What is an "Impaired Risk"? - A Client who's health history does not meet the criteria for the standard to preferred range of life insurance classifications. A proposed insured is generally referred to as a "risk", whether they are a preferred risk or an impaired risk. The life insurance company assumes financial responsibility for an individual's life - therefore making them a "risk". One is less of a "risk" if they are in preferred health. One is more of a "risk" if they have a history of mortality hastening health issues.
How to preliminarily underwrite a risk - Life Insurance Agents need to preliminarily screen each risk (potential policyholder) before taking the application. Brokerage Services has put together a Risk Assessment Form (click to download) to help determine insurability or where a potential client might stand in the range of underwriting classifications.
What Life Insurance Company to Quote? - The answer to this question is more intricate than it would seem. Is the client interested in a big name company or impartial to the company as long as they have good financial backing and a solid track record? For the client's condition, is there a company out there that is not as concerned about a certain health issue as the next company? Is the Agent more comfortable selling only one company and sticking to that company no matter what?
Basically, what we do at Brokerage Services of Carolina, Inc is sort all of this out for you. All you have to do is contact us with the information pertaining to the client's health history and we can tell you what company best suits!
Contact us today for your Life Insurance Impaired Risk Underwriting...
1(800)223-2762