in some cases a medical exam and/or lab test. Super EZ and Super EZ Complete are offered with standard non-tobacco and tobacco underwriting classes. EstateWise Platinum Single Premium Whole Life A one-time, premium buys a guaranteed death benefit that is significantly higher than the single payment. EstateWise Platinum differs from fully underwritten permanent life in that the application consists of fewer questions and generally there are no medical exam or lab tests needed (up to $175,000 of premium*). Approval is subject to underwriting review and requirements, which may include an Attending Physician Statement (APS) and in some cases a medical exam and/or lab test. This product is offered with standard non-tobacco and standard tobacco underwriting classes for applicants ages 50 through 80. Detailed information can be found in the EstateWise Platinum Agent Guide. *Higher Limits With Full Underwriting Guaranteed Golden Is a low cost, permanent policy designed for individuals who are between the ages of 50 and 80 (may vary by state). Guaranteed Golden is written on a non-medical basis with no health questions and no physical exam required. The plan is offered in amounts of: $5,000, $10,000, $15,000, and $20,000. The proposed insured must have the ability to contract for insurance and no Power of Attorney should be in effect. Applying insurance on individuals battling dementia who can no longer manage their finances or understand insurance is not acceptable. Children s Life Insurance (Term & Permanent) Policies are written on a non-medical basis, however, information may be obtained from applicants and other sources such as Proposed Insureds medical records prior to issue. NOTE: Children should not be insured for more coverage than their parents or siblings Any child from 15 days to 15 years of age (states variations may exist) is eligible for one of the 2 children s life insurance options: Option One is a single premium term insurance for $10,000 of coverage that can be purchased for only $295. Once this term insurance policy is issued, it protects the insured child up to age 22. At age 22, coverage can be converted to a Vantis Life s permanent policy for up to 5 times the original face amount without evidence of insurability. Option Two is a non-participating simplified issue 20-pay life policy with a minimum coverage amount of $10,000. The maximum coverage amount depends on a number of factors including, coverage on child s parents, their financial status and their insurability. The policy will become fully paid-up after 20 years and may continue to the maturity age of 121 without any additional premiums. It will also built tax-deferred cash value. Policy availability, terms, conditions, and issue limitations of products may vary by state. Approval subject to underwriting review. A complete statement of coverage is only found in the policy.

9 Other Requirements Attending Physician Statement (APS) Ordered for age and amount applied (all products, except Guaranteed Golden). Underwriting reserves the right to order an APS for cause for any age or amount applied. Age Amount APS Needed 0 40 $1,000,001 and over If seen by a MD within 12 months $750,001 and over If seen by a MD within 12 months $500,001 and over If seen by a MD within 12 months 61 and > All amounts If seen by a MD within 6 months These general guidelines are based on the age and the amount of insurance applied-for. Vantis Life reserves the right to request the information, as needed, on any application in order to fully evaluate the risk. Personal History Interview (PHI) Motor Vehicle Report (MVR) Financial Questionnaire (FQ) Ordered for all ages - $1,000,000 and over Ordered for all ages - $1,000,000 and over and also for cause Must be completed for individual coverage $1,000,000 and over and for all Business Insurance How long are requirements valid? Part I Application Paramedical Exams IBP (Blood Work) HOS (Urine Specimen) EKG 120 Days 180 Days 180 Days 180 Days 365 Days

10 Financial Underwriting Guidelines In addition to qualifying from a health perspective, there must also be a financial need for the insurance applied-for (and already in-force). Children Ages 0-21 Years Children should not be insured for more coverage than their parents or siblings. A fully detailed cover memo detailing special circumstances should be submitted with the application. Contact your underwriter with questions. Adults A. Only source of income is from: State Financial Assistance Disability (permanent) and/or collecting Social Security Disability Child Support, etc. Maximum Face Amount: $15,000 B. Unemployed - Individual Consideration Current financial status to include net worth Past employment record Income level, etc. C. Employed Age Income Factor Age Income Factor < = X Annual Income X Annual Income Annual Income X Annual Income X Annual Income X Annual Income X Annual Income X Annual Income X Annual Income > 70 3 X Annual Income Example Mr. Client, age 39, with an annual income of $75,000 can purchase $1.5 million of insurance coverage ($75,000 X 20 = $1,500,000) Note: Vantis Life reserves the right to limit coverage on non-working spouses. Submit a cover memo detailing any special circumstances. Larger amounts may be considered, subject to explanation and underwriting approval. D. Business Insurance - The Participant s Financial Interest in the Business, etc. A cover memo with the application, providing the following detailed information can speed up processing: Purpose of life insurance buy-sell, Key-Person, stock re-purchase, etc. Amount of coverage already in-force Net worth of the Business entity Number of Employees Other pertinent facts

11 2017 Vantis Life Insurance Company, Windsor, CT All rights reserved. Vantis, Vantis Life, AgentWeb, Super EZ, Vantis Term, Guaranteed Golden, and EstateWise are registered trademarks of Vantis Life Insurance Company. Policies are issued by Vantis Life Insurance Company, Windsor, CT (all states except New York) and by Vantis Life Insurance Company of New York, Brewster, NY (NY only). Policy availability, terms, conditions, and issue limitations of products may vary by state. Approval subject to underwriting review. A complete statement of coverage is only found in the policy. Underwriting Guide Rev. 12/2017