Which Company Has Best/fastest Underwriting?

[sdmink]

I have a rate-shopper who wants a pretty large 20-year term policy. The guy is possibly heavy, but it's muscle heavy. I think he'll be on the line between standard and Table 1.

Anywho, out of these companies, which do you guys recommend I do a term with for a multi-million dollar policy?

1. West Coast Life
2. AXA Equitable
3. Genworth
4. ING
5. Banner Life
6. Transamerica

Extra brownies for detailed explanations of why you do/don't like the carriers.

 

[Thatguy]

Term, I would go with Banner, ING, and Trans in that order for multi Million dollar term.

 

[sdmink]

Wasn't expecting that. I read on another thread that Banner's underwriting is rough. So you haven't had any problems with them?

 

[ims01]

First I would check the build charts for each of the carriers you are considering to see which is best from that perscpective. It doesn't matter if the weight is from fat or muscle, it still takes the heart extra work to pump the blood.

West Coast is fast with UW, but comm stinks.
Genworth has great prices for the Colony Term UL but UW is very slow and frustrating.
Banner, is a mess.
Trans has good UW and you can contact them directly.
I would also add American General. UW is quick. If the case is rated, they will offer the best price table to table.

 

[sdmink]

First I would check the build charts for each of the carriers you are considering to see which is best from that perscpective. It doesn't matter if the weight is from fat or muscle, it still takes the heart extra work to pump the blood.

West Coast is fast with UW, but comm stinks.
Genworth has great prices for the Colony Term UL but UW is very slow and frustrating.
Banner, is a mess.
Trans has good UW and you can contact them directly.
I would also add American General. UW is quick. If the case is rated, they will offer the best price table to table.

So Trans and American General are your favorites? I've had a hard time wanting to write business for AIG, and now that they posted another huge loss, I'd feel guilty writing a big term policy for them since who knows if they'll be here in 20 years.

 

[Fisher]

I've had a hard time wanting to write business for AIG

So don't. Even if the logic behind that is faulty.

Define pretty large and possibly heavy, please.

 

[BNTRS]

Why are these companies your top choices? There are other term carriers that are great at a multimillion dollar level. AXA is good, Trans as well. Banner--pretty good rates but it's Banner, what do you do if a conversion becomes necessary?

Genworth can be a PITA

ING not too bad

No experience with West Coast.


It's not going to be so much the company, as it will be the process and how well you prepare for it.

No matter who you choose an APS will be ordered. You should be ready for this from the start. Have the client accompany you in requesting the APS, hospital should be able to get to him in a matter of days if you insist.

Make sure you schedule paramed with the client.

Once the paramed and APS are at the insurance company things should be read, if an MVR is required, that shouldn't take any time at all to get.

In sum, the answer to quickest is going to depend in large part on how good you are at getting all this stuff together.

 

[Fisher]

There are other term carriers that are great at a multimillion dollar level.

Either I'm blind or the OP edited his post (which I am too lazy to check.) When did this become a multimillion dollar thingamajig? To some peeps - and agents - a 100K case is pretty large.

Man, there's a lot of made-up shi... uhhh, 'stuff' posted in some threads.

 

[oskie]

sdmink, you stated that your client is a rate shopper. A strategy that has worked for me in this situation is to do an informal inquiry and get a tentative offer. Then you can go to your client with solid numbers. A rate-shopper is bound to come across someone who is going to show him preferred plus rates to get the app and then try the old bait and switch when the offer comes in. If you have already obtained offers then you can relay this info to the client and separate yourself from the pack. Now that you have control of this client you can give him the best rate possible, your credibility has been established, and you will probably get several referrals from just this approach alone. By the way, Prudential has the most lenient height and weight charts.

 

[Larry Tew]

If the applicant's only criteria is price, I personally wouldn't waste my time with him. But that's just me.