Pre-Qualification and Underwriting
As a financial professional, you play a big role in the disability income insurance quoting and underwriting process. Disability insurance underwriting takes into consideration a variety of factors, including the client's occupation, health, and financials.
BUA has compiled some helpful tools to assist you in gathering the information needed to provide your client with an accurate disability quote.
It's important to share as much information about the client as you can, focusing on these three key areas
Job duties, rather than title, are key when classifying an occupation. Consider managers. Are they managing an office with general office duties and no manual labor? Or are they managing at a shipping company, but the majority of their time is spent lifting boxes and using heavy machinery? Those individuals with fewer manual duties would get higher occupation classes with lower rates.
Disability income protection is meant to replace a portion of lost income. The carriers will need to review financial documentation to ensure the client is not applying for too much or too little coverage.
Having an understanding of basic conditions can set expectations, and avoid surprises, when you help a client apply for coverage. Providing as much medical information to BUA at time of quoting will help underwriting proceed as smoothly as possible.