Accelerated Underwriting Quick Reference Guide
- CPS Instant-Accelerated Underwriting Guide For Producers
- CPS Instant-Accelerated Underwriting Materials
Three types of Accelerated Underwriting
- Instantdecision underwriting no exam needed. Cases can be approved instantly and sent to policy issue.
- Accelerated underwriting
- Client completes app and interview and either the case is approved, or client goes through additional underwriting which may require and exam.
- SBLI offers: No Exam term and whole life.
- SBLI Accelerated Underwriting process is available for both our term and whole life products and no medical exam or fluids are required for cases which fall within the following parameters:
- Ages 18-60
- All risk classes
- face amounts $500,000 and under
- SBLI Accelerated Underwriting process is available for both our term and whole life products and no medical exam or fluids are required for cases which fall within the following parameters:
Completing the application Online
- Click on IGO applications
- Start new case
- Than under find available product choose: TermAccel (eTicket)
- Here is a video on completing the application. https://www.youtube.com/watch?v=JBJywV2wuuY&t=189s
Company Guides, Work Flow, E delivery etc in the tabs below
- Accelerated Underwriting – Accelerated underwriting is available on our Term Life, Whole Life, Century + Disability, and Critical Illness products, meaning that an insured could potentially receive a decision at the end of the electronic application as to the status of their insurance coverage.
Streamlined underwriting program |
We will temporarily offer a streamlined underwriting program, eliminating lab and paramed requirements on qualifying cases. Instead, we will be using non-invasive, no-touch medical and non-medical resources to underwrite cases.
Read this Field Bulletin for qualifying criteria and additional details. |
Temporary policy delivery process during COVID-19
|
In light of the current environment, we recognize that it might be difficult for advisors to meet with their clients and conduct business. As such, we wanted to remind you of some helpful resources we have at North American to help both the client and advisor proceed with coverage.
- Simple Submit – North American’s E-app allows the advisor to fill out an application, order a paramedical exam, obtain an electronic signature and submit the application electronically. In addition, any required leave-behind forms will be conveniently emailed to the client.
- WriteAway/Online Part 2 – For those policies where the age and face amount are eligible, they will be put through our Accelerated Underwriting program to see if they qualify. Clients now have the ability to complete the lifestyle and medical questions online, making it more convenient. Currently over 44% of those eligible are being approved via Accelerated Underwriting, saving not only time but the need for labs as well.
- E-Signature – we accept Docusign and RightSignature for all documents except the 1035 surrender form.
- https://www.northamericancompany.com/marketing-toolkit
Important highlights to Principal’s Temporary Underwriting Guidelines (listed below, following the email)
- Accelerated Underwriting (AU) is still available up to $1m – Ages 18-60, Standard or better, all products ($2m on SUL) – no changes to the AU submission process.
- For the expanded face amounts over $1m listed below – here’s what you need to know:
- Applicants need to meet Accelerated Underwriting guidelines – age and checklist qualifications (Checklist)
- Part B of the application must be completed as a phone/TeleApp interview or online where applicable
- An applicant must have had a complete physical, including labs, with all results normal within the prior 24 months
- Next step will be for Underwriting to review the application to determine if Digital Health Data or Human API could be utilized to underwriter the case. Principal will coordinate the ordering of this information – your office does not need to order
- If using Human API, Principal will contact clients directly to get access to medical information – the FOC will be notified.
- Cases outside these guidelines – Age 61 plus or higher face amounts – Underwriting will proactively review to see how we can move these cases forward
- Individuals that have traveled abroad or are planning to travel abroad via plane or cruise ship will be postponed for 30 days after return
- Individuals tested or treated for COVID-19 need to disclose that information on the application or supplement
- A Statement of Health will be required for all applications at delivery.
The link provides leading updates, processing Business, Underwriting, Policy issue and delivery, agent resources, customer resources.
Guides:
Accelerated Underwriting (AU)
Our Accelerated Underwriting process is available for both our term and whole life products and no medical exam or fluids are required for cases which fall within the following parameters:
- Ages 18-60
- All risk classes
- Face amounts $500,000 and under
Best practice guidelines are now included in our new Underwriting Guide highlighting which clients are best suited for our AU process, together with examples of accepted conditions and uninsurable medical and non-medical scenarios. These have been designed to help you make the best decisions for your clients.
SBLI Healthy Credits Program
We also want to take the opportunity to remind you of our wellness rewards program, SBLI Healthy Credits. This has been designed to help improve cases with mild to moderate substandard mortality assessments. It provides a personalized approach to allow clients to qualify for an improved rate class based on objective healthy living criteria.
Full details of these updates are available in the new SBLI Underwriting Guide.