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Mastering Life Insurance Underwriting: The Power of Trial Applications

In the intricate landscape of life insurance underwriting, mastering trial applications can unlock unparalleled opportunities for securing optimal insurance approvals. Let’s demystify the trial application process and highlight the ways it can advance underwriting results that will elevate client satisfaction to new heights.

Understanding Trial Applications “Testing the Waters”

Before jumping into the intricacies of when to opt for a trial application, it’s essential to grasp its fundamental concept. A trial application serves as a strategic tool to solicit multiple underwriting offers for a client, essentially “testing the waters” to secure the best possible offer in the market. With the client’s consent, Covr Underwriting initiates the process by procuring relevant medical records, which are meticulously reviewed by multiple carriers.

Timing is Crucial

When considering a trial application, timing plays a pivotal role. Given the resource-intensive nature of reviewing medical records without a guaranteed outcome, life insurance carriers have established minimum guidelines for accepting trial applications. At Covr, these guidelines include cases with $10,000 or more of annual target premium and those with complex medical histories.

Consultation is Key

While established guidelines provide a solid framework, consulting with a member of the Covr Underwriting Team before submission is paramount. This step ensures alignment with specific carrier requirements and sets realistic expectations for the client regarding the process and potential outcomes. Effective communication and client buy-in are vital for a successful trial application.

The Benefits of a Trial Application

The essence of a trial application lies in its’ ability to leverage multiple insurance companies simultaneously. By granting authorization to send the insured’s information to several insurers, a trial application initiates a competitive bidding process. This enables insurers to provide preliminary health ratings, paving the way for the Covr Underwriting Team to negotiate the possible rating and therefore, the lowest premium.

Streamlining the Process

Once tentative health ratings are obtained and negotiations are finalized, the insured can formally apply to the company or companies offering the most favorable terms. This streamlined approach not only expedites the underwriting process, but also maximizes the chances of securing the desired life insurance policy at the most advantageous rates.

Embracing Strategic Underwriting

The utilization of trial applications in life insurance underwriting is paramount for your most important clients. Covr’s expertise and years of fostering underwriting relationships at the highest levels gives us the ability to offer unparalleled benefits. By embracing this strategic approach, advisors can streamline the underwriting process, mitigate risk, and enhance client satisfaction.

In conclusion, the trial application process transcends traditional underwriting norms, providing a pathway to insurance approvals for individuals with complex medical histories or higher-risk profiles. The ever-evolving landscape of life insurance underwriting requires years of expertise and medical underwriting knowledge to effectively navigate the process, as well as negotiate the offers. Choose your trial application partner wisely. 

Lee Bolen
Director of Field Underwriting – Covr Financial Technologies
(208) 813-6102
[email protected]

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