To Write -or- Not To Write . . .

[myinsurebiz]

So - if a young person wants Life Insurance so her Family isn't burdened with her Final Expenses, but an Agent heard through the prospects Mom, that the prospect (her Daughter) threatened to commit suicide, but didn't - but instead went into a Mental Health Clinic to get treated for Depression. Prospect is also on Probation for a non-drug / alcohol issue - should that Agent report that to the Carrier even if the Carrier's applications asks none of those questions?

I want to provide this prospects Family protection for her child - but, don't want to write the case if it's unethical.

Thoughts?

 

[YouGotMyMoney]

 

[DHK]

So - if a young person wants Life Insurance so her Family isn't burdened with her Final Expenses, but an Agent heard through the prospects Mom, that the prospect (her Daughter) threatened to commit suicide, but didn't - but instead went into a Mental Health Clinic to get treated for Depression. Prospect is also on Probation for a non-drug / alcohol issue - should that Agent report that to the Carrier even if the Carrier's applications asks none of those questions?

I want to provide this prospects Family protection for her child - but, don't want to write the case if it's unethical.

Thoughts?

Write a cover letter and include all the above. This protects you and the insured because these things could be determined to be reasons to NOT pay out a death benefit should death occur within the non-contestable period. If you disclose and they issue the policy, you're set.

 

[LGilmore]

Usually in the agents report they ask that question... "do you know of any thing that might help underwriting in the decision process?" Or something like that Not infront of an agents page right now. But most ask the question about knowing anything that might influence underwriting I agree with DHK, you note it somewhere in case this case blows up.

 

[mudhound]

some companys have that kind of items mentioned in their underwritting manual.
I know one of mine that says NO person can be commited to jail prison or other such places.

 

[agnt30]

Write a cover letter and include all the above. This protects you and the insured because these things could be determined to be reasons to NOT pay out a death benefit should death occur within the non-contestable period. If you disclose and they issue the policy, you're set.

These people come to you for help, to know if they can get a policy despite having some issues. They tell you these things in confidence. You don't report that to insurance company! If you are not comfortable, advice them of the consequences and refer them to other agents. Tell them not to tell the other agent of these issues as they can report to insurance company and jeopardize issuing of the policy. You call yourself an advisor to people when you solicit? Then this is what you do.

 

[DHK]

These people come to for help, to know if they can get a policy despite having some issues. They tell you these things in confidence. You don't report that to insurance company! If you are comfortable, advice them of the consequences and refer them to other agents. Tell them not to tell the other agent of these issues as they can report to insurance company and jeopardize issuing of the policy. You call yourself an advisor to people when you solicit? Then this is what you do.

You don't understand what contestability means.

This is a good link to get edjumikated:
The life insurance 'contestability period': 7 things to know

 

[agnt30]

You don't understand what contestability means.

This is a good link to get edjumikated:

hmm, so you are a condescending basjard? I clearly said "advise them of the consequences and refer them to other agents."

 

[DHK]

We are agents. If we take an application, we are to inform the insurer of those things that affect underwriting decisions and claims. You want to bypass that just to get the policy issued through someone else. Apparently, you don't care whether a claim can be paid out or not.

I do. Disclosure to the insurance company helps with that.

Condescending? Sure. I hate it when agents think there's a loophole to collect a commission or pass along a problem to someone else rather than truly serving their prospects and clients.

 

[DHK]

The only other way around it... is to call your underwriting department directly BEFORE sending in the case and talk to them about the particulars and get their understanding of it.