Life Insurance Underwriting Guide

Transcription

1 Life Insurance Company of the Southwest Life Insurance Underwriting Guide MK2295(0407) TC34081(0407) For Agent Use Only - Not For Use with the Public

2 Life Underwriting Requirements Underwriting Issue Age Amount and up Through $50,000 $50,001-$150,000 $150,001 - $200,000 $200,001-$300,000 $300,001-$500,000 $500,001-$1,000,000 $1,000,001-$3,000,000 $3,000,001-$5,000,000 $5,000,001-$10,000,000 $10,000,001 and up Application (APS at Underwriter s discretion) Application and APS Application, Blood Profile and Urine (HOS) Paramedical Exam, Blood Profile and HOS Paramedical Exam, Blood Profile, HOS and EKG MD Exam, Blood Profile, HOS and EKG MD Exam, Blood Profile, HOS, Stress Test and Chest X-Ray Submit trial application and APS for preliminary underwriting Application and oral swab may be used for: LSW s Term, Harbor, Horizon and SecurePlus Provider * Blood, HOS and oral fluid testing should not be performed at ages See Insurance Guidelines for additional requirements. The Company reserves the right to request other evidence of insurability as it may deem necessary.

3 Our Philosophy One of the goals of LSW is to give you multiple options to serve your clients. As other insurance companies further define rate classes and tighten underwriting standards, it has become more difficult for producers to meet client expectations. LSW offers instead a choice of products and underwriting options that deliver value both to producers and their clients. If ease of application and minimal testing are what your clients want now you can offer it. If a highly competitive price is an important consideration, you can accommodate that as well. See table on opposite page for age/amount requirements. Preferred or Elite Preferred * NT: An application for this rate class requires a blood profile and HOS. The applicant must not use products containing tobacco or nicotine. Verified Standard NT: Offers competitive rates for applicants who are fully underwritten, who are standard risks, and who do not use tobacco. No blood testing is required for face amounts up to $200,000 up to age 50 (oral fluid can be used as indicated). Express Standard * NT: Available to applicants who do not use products containing tobacco or nicotine who qualify as standard under quick underwriting and to those with ratings of four tables or less, who would otherwise be substandard. No blood testing is required for face amounts up to $200,000 up to age 50 (oral fluid can be used as indicated). Preferred Tobacco: Available to applicants who use products containing tobacco or nicotine who meet all preferred guidelines. A blood profile and HOS are required for all Preferred Tobacco applicants. Standard Tobacco: Applicants who use tobacco and who do not otherwise meet the preferred guidelines will fall into this rate class. * Elite Preferred is available on SecurePlus Paragon and Term only. Express Standard is not available on Term with face amounts in excess of $250,000 or on SecurePlus Paragon. Page

4 Insurance Guidelines Underwriting Amount The underwriting amount is the total of the base policy being applied for plus any term riders, plus any other insurance applied for within the last six months, regardless of carrier. If applying for the guaranteed insurability rider, add one option of GIR to the underwriting amount if the proposed insured is over age 22. Inspection Reports/PHI Through $500,000: Underwriter s discretion $500,001 2,000,000: Personal history telephone interview $2,000,001 and up: Inspection report Please inform the applicant of the possibility of contact regarding the application for life insurance. Motor Vehicle Report Ages 16-34: Requested for $100,000 and up Ages 35+: Requested for $500,000 and up An MVR may also be requested at the underwriter s discretion, based on the application and history. Paramedical Facilities American Para Professional Systems/APPS: Exam One: Portamedic/Hooper Holmes: Testing Service LabOne is the approved testing service for oral fluid/saliva, blood profiles and urinalyses. (Should our preferred testing service change, we will let you know. Use of our approved lab assures the timely transmission of test results.) Page

5 Blood Profiles/HOS/Oral Fluid Blood or oral fluid testing is required for all applicants age 15 and older. Agent administered oral fluid testing is available for amounts up to $200,000, up to age 50 for certain rate classes and products. A full blood profile is required for Preferred and Elite Preferred consideration. A HOS exam is required whenever blood testing is needed. Please refer to the Height and Weight Chart on Page 7 for additional information. HIV consent forms must be submitted in those states where required, for all proposed insureds age 15 and older. Completion of these forms is the agent s responsibility. We will accept a blood profile done for another insurer within the last six months. We reserve the right to request a current blood profile. EKG and Treadmill If a resting EKG and/or Treadmill has been done within the last six months and the tracing is available to us, it may not be necessary to repeat the test. Contact us for information. The following criteria must apply to be an Elite Preferred risk: Elite Preferred Non-Tobacco Criteria 1. U.S. Resident. 2. No use of nicotine-containing products of any kind within the last 24 months. 3. Standard risks with no current borderline medical problems. 4. No medical history which would have been ratable in the past. 5. No drug or alcohol abuse within the last 10 years. 6. No aviation, hazardous avocation or occupation. This does not include commercial airline pilots or holiday scuba diving. 7. No parental family history of death from cardiovascular disease or cancer prior to age 60. Page 5

6 Elite Preferred Non-Tobacco Criteria (continued) 8. Height and weight at 95% of the table for Standard. See Height and Weight Chart. 9. Have current untreated blood pressure and a 12-month average blood pressure of 135/85 or better. 10. Have a current untreated cholesterol of 200mg/dl or less and a Chol/ HDL ratio of 4.0 or less. 11. No alcohol related moving violations within five years and no more than two moving violations within the last two years. The following criteria must apply to a Preferred risk: Preferred Risks 1. U.S. Resident. 2. No tobacco or nicotine use of any kind within the past 12 months. 3. Standard risk with no current borderline medical problems. 4. No medical history which would have been ratable in the past. 5. No drug or alcohol abuse within the last 10 years. 6. No aviation, or hazardous occupation or avocation. This does not include major commercial airline pilots or holiday scuba diving. 7. No parental family history of death from cardiovascular disease or cancer prior to age Height and weight within the limits shown. 9. Current blood pressure and an average over the last 12 months of 140/90 or better. Page 6

7 Height and Weight Chart (Maximum weight to qualify for each rate class or rider) Verified Standard NT Preferred NT Express & Standard & Preferred Elite Feet Inches Standard NT Tobacco Tobacco Preferred NT DIR Page

8 Disability Income Riders (DIR)* Two different DIRs are available on our Term, and UL and IUL policies, providing coverage for disabilities due to either sickness or accident. Please see the Agent Guides for detailed information on the DIR. Parttime employees (less than 30 hours per week) and certain occupations shown below are not eligible for DIR coverage: Actor/Actress Air Traffic Controller Amusement Park Employee Armed Forces or Coast Guard Artist/Musician Asbestos Worker Athletic Coach or Instructor Auto Body Repair Blaster Bowling Alley Employee Bridge or Dam Worker Bus Boy Bus Driver Cab Driver Carpet/Floor Installer Casino Employee Chauffeur/Limo Driver Circus Employee Delivery Person Dishwasher Diver Domestic Servant (Maid, Butler, etc.) Drivers (local delivery or long-distance) Exotic Dancer FBI Agent Federal or Municipal Employee** Fire Fighter Fisherman/Seaman Flight Attendant Forest Ranger Game Warden Golf Pro Housewife Immigration Officer Life Guard Logging Employee Migrant Worker Mine Worker Movie Industry Employee Nature/Adventure Guide Nurse Peddler Piano Mover/Safe Mover Pilot Police Officer Prison Employee Professional Athlete Racing Employee (dog or horse) Rodeo Rider or Clown Roofer School Teacher*** (public or private) Security Guard (armed) Self-Employed (call with specific info) Skating Rink Employee Steeplejack (Billboard Worker) Structural Iron Worker Subway or Tunnel Construction Worker Theater Industry Employee Truck Driver Vending Machine Worker Page 8 * In South Carolina, Disability is defined as the insured s inability to perform the duties of his or her own occupation during the first year of disability and has the inability to perform the duties of any occupation for which he or she is suited thereafter. ** May purchase DIR up to monthly home mortgage amount. *** Only DIR5 available.

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12 About LSW LIFE INSURANCE COMPANY OF THE SOUTHWEST was incorporated in We are licensed in 49 states and the District of Columbia, with our home office in Dallas, Texas. LSW specializes in life insurance and annuity products. Our rating from A.M. Best Company, the oldest rating agency in the industry, is a good reflection of LSW s strength. A.M. Best ratings represent an independent opinion of a company s financial strength and ability to meet its obligations to policyholders. A.M. Best gives LSW an A (Excellent) rating; this is the third highest of 15 rating categories **. LSW is an affiliate of National Life Insurance Company based in Montpelier, Vermont. National Life was founded in 1850 and for over a century and a half has provided insurance protection to individuals, families and businesses. Home Office: Dallas, Texas; Administrative Office: One National Life Drive, Montpelier, VT Telephone: (800) Fax: (802) nationallife.com ** As of 06/06. Ratings are subject to change. National Life Group is a trade name of National Life Insurance Company and its affiliates. Each company of the National Life Group is solely responsible for its own financial condition and contractual obligations.