When 63-year-old Paul* was seeking $7 million of life insurance coverage to fund his buy/sell agreement, he and his agent ran into some difficulties getting the rate they wanted for his policy.
As the informal underwriting progressed at a number of carriers, Paul and his agent grew frustrated with the Standard to Standard Plus offers Paul was receiving.
The only reason Paul was not receiving a Super Preferred rating was due to a prophylactic TC angiogram that showed minimal CAD in his mid-right coronary artery.
The head underwriter at Cavalier Associates, the agent’s brokerage general agency, recommended that Paul’s agent submit a case to ING for review.
Cavalier reached out to ING’s advanced underwriting consultant to discuss the case.
In less than 48 hours, ING turned the file around and offered Super Preferred based on the following criteria:
- Paul’s CAD could be categorized as minimal/insignificant at only 25-40% in one vessel
- The CAD was only in the mid-right coronary artery
- Paul completed a normal stress echo in 2012
- ING uses the GenRe manual on CAD cases, which is more favorable than other manuals
- All of this led to a “non-critical” assessment of the cardiac risk
- The balance of Paul’s risk profile met all Super Preferred guidelines
Paul and his agent jumped at the Super Preferred opportunity.
Cavaliers’ knowledge of ING’s rating advantages directly resulted in unlocking the case for Paul.
And the prompt and efficient underwriting from ING allowed the carrier to receive $35K in target premium in just two days – making all parties happy.
*In order to protect the privacy and medical history of the client(s), the real name of the client(s) is not used in this case success story.