Equitable/whole life question

[navigator]

I had a client just call and let me know he received a HIPPA release to fill out with his dr info and needing to be signed so Equitable can order medical records on a final expense policy written in April of 2016.
Has anyone had this happen before? Equitable doesnt seem to know (at least the people i have spoke with)

Thanks!!

 

[LGilmore]

Well it's still in it's first two years, so very possible. Maybe something popped up they didn't consider before and now are. A HIPPA release form would be necessary to look into something.

 

[navigator]

Thanks!! Do companies normally run MIB’s a year or two after a policy has been issued? I just havent had that happen before..

 

[VolAgent]

I guess things aren't so great over there at Equitable after the takeover....

I would say Equitable has subscribed to MIB's Plan F. I would be curious to know what they do if your client does not return the HIPPA. Would that be sufficient to rescind coverage?

MIB Group - Checking Service

 

[Newby]

I had a client just call and let me know he received a HIPPA release to fill out with his dr info and needing to be signed so Equitable can order medical records on a final expense policy written in April of 2016.
Has anyone had this happen before? Equitable doesnt seem to know (at least the people i have spoke with)

Thanks!!

I think that another common FE company (Company A) has a hand in administering Equitable's FE product. Could be wrong.

But (company A) definitely subscribes to Plan F and will recind some policies during the first two years. How it works is the person gets a new MIB hit from a doctor or hospital. That sends an alert to the insurance company and they look to see if they want to recind the case. They can't pull it just because of a new health event but they can pull medical records and often find something that was in the records previously.

It's my opinion that companies need to underwrite the business properly at the time of the app. That Plan F stuff can leave an agent exposed to a very angry customer if their policy is rescended. It happened to me once with the T company when they did that for a short period.

Companies have the right to decide how they want to write their business and agents have to right to choose the companies that work the way they consider fair.

 

[VolAgent]

I think that another common FE company (Company A) has a hand in administering Equitable's FE product. Could be wrong.

If company A is who I think it is, they most definitely are/were reinsuring it. The E product is almost identical to Equitable's current FE product that came out a few year ago. Completely revamped and repriced the product at that time.

 

[navigator]

Wow!! Thanks for all the responses, guess you learn something new every day... My client signed the forms and sent them back thinking that he needed to because he had a policy with them. Does make a person wonder though what would happen if they didnt send the forms back.

 

[Newby]

Wow!! Thanks for all the responses, guess you learn something new every day... My client signed the forms and sent them back thinking that he needed to because he had a policy with them. Does make a person wonder though what would happen if they didnt send the forms back.

More than likely they have the right to just recend the policy if the person dosen't comply with their investigation.

 

[Newby]

If company A is who I think it is, they most definitely are/were reinsuring it. The E product is almost identical to Equitable's current FE product that came out a few year ago. Completely revamped and repriced the product at that time.

Yes we are likely thinking of the same one.

 

[navigator]

Do they only look at the records up to the application date?