Underwriting Training - How to Pivot
Watch the Full Video Here: Underwriting Training - How to Pivot
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Okay, So we're we're going to do an underwriting training for the Voice Peace of Mind Pioneer Security Life application 50 to 85. So just wanted to go over with you guys the application. It's a fairly easy application once you know everything that's pretty much on the application. But the main thing that I wanted to go over first with Pioneer is Pioneer offers a few different benefits. So with Pioneer Security Life, they every policy that is offered with them comes with a terminal illness writer.
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So with the terminal illness writer. If, God forbid, someone's diagnosed with any type of terminal illness or end stage disease and they have less than 24, 12 months to live, then they don't have to pay any more premiums on their policy policies paid up in full and protected from the risk of lapsing. But me and Ernie really wanted just to go over the underwriting part and just really focus on the health questions, not so much the answers needed to complete the application itself, but how to properly get through the application and qualify.
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So I had pulled up the application here that we work with the most. This one is found if you go into vanilla, soft.
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Your screen will look like this.
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And you can click and group. And then you would click on whole life application 50 to 85 and you press go and it'll pop up the show like this.
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Okay, so this is the application we use the most. Whoever's in the office, we do have applications that are behind Ernie's desk. There's.
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There's like a thing there that you can grab a paper application. So if you ever need a paper application, you can grab a paper application as well. Okay, So with Pioneer Security Life. Most of the time on the lead information, you're going to have their first name and their last name. Sometimes you'll have their address. Most of the time you're going to have the state. So this is part of the script and the gathering information process. Again, we're going to go over underwriting right now, so we're mostly going to talk about the health questions.
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So. With this application, they ask during the past 12 months. Nikki, You.
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Want to make that much bigger? Yeah. There you go. Yeah.
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So they asked. During the past 12 months, have you used tobacco in any form, excluding occasional pipe and cigar use? So that one can be a yes or a no? It doesn't change whether they're going to qualify for an individual plan or not. Okay.
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The next question that they have on the application is are you currently hospitalized or confined to a nursing facility, a bed or a wheelchair due to chronic illness or disease? Are you currently using oxygen equipment to assist in breathing, receiving hospice care or home health care, or had an amputation caused by disease? Or do you currently have any form of cancer, excluding basal cell skin cancer diagnose or treated by a medical professional? Or do you require assistance from anyone with activities of daily living, such as bathing, eating, dressing or toileting? So the questions are very specific on the application.
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Whenever you're looking at your script, we summarize the application down. To where you're just asking them if they have any hospitalizations or if they've had any surgeries or anything like that. But remember, you're going to be you're pretty much trying to get them to answer no to every question that's going to be on this application. So if they answer yes, the questions one through three. With Pioneer. It's an automatic decline.
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So the next question has to do with organ transplant, kidney dialysis, congestive heart failure, Alzheimer's dementia, Lou Gehrig's disease, liver failure, any terminal illnesses. And then we have HIV or AIDS. So if the answer any questions one through three as a yes for pioneer, they're going to be a decline. So in that moment, you're going to want to go ahead and go over to your flowchart.
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And this is where the flowchart is really going to come in handy because you could see here for Alzheimer's or dementia. You can look and say if they have a history that confirms that they've been treated for over two years, then you can go prosperity prime term. If it's under two years, then you would have to go with Gerber.
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Okay. So that's why you would use the flowchart there.
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Okay, so one through three with pioneer security. Life is is going to be a decline. But let's say the answer no. So. And then we have question number four, which is have you ever been medically diagnosed or treated for complications of diabetes, including insulin shock, diabetic coma, retinopathy, eye neuropathy, kidney neuropathy, nerve damage or pain or use insulin prior to age 50? So this one's a very tricky question.
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So you really just want to break it down. When it comes to diabetes. So the best thing to do, again with the diabetes is you could refer to your flowchart. And with the flowchart we have right down here at the bottom. Let me just blow this up some more.
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We have diabetes. So you can ask them, have you ever taken medication for neuropathy, Navratan, gabapentin or Lyrica? Those are the names of some prescriptions that are used for neuropathy. And then if they were to answer yes or no, depending, we let you know what company to go with as well. So the diabetes questions became a lot easier using this flowchart because the flowchart will make it to where you just have to know what the benefits are to go with these plants. And that's something that we'll get to as well.
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Okay. So the next question that they ask is, have you been medically diagnosed or treated or taken medication for renal insufficiency, kidney failure, chronic kidney disease, or more than one occurrence of cancer in your lifetime? That's just a very specific question. So that's going to either be a yes or no. Somebody will tell you if they had kidney failure or if they're in kidney failure. They'll tell you if they had two different types of cancers in your life in their lifetime.
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So they'll just go over with you and that instincts again, we're going to possibly look at another company, depending on what their situation may be. And then we're going to refer back to the flowchart as well.
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So the next question that they asked with pioneer Security, life is within the past two years, have you had any diagnostic testing excluding tests related to HIV or AIDS surgery or hospitalizations advised by medical professional, which has not been completed, or which your results have not yet been received? That one should always usually be in. No, If somebody tells you that they have like a hip replacement coming up, a lot of times we're going to put no, they're they're just looking for any major type of testing that's coming up.
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So a lot of times our clients answer no to that question.
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Okay, so right now we're just going over all nodes and I'm just reading the questions to you. So within the past two years, they want to know if the client has had angina, chest pain, stroke, TIA cardiomyopathy, systemic lupus, cirrhosis, hepatitis C, chronic hepatitis, chronic pancreatitis, COPD, emphysema, chronic bronchitis or required oxygen equipment to assist in breathing. And then they have had a heart attack or aneurysm.
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Any heart brain or circulatory surgery, pacemaker, defibrillator, any stents, any procedures to improve circulation, any form of cancer. In the past two years, any illegal use of drugs or alcohol in the past two years. So every question that they ask is within the past two years for question number seven. And they asked the same set of questions for question number eight.
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They just add in. Seizures, Parkinson's disease and muscular dystrophy. So our whole goal is whenever we're talking to the client on the phone, we want them to be able to say no to all the questions that are on the application, because what we're trying to do is to get them immediate coverage so they don't have to have any type of two or 3 or 4 year waiting period on their life insurance policy. We want them to be able to pay right away and then to be covered right away.
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Okay. So. So with Pioneer. Again, every plan offers that terminal illness writer. So again, that terminal illness writer just means that if, God forbid, they have any advanced cancers, advanced lung disease, to where advanced Parkinson's, it could be advanced COPD, it could be any type of terminal illness to where a doctor tells them that they have less than 2412 months to live, then they don't have to pay any more money on their life insurance.
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The policy is completely paid for and protected from the risk of lapsing.
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So if you get a client that says no to every question on the application, they're going to be pioneer preferred. So that means that they would get they would get the immediate coverage. And I'm just going to pull something up for you here.
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Want. One moment.
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So I have a little cheat sheet here.
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And with the cheat sheet.
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I have that the terminal illness writer What I went over with you. If ever diagnosed with terminal illness or end stage disease, no more premiums. Money are due on the policy. The policy is fully paid up and protected from the risk of lapsing. So again, that's offered on all plans with pioneer Security life. Okay. If somebody is going to be pioneer preferred. So that means that they answered no to all these health questions. They're. Then that means that they would also qualify for the accidental death benefit.
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So the accidental death benefit just means that if someone has, let's say, $20,000 worth of coverage and God forbid they were to pass away due to a slip and fall or a car accident or any type of accidental death that's claimed an accident, then that policy would double. So if they had 20,000, it would turn into 40,000. Okay. So. And Pioneer Security Life also does have a nursing home waiver premium writer.
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And the nursing home waiver premium writer. It's not available in the state of Florida or Pennsylvania. But it means that in the event that your client is ever in a skilled nursing home to where they're receiving medical care, that policy is paid up in full and protected from the risk of lapsing to.
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Okay. So in order for them to get the terminal illness, the accidental. And the nursing home waiver premium rider, they would have to be. All knows to all these health questions. So they have to answer all No.
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Okay. So if you get if you get someone that is going to be a pioneer standard return, a premium death benefit.
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For the pioneer standard. That means that they answered yes somewhere between questions. Four through 70.
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And that says right here, if answers through questions four through seven.
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If answer to questions four through seven as a yes, the proposed insured should apply for the return of premium death benefit. So that would be the standard policy. So if they do answer yes here. A lot of times we're going to try to use our flowchart. And that's when we're going to start looking at another company to see if another company is going to be better besides pioneer security life to where we can get the client immediate coverage. But if we can't and they have to have that 2 or 3 year waiting period, then they would have to answer yes to one of these questions.
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And then at that time they would only receive the terminal illness writer.
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That comes with the policy.
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And I'll show you guys here. So for a pioneer standard plan.
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It has a two year waiting period.
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Three years of the person is under the age of 64. So all a two year waiting period is it just means that if. The client was the pass away within the first two years. Due to an accident, they would get everything that they paid into the policy. Plus 10% interest.
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If it was due to a natural cause, the family would get back.
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Oh, I'm sorry. I lost my train of thought there. If it was due to a natural cause, the family would get back 10% interest and all the premiums that they paid into the policy. If it was due to an accident, they would get the full amount after the two years. No matter what happens to their health, they're always going to get the full death benefit no matter what.
00:15:25:01 - 00:15:48:07
Okay. So with Pioneer Security life, if you're over the age of 65 and you're going to be a pioneer standard return of premium, then you have a two year wait. If you're under the age of 65, so 64 and under, then you'd have to wait three years for your policy to kick in, but you would still qualify for the terminal illness death benefit because that's included on all plans.
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Now. For question eight. There's really, at this point, no real reason to use pioneer security life.
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If somebody answers yes to one of these questions. A lot of times we're not going to use the standard plus death benefit. Uh, if somebody was to say yes to question eight, that means within the past three years that they had some issue going on with their heart. Or some type of issue with cancers or COPD or ulcerative colitis. Multiple multiple sclerosis, seizures or Parkinson's. But for this, these questions right here, we can find them a better company if we're using our flowchart.
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So the flow chart again is this one that's with the health. I got it all jacked up.
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How do I get that to go away, Ernie?
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I think it's on a call.
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Can't get that to go away, but you could see where you'll use your flowchart.
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I think you hit the little hamburger stack on the upper left. I'm not sure.
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Oh, thank you. I appreciate that. Thank you. Thank you. Thank you. So you could see where question eight So with question eight, someone who.
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It says paralysis of two or more extremities cerebral palsy, multiple sclerosis, seizures, Parkinson's disease or muscular dystrophy. So if somebody is going to say yes there, then we would want to look at the flowchart and say, okay, well, they said that they have seizures, so we'll click on our flowchart. And we'll see seizures right here. And then we know that, okay, we could either do prosperity level or preferred, and that'll get them immediate coverage.
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So the main thing is, is whenever we're talking to the client on the phone, we want them to be able to say no to all these health questions that are on this application, because Pioneer Security Life is the main company that we represent. They're the company that has the best benefits. They're the company that we know pays their claims the fastest. We we partner the most with them. They're the company that takes us on our trips. Pioneer Security Life is the company that shows up at all of our trainings.
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They do our anti-money laundering. So Pioneer, 50% of your business with senior life services has to be. Pioneer security life if you want to go on the trip.
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So it's an option. You don't have to have 50% of your business as pioneer, but you get the most residual income as well, and you're really giving your client the best product you can when you are providing them with Pioneer. You can honestly say that and go to sleep at night knowing that you did the ethical thing when when you do sell a client a pioneer policy because they do have the best plan. So even if sometimes they do have to wait 2 or 3 years, it's okay as well, because Pioneer is a great plan.
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But a lot of our clients are looking for immediate coverage, death benefit, and of course we want to get them the best rate that we can as well. So that's the only reason why if they're not going to be immediate coverage at Pioneer, would we want to stir to another company?
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It's just to make sure that we're always providing them with the best possible rate and the best benefits. Okay. So. With Pioneer again, every question if they answer no. So all the questions that are on the application, that means they're in the clear. You could go ahead and you can go for Pioneer Preferred. Most of you have the cheat sheet, this one that I'm showing right here.
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Whoever doesn't have the cheat sheet, you'll get it shortly. So you'll be able to have that as a quick reference. It's just good to have because then, you know, okay, pioneer preferred immediate coverage, terminal illness, accidental, and then you'll know what they qualify for. Every company we work with, they just have a few different benefits that you have to remember, and that is terminal illness, accidental and nursing home waiver premium. Those are the main benefits that you really have to know.
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And then just to understand what whole life is and what you're selling. So that's the main thing there. Now.
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I just wanted to go over the flowchart for a second.
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So with the flow chart, you can see here, like if somebody answers Node all the questions on Pioneer, obviously we're going to go with Pioneer Preferred. That's the best plan. But let's say there's a question on the application, but you're just not sure on what's going on. So you're on the phone with your client.
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And your client says to you. You ask them. Okay, well. Let me just ask you. John, have you had any form of cancer? And John says, Oh, yes, I did have some type of cancer in my lifetime. Right. So, you know, here you're like, okay, well, they just told me they have any form of cancer. So now you're not sure of where to go? So you would click on this flowchart and you would look for cancer.
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And we would say, okay, well, is the cancer current or you're receiving any type of radiation or chemo? And John tells us, no, no, thank God. And then you say, okay. Well, John, let me ask you, how many times have you had cancer? And John says, no, it was just one time I had the cancer, you know. And you're like, you know, that's wonderful. I'm so happy you only had it the one time. And then you're like, Hey, John, do you take any medications right now to keep the cancer from coming back? And he's like, no, they they cut the cancer out.
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It's gone. That's it. Okay. And then how long have you been cancer free since your last treatment, John? Oh, it was back in 2012. More than three years ago. You know that you can go pioneer preferred.
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So it's just a matter about breaking down the questions that are on the application and using the tools that you have, because the answers are going to be right here. And then it's our responsibility as starting off with, well, even if you're starting off or even if you're in your fifth or sixth or seventh year, things change as you go. So as I've been with the company, things have definitely changed. As I've gone, there's been health questions that changed. They've added COVID to the health questions.
00:23:07:09 - 00:24:05:23
That's one that I'm going to touch upon here in a minute. But you want to make sure that you're using the flow chart to the best of your ability because a lot of your questions can be answered in the flow chart. And then it just comes down to realizing, okay, I know what they're going to qualify for. I know how to pull everything up in the way as far as to find out what plan or rate to go over with them. But I just need to know what benefits am I actually telling this person? Am I going to go over the terminal illness? Am I going to go over accidental? Are they going to have a waiting period or are they actually going to get approved with this plan? So this is where you just want to take your time out and just really hone in on those questions, you know, because so many times we hear people and the client will say, oh, yeah, well, you know, I had a heart attack, you know, and that was ten years ago.
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And then a lot of people are like, okay, well, it was just ten years ago, so it doesn't matter, you know? But really, if they had a heart attack and it was ten years ago, it doesn't hurt. Just say, hey, you know, have you ever been diagnosed as having congestive heart failure? And they're like, no, no, no. And then the next question is.
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For a heart attack. How long ago is a cardiac event there? He told you it was over ten years ago, so you don't need to ask them that. But you can ask them a question like, hey, let me just ask you, in the past three years, have you had any issues with your heart? And they're like, no. So more than three years ago, Pioneer Preferred.
00:24:49:01 - 00:25:04:14
So it's just a matter about just using the flowchart to figure out what these questions are going to lead you to. The biggest one, a lot of I'm sure Jacob and a few others can agree that you run into the most is diabetes.
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So with with diabetes. They're not going to be a knockout for Pioneer just because they have diabetes. So you really have to break this question down because the question on the application is, have you ever been medically diagnosed or treated for complications of diabetes or used insulin before the age of 50? So that's why you still want to use your flowchart. Because if you go down the diabetes and they tell you no, they haven't had any neuropathy or any complications.