Principal Secures $15M Case without a Traditional Exam & Paramed

From Principal:

Underwriting: $15M placed without an exam or paramed
Carrier: Principal
Product: Term
Target Premium: $46,000

SITUATION

• A 58-year-old male was looking for $15,000,000 of term coverage.

• He was a high-net-worth individual who completed annual executive physicals and did not want to complete a traditional insurance exam.

SOLUTION

• Principal’s Business Solutions Enhanced Underwriting Program

• AIN Member Underwriting Services Team

RESULTS

• The AIN Member Firm reached out to the AIN Member Underwriting Services Team to see how they could proceed without a traditional insurance exam on such a large face.

• The AIN Member Underwriting Services Team educated the Member Firm on several programs in the market, including:

  • Equitable's Executive Underwriting

  • John Hancock's Concierge Underwriting Process

  • Lincoln Financial's Professional Advantage Program

  • Nationwide's Executive Advantage

  • Principal's Business Solutions Enhanced Underwriting Program

• Upon receiving the Insured's records, which included the executive physicals, the AIN Member Underwriting Services Team confirmed that the Insured medically qualified for preferred rates, and that all exams and labs within the records provided the AIN Carriers with underwriting bullet points needed to proceed with their programs.

• Since the Client was a business owner, Principal allows term, and Principal's term pricing was favorable, the Insured proceeded with a Principal application.

• Ultimately, the program allowed Principal to receive $46,000 in target premium.