Lexis Nexis Decline for Term Life

Apr 11, 2019

  1. Tahoe Ray
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    Tahoe Ray Guru

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    And mine was Sagicor. We got the report and it was almost 300 pages long. I will say that they're still my default for what looks like easy (low face) cases. I have plenty approved w/ no issues.

    However, the client does need to be "cleaner" than traditional field underwriting.

    Wait until the carriers start running credit reports to see how often you go to the liquor store...........

    Don't sweat this too much. While it does cause an extra look, some carriers don't care. Sometimes I fell like a few carriers (like Pru) take pride in giving great offers on previous declines.
     
  2. SusieQ2
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    SusieQ2 Super Genius

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    Wow, 300 pages long, that's unbelievable.
     
    SusieQ2, Apr 12, 2019
    #12
  3. pfg1
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    pfg1 Guru

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    I didn't know they could actually decline. I've not ever seen that. The companies I use (that use them), it have either given an approval, or flipped it over to traditional underwriting. I had a personal case that it approved me Std NT, when I should have been preferred. Cited too many addresses, and a couple of other things that didn't line up. I ordered the report to see... since I knew it wasn't correct. I've lived at 1 address for 18yrs. Anyhow, I was able to address the areas that I was being "dinged" for in the system with the company, and they bumped me up to preferred. Oddly, it didn't really show "too many addresses" - I've had 5 in my whole life. 3 in the last 30yrs. No idea how it came up with that "ding", which is a little concerning. Discussing my case with a friend, he had 3 addresses in the last 3 years, because he moved out of state and rented while he built a house, etc. He got preferred plus and it didn't come up as a "ding" for him. ???

    I actually have had very good luck with LN most of the time. Granted, I don't do a ton of policies each year so my sampling is smaller than some others I'm sure. And as someone else mentioned, maybe some companies do things differently using that system in their uw process, than others do.

    And yes, the report is long.
     
    pfg1, Apr 12, 2019
    #13
  4. Todd King
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    Todd King IMO/FMO Owner

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    There really should be some sort of law that limits them as to how far they can go back. At least it should show on the paperwork as to how far they will look back. Once again, I think it is a borderline privacy issue and should be looked at seriously.
     
  5. pfg1
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    pfg1 Guru

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    It shows alot. All addresses, even all the way back to when I was a kid... I agree with you. A 50yr old person shouldn't have an address from when they were 5yrs old on the report.

    Either way, I've been happy with the majority of the cases I've placed through this setup. Ironically, my own case was really the only one I've had an actual known issue with. Some went to full UW rather than accelerated, but that is ok. Others have literally issued in 24-48hrs.
     
    pfg1, Apr 12, 2019
    #15
  6. WinoBlues
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    WinoBlues Guru

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    T
    Time to move to cash.
    If they now turn around and sell that consolidated data or release it to law enforcement? Are we somehow liable?
     
  7. goillini52
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    goillini52 MAGA...Eat More Bacon & BUILD THAT WALL!!!

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    They have to find something to justify their services :yes:
     
  8. Todd King
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    Todd King IMO/FMO Owner

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    I doubt that very seriously since we never get the report and we are not the ones that actually ordered it. On top of that, it is not our choice to use those meddling kids!