Life Insurance Underwriting Guidelines

Transcription

1 Uited of Omaha Life Isurace Compay Compaio Life Isurace Compay Mutual of Omaha Affiliates Life Isurace Uderwritig Guidelies As of: March 2010 Ask your uderwriter about the Fit uderwritig credit program! Table of Cotets Pael Fully Uderwritte Uderwritig Requiremets (Age & Amout Grid)... 1 & 2 Preferred Uderwritig Criteria... 3 & 4 Fully Uderwritte APS Guidelies & Build Chart... 5 & 6 Juveile Life Isurace Guidelies... 7 Express Uderwritig Requiremets & Build Chart... 8 & 9 Fit Guidelies & 9 Fiacial Uderwritig Guidelies & 11 For producer use oly. Not for use with the geeral public. AFN42274_0310

2 Iitial Uderwritig Requiremets Fully Uderwritte Amout Beig Uderwritte: Effective December 1, 2009 $25,000 $100,000 $250,000 $500,000 $750,001 $1, $5,000,001 Over Age: $99,999 $249,999 $499,999 $750,000 $1,000,000 $5,000,000 $10,000,000 $10,000,000 Uder 18 Nomedical Nomedical* N/A N/A N/A N/A N/A N/A Nomedical Paramed Paramed Paramed Paramed Paramed Paramed Paramed MVR Nomedical Paramed Paramed Paramed Paramed Paramed Paramed Paramed MVR Nomedical Paramed Paramed Paramed Paramed Paramed Paramed Paramed MVR PHI IR EKG MVR MVR IR MVR Nomedical Paramed Paramed Paramed Paramed Paramed Paramed MD Exam EKG EKG TEKG Nomedical Paramed Paramed Paramed Paramed Paramed Paramed MD Exam EKG EKG EKG EKG TEKG Nomedical Paramed Paramed Paramed Paramed Paramed MD Exam MD Exam EKG EKG EKG EKG EKG TEKG Nomedical Paramed Paramed Paramed Paramed MD Exam MD Exam MD Exam EKG EKG EKG EKG EKG TEKG 71 ad Over Nomedical Paramed MD Exam MD Exam MD Exam MD Exam MD Exam MD Exam EKG EKG EKG EKG EKG TEKG PHI PHI PHI MVR MVR Key: APS Attedig Physicia s Statemet Blood & HOS Blood & Urie collectio EKG Electrocardiogram IR Ispectio Report MD Exam Blood & HOS w/m.d. Exam (Specializig i Iteral Medicie) MVR Motor Vehicle Report (Ordered from H.O.) Nomedical A Fully Completed Applicatio Paramed Log Form Exam (form MLU21727) PHI Persoal History Iterview take over telephoe (Ordered from H.O.) TEKG Treadmill Electrocardiogram Paramedical Vedors: (800) America Para Professioal Systems, Ic. (APPS) (877) ExamOe (800) Examiatio Maagemet Services, Ic. (EMSI) (800) Hooper Holmes (Portamedic) (800) Superior Mobile Medics Miimum Uderwritig Requiremets Effective December 1, 2009 *APS required o juveiles over $100,000 Uited of Omaha Life Isurace Compay Omaha, NE Compaio Life Isurace Compay Home Office: Hauppauge, NY mutualofomaha.com For producer use oly. Not for use with the geeral public. paels 1 & 2

3 Preferred Uderwritig Criteria NICOTINE Tobacco FAMILY HISTORY (Does ot apply if age 65 ad older.) Blood Pressure Cholesterol Averaged 3 cholesterols over past 12 moths. If available Preferred Plus Preferred Stadard Plus No icotie x 60 moths Occasioal cigar, otobacco available with egative HOS 1 12 cigars per year No death of a paret or siblig prior to age 65 due to Cacer, Heart Disease or Diabetes Treatmet allowed with good cotrol No readig i past year >135/85 Cholesterol Level <250 ad Cholesterol Ratio <5.0 No icotie x 36 moths Occasioal cigar, otobacco available with egative HOS 1 12 cigars per year No death of paret or siblig prior to age 60 due to Heart Disease or Diabetes Treatmet allowed with good cotrol Avg BP <145/90 Cholesterol Level <275 ad Cholesterol Ratio <6.0 No icotie x 12 moths Occasioal cigar, otobacco available with egative HOS 1 (Note: std plus tobacco is a available class) No death of paret or siblig prior to age 60 due to Heart Disease Treatmet allowed with good cotrol Avg BP <152/90 Cholesterol Level <300 ad Cholesterol Ratio <7.0 Treatmet allowed Treatmet allowed Treatmet allowed Alcohol & Drug Allowed after 15 years Allowed after 10 years Allowed after 5 years No history of CAD, DM or No history of CAD, DM or Medical History Cacer (Basal Cell ski cacer Cacer (Basal Cell ski cacer ad superficial squamous cell ad superficial squamous cell allowed) allowed) allowed) Drivig Record Avocatio 2 Aviatio 3 CRIMINAL RECORD No covictios for DWI, DUI or reckless drivig withi the last five (5) years ad o more tha two (2) movig violatios withi the last five (5) years No participatio ever i ay hazardous occupatio, avocatio or sport No flyig as a private pilot or crewmember uless aviatio exclusio No feloy covictios i the past 10 years BUILD No exceptio No exceptio PROFILE AND HOS 10% allowed i ay oe test if determied to be of o medical sigificace No covictios for DWI, DUI or reckless drivig withi the last five (5) years ad o more tha two (2) movig violatios withi the last three (3) years No hazardous activities withi the past 2 years No flyig as a private pilot or crewmember uless aviatio exclusio No feloy covictios i the past 10 years 10% allowed i ay oe test if determied to be of o medical sigificace No history of CAD, DM or Cacer (Basal Cell ski cacer ad superficial squamous cell No covictios for DWI, DUI or reckless drivig withi the last five (5) years ad o more tha two (2) movig violatios withi the last three (3) years Flat extras are allowed No flyig as a private pilot or crewmember uless aviatio exclusio (IFR private pilots allowed if stadard) No feloy covictios i the past 10 years If Male, up to 5 pouds allowed if all other criteria are met If all Stadard Plus criteria are met ad the laboratory values do ot warrat ay debits, Stadard Plus is allowed 1 A occasioal cigar is o more tha 12 cigars per year 2 Limited scuba divig as a part of vacatio or other occasioal occurrece is acceptable if depth of dive does ot exceed 100 feet 3 Some types of commercial aviatio may be acceptable based o maual I additio to the criteria above, there must ot be ay other sigificat health problems. Fial risk determiatio will be made by the Uited of Omaha Life Isurace Compay or Compaio Life Isurace Compay home office uderwriter. For producer use oly. Not for use with the geeral public. paels 3 & 4

4 Build Chart Fully Uderwritte APS Guidelies Preferred Plus Preferred Stadard Plus A APS will be ordered for cause (sigificat medical history) i all cases Stadard Height Weight 4 Feet 8" " " " Feet " " " " " " " " " " " Feet " " " " " " " " " " For ages 56 ad up ad face amouts of $500,000 ad up, a APS will be obtaied for routie physicals, lab work, EKG s, etc. if MD see withi 1 year At ay age, a APS will be requested whe MD see withi 3 moths of applicatio uless the office visit was for a mior impairmet A APS should be available for ayoe 65 ad over A APS may ot be eeded for health history of treated hypertesio or treated cholesterol if Applyig for stadard risk classes through Preferred; Note: Preferred Plus is ot available without a APS Uder age 56 Face amout of $500,000 or less Amout i force ad applied for does ot exceed compay retetio Note: This is a guide. Specifics of a idividual case may warrat a APS to determie the appropriate risk classificatio For producer use oly. Not for use with the geeral public. paels 5 & 6

5 Fiacial Uderwritig Guidelies Icome Replacemet Ages $25,000 or higher aual eared icome 20 to 40 25X 41 to 50 20X 51 to 55 15X 56 to 65 10X 66 up 7x* Larger amouts may be cosidered o a idividual case basis for special eeds situatios with supportig documetatio of fiacial eed. A spouse workig full or part time to supplemet their household icome ca qualify for a similar amout as a o-workig spouse depedig o the circumstaces. *Icome replacemet is geerally ot cosidered for those over age 66 uless a idividual is actively at work. Estate Coservatio The persoal et worth of a idividual or family is used as the basis for a calculatio of a approximate estate tax liability ad related expeses. Geerally the et worth ca be expected to icrease over a period of years, so it is commo practice to project that growth over a period of years at a selected rate of iterest. A growth rate of 6% is most commoly recommeded although differet rates ca occasioally be used if appropriate. At older ages or impaired risks, a lower rate is usually used. The appropriate amout of coverage is typically 50% of the projected estate. Ages No-Workig Spouse Will geerally cosider for a amout equal to the amout i force ad applied for o the breadwier depedig o the circumstaces of the case up to a maximum of $1,000,000 uless there is also a estate tax eed. Additioal isurace ca be cosidered with cover memo or other documetatio outliig ay special eeds. Busiess Isurace A busiess isurace questioaire (BIQ) should be submitted o all busiess cases, ad a well costructed cover letter explaiig the purpose of coverage ad how the face amout was determied is very helpful. Copies of compay fiacial statemets ad buy/sell agreemets may be ecessary to help value a busiess to determie the appropriate amouts of coverage o each ower for busiess cotiuatio cases. Key Perso Geerally 5-10X eared icome plus bouses if paid regularly as part of a compay bous pla. If key perso has a owership iterest i the compay, the appropriate percetage of compay et icome ca be added to his icome. Some states such as New York have specific requiremets to qualify as a key perso. Creditor Isurace Geerally up to a maximum of 75% of a secured loa uless agreemet has a loa provisio callig the loa due upo the death of ower/key perso. Buy/Sell Coverage should usually be applied for or i force o all major active parters. A busiess isurace questioaire should be fully completed i all cases uless a detailed cover letter ad compay fiacial statemets are submitted with the applicatio. Each parter s owership percetage should be icluded ad coverage should be proportioal to the owership iterest. Compay fiacial statemets ad copies of a buy/sell agreemet are sometimes ecessary to help establish a reasoable market valuatio for the compay ad may be ordered at the uderwriter s discretio. Years Up to Up 1x Estate Value* *Stadard or better risk classes, otherwise idividual cosideratio For producer use oly. Not for use with the geeral public. paels 10 & 11

6 Uderwritig Requiremets Express Oly Age Term Life Express Term Life Express Oly GUL Express Amout beig Uderwritte: $50,000 $250,000 $250,001 $400,000 Simplified Uderwritig Simplified Uderwritig Stadard through Table 4 Stadard through Table 4 Radom Iterview Phoe Iterview Simplified Uderwritig Stadard through Table 4 Phoe Iterview Please Provide Name ad Address of Persoal Physicia with all applicatios Oral Fluids Simplified Uderwritig Stadard through Table 4 Phoe Iterview Oral Fluids APS (Madatory) Note: Oral Fluid Kits ca be obtaied o SPA Aget mails Oral Fluid Kit to Lab Kit is processed through Cliical Referece Lab (CRL) 1. Radom iterviews will be coducted for quality cotrol NOTE: 2. Medical questioaires ad/or a occasioal APS may be requested at the uderwriter s discretio to clarify iformatio developed from other sources. Express Build Chart Maximum Height Weight 4 Feet 8" 197 9" " " Feet 220 1" 226 2" 232 3" 238 4" 245 5" 251 6" 258 7" 265 8" 274 9" " " Feet 305 1" 313 2" 321 3" 329 4" 338 5" 347 6" 358 7" 367 8" 376 9" " 395 Fit Guidelies Term Life Aswers Term Life Complete AccumUL Plus GUL Complete GUL Survivor Here s where the program fits: Ages: Miimum face amout: $250,000 Maximum face amout: $1,000,000* (total coverage i force ad applied for with Uited of Omaha ad Compaio Life Isurace Compaies) *(Maximum face amout $2,000,000 GULS) Notobacco users Base ratig after ormal credits of table 4 or less Does ot apply to flat extra ratigs Here s where the credit ratigs fit i If your cliets have several of the followig characteristics, they may qualify for up to a additioal two table credits from the base ratig.** Medical Great family history o deaths from ay disease prior to age 70 Cholesterol/HDL ratio <5.0 Negative cardiac testig: GXT, o-imaged or imaged (stress echo, perfusio study), echocardiogram, EBCT or agiography GXT exercise performace >10 METS Optimal blood pressure cotrol-treated or utreated of 130/80 Preferred or better build, ages Stadard Plus or better build, ages Lifestyle Regular prevetative medical care ad compliat follow-up Miimal alcohol use. No more tha 2 driks per day (o history of substace abuse) Lifetime osmoker Icome >$100,000, or et worth >$1,000,000, or a college degree Preferred or better drivig record Ay three of the above characteristics equals 1 table credit. Ay five of the above characteristics equals 2 tables credit. **Best case fial assessmet available is stadard. All products, base plas, provisios, features ad riders may ot be available i all states. For producer use oly. Not for use with the geeral public. paels 8 & 9

7 Juveile Life Isurace Guidelies* For life isurace purposes, applicats are cosidered to be juveiles betwee the ages of 15 days through 17 years old. Life Isurace Face Amouts Geerally, the maximum Face Amout is $100,000. The Face Amout should ot exceed 50% of the coverage carried o the paret with the least amout of life isurace i-force. Ay amout exceedig 50% of the lesser isured paret must iclude a cover letter with a explaatio of the eed for Uderwritig cosideratio of the higher amout. Owership/Beeficiary Ower ad Beeficiary must be a paret or gradparet. Other relatives ad frieds are cosidered to have o isurable iterest. If a gradparet applies as ower ad the child does ot reside i the same household as the gradparet, a paret must sig the applicatio o the sigature of paret lie authorizig the purchase ad attestig to aswers to the applicatio questios. A legal guardia ca be cosidered as ower ad/or beeficiary. Details should be provided i a cover letter alog with copies of guardiaship documetatio. Household life isurace coverage All childre should be equally isured, iclude a cover memo advisig coverage amout o all family members The paret(s) must be isured Risk class The Proposed Isured must be a Stadard Risk (No Impaired Risk) Face amouts greater tha $100,000 While we do ot ormally offer coverage over $100,000 to juveiles, we will cosider if the followig criteria are met i additio to the above guidelies: APS is required i ALL cases A Cover Letter explaiig the ratioale of the eed for $100,000 or higher face amouts Maximum Face Amout $250,000 Uderwritig Limits o Juveile Life Applicatios writte i New York 1. Miors betwee age 4 years 6 moths ad 14 years 6 moths old Coverage is limited to the greater of $50,000 or 1/2 (50%) of the amout carried by the Applicat. 2. Miors less tha age 4 years 6 moths old Coverage is limited to the greater of $50,000 or 1/4 (25%) of the amout carried by the Applicat. *Not available i Washigto. pael 7