Underwriting
Underwriting approval in fewer than 3 days, and OWR can often secure immediate approval using our carriers’ accelerated underwriting processes.
Nearly half of Americans are more likely to buy life insurance if simplified underwriting is used.
OWR has carriers who will offer non-smoker rates for cigar smokers or tobacco chewers, even when labs are positive for nicotine.
By taking advantage of today’s technology, underwriting is constantly becoming faster and less invasive. OWR team is committed to ensuring you have the resources and knowledge to take advantage of these possibilities. OWR goal is to provide your clients with the best underwriting offers AND the easiest experience.
OWR has always been an exceptional resource for impaired risk and difficult to underwrite cases, from both a medical and financial perspective. Each carrier views impairments and situations differently. Underwriting is an art and a science, and we excel at both.
- We help you gather information to identify and clarify potential issues upfront with critical, but often overlooked, field underwriting, ensuring proper carrier selection and realistic client expectations.
- When needed, OWR will set up exams and obtain medical records on your behalf.
- We assist with cover letters to strengthen applications.
OWR underwriting team is dedicated to identifying the underwriting strengths of each carrier and overall trends in the industry to find the best solution for each of your clients. OWR many years of experience and strong carrier relationships help us advocate for your clients and obtain the most favorable offers.
CASE STUDY
The Client
Rose is a 62 year old married woman living in NJ. Her adult daughter lives in PA with her young family. Rose and Michael approached their agent about long term care insurance. After a consultation, Rose considered exchanging an existing life insurance policy she purchased when her daughter was young, for a life insurance policy with a chronic illness rider. Using OWR field underwriting guide, her agent discovered that Rose has psoriatic arthritis, symptoms limited to her hand, and managed with Methotrexate.
The Process
OWR underwriting team worked with the agent to determine the preferred type of product for Rose (a life policy with chronic illness rider) and to clarify medication dosage and onset of her condition. We sent a summary to 6 carriers who were selected based on product, OWR underwriting expectations, and solution options, looking for a non-underwritten CI rider, if nothing else was available. Within in 48 hours, we received responses from all 6: 4 indicating likely table B, 2 indicating standard or better, and only 1 carrier would consider an underwritten CI rider.
The Solution
Using field underwriting information, we provided Rose’s agents with illustrations at standard non-smoker for the carrier that indicating a CI rider was possible. We set up Rose’s exam and provided OWR exam tips and drafted a cover note highlighting Rose’s activity. Rose received a Preferred Non-Smoker rating, and a death benefit of $507,000 with a chronic illness rider. Our partnership with Rose and her agent allowed us to set and exceed Rose’s expectations and provide her the protection she was looking for.