OneAmerica Secures Joint Sale on a Complicated Medical History Case
This recent case from the AIN Membership highlights the underwriting strength of OneAmerica, as well as reminding all of us about the key differences in the underwriting of a life product versus Asset-based LTC. Read on for the details of how this case went from a decline to a win!
Carrier: OneAmerica
Product: AssetCare
10-Pay Premium: $38,583
SITUATION
An AIN Member Firm was working with a husband and wife, both 66-years-old, were seeking a funding solution as part of their Care Planning strategy.
Both clients have extensive medical histories, with multiple conditions presenting both mortality and morbidity concerns:
Male Client:
Orthopedic Conditions: Osteoporosis, plantar fasciitis, spondylosis of lumbar region
Other medical conditions including Asthma, Obstructive sleep apnea, deep vein thrombosis, vocal cord repair from paralysis, chronic interstitial cystitis and diverticulosis
Female Client:
Orthopedic Conditions: Recent diagnosis of Osteoporosis and arthritis and surgeries on both knees
Other medical conditions including Hypothyroidism with Thyroid cyst, Vertigo, insomnia, diabetes Type 2 and Hypertension
An initial investigation identified a life insurance product with Long-Term Care benefits as their preferred solution.
Their medical histories, however, became a significant obstacle, with carriers declining coverage for Long-Term Care, offering ratings or even declining the clients outright.
SOLUTION
The AIN Member Services Wholesaling Team
OneAmerica's Asset Care
RESULTS
Upon receiving the initial round of feedback from carriers offering a life insurance with LTC rider solution, the Member Firm reached out to the AIN Wholesaling Team to discuss alternative solutions.
Based on the fact pattern and medical histories, the Team recommended submitting the case informally to OneAmerica for review.
Based on an initial positive response, the case was submitted formally to OneAmerica.
Not only was OneAmerica able to approve the case, it was approved as applied for with robust benefits:
$10,000 per month in benefits for each insured
Lifetime Benefit Duration
Of course, it also generated a nice paycheck for the advisor based on a 10-pay premium of $38,583.