Newbie Question About Life and Disability Insurance

[fla2013]

Hi - newbie here placing my first life and individual disability business. Looking for help on a couple questions from the experts here.

1) I have a client interested in getting both term life and IDI policies. Do carriers offer any discounts if you get both products from the same carrier (like auto & home)?
2) Would she have to do separate medical exams for the life and IDI underwriting? Or could she use the same exam for both applications? Does it matter if it's 2 different carriers?

Thanks in advance for the help!

 

[Norwayguy]

Hi - newbie here placing my first life and individual disability business. Looking for help on a couple questions from the experts here.

1) I have a client interested in getting both term life and IDI policies. Do carriers offer any discounts if you get both products from the same carrier (like auto & home)?
2) Would she have to do separate medical exams for the life and IDI underwriting? Or could she use the same exam for both applications? Does it matter if it's 2 different carriers?

Thanks in advance for the help!

Have you looked at the underwriting guide to determine if an exam is even required?

 

[Larry Tew]

Hi - newbie here placing my first life and individual disability business. Looking for help on a couple questions from the experts here.

1) I have a client interested in getting both term life and IDI policies. Do carriers offer any discounts if you get both products from the same carrier (like auto & home)?
2) Would she have to do separate medical exams for the life and IDI underwriting? Or could she use the same exam for both applications? Does it matter if it's 2 different carriers?

Thanks in advance for the help!

1. Usually not.

2. For the same company, you should be able to use 1 exam ASSUMING an exam is needed. If you're using different companies, you can ask the paramed to draw blood, urine, and do the medical for both companies at the same time ASSUMING the paramed service is approved. for both companies.

 

[LGilmore]

1. No discounts for life, at least in my state. DI possibly if the company sells both. BUT and yes, It's A BIG BUT, you'd better make sure the DI is top notch as a discount won't matter if the policy language is poor.

2. If exams are needed for both companies, just make sure one examiner does both. They can ticket the lab information to go to both insurers.

 

[fla2013]

Thanks for the guidance, all. I've read the underwriting guidelines for both the term life and IDI policies and they bother require paramed exams. Just had a few tactical questions. Thanks again!

 

[DHK]

IIRC, MassMutual offers a 10% discount for the DI policy when you also have a life policy (or pending application)... but only for the 1st year.

It's something like that, but don't quote me on it.

 

[Larry Tew]

Daniel, so far, your posts are just parroting back the OP's thoughts. are you aware of this?