THE CHALLENGE:

We were contacted by a New Jersey based financial planner working with a young couple in California who just had their first child.  In reviewing their need for insurance the planner recommended a $1,500,000 30-year term policy on one spouse and a $1,000,000 30-year level term policy on the other spouse. 

THE ANALYSIS:

We were able to connect with the client via a virtual web meeting to talk about the underwriting process and to walk them through our informal inquiry, which is a one page medical questionnaire.   In review of the informal inquiries there were no medical or health issues that could potentially derail underwriting.  We then reached out to over 40 insurance companies to obtain pricing on the two policies.

THE RECOMMENDATION:

The clients received best case underwriting and decided to move forward with formal underwriting with two different insurance carriers providing each of them the best rate.  Through a series of virtual meetings with the client and the planner, we were able to coordinate medical exams, complete all paperwork, and complete underwriting.  We then sent the planner a copy of the policy information pages for their records once the client received their respective policies.