Help with Client (Underwriting)

[Zizzou]

I've got a 33 year old sales person that was W2 since 2005 in which he never made less than 100K. In 2008 he made 178K. Last year he left his Co. to go out on his own and spend more time with his wife and newborn baby. He calls 2009 a "vacation year." He made 65K but wrote off so much for taxes that his AGI was 8K. His YTD this year is already 75K. He wants at least 100K of DI until age 65. I'm not a DI guy and all of the research that I've done seems to be that underwriting is based upon the previous years income. What can I do for this guy? Please Help...

 

[dgoldenz]

Write a cover letter explaining everything in full detail. Was he working full time in 2009 and had an off year, or was he really taking a year-long "vacation" and not working?

 

[arnguy]

If I were you, I would post this question on ww.disabilityinsuranceforums to get advice from agents who do a lot of DI.

 

[briko3]

Mentioning it as an "off year" will backfire. Those are the exact people that fake a disability to get back to a previous standard of life.

 

[dgoldenz]

Mentioning it as an "off year" will backfire. Those are the exact people that fake a disability to get back to a previous standard of life.

Which is why it would be important to know whether he was really on vacation or just trying to pull a fast one. Made $70k but wants $100k in tax-free disability coverage....hmmmmm.

 

[Zizzou]

My experience with DI is limited. The guy seems legit. He showed me his YTD income as well as the past 5 years. He wants the ROP rider too. He sounds like he relly just didn't work much last year. How would you suggest I go about this?

 

[arnguy]

My experience with DI is limited. The guy seems legit. He showed me his YTD income as well as the past 5 years. He wants the ROP rider too. He sounds like he relly just didn't work much last year. How would you suggest I go about this?

I believe you received good information from your post on www.disabilityinsuranceforums.com.