Why are insurers utilizing Ultimate Expense?
At the moment, there are greater than 35 million People age 65 and older. That features 10,000 Child Boomers who flip 65 every single day and this development will proceed for not less than 15 extra years.[i] Moreover, there are 95 million People who don’t have life insurance coverage[ii], and roughly 36 million individuals who don’t have any financial savings, retirement financial savings or investments.[iii]
So what occurs when considered one of these people with no life insurance coverage, no financial savings, and no retirement financial savings passes away and their household is left with the bills incurred for a funeral? Many insurance coverage carriers provide a Ultimate Expense product to cowl this rising section of shoppers.
Ultimate Expense is a life insurance coverage product that may be bought to cowl funeral and burial prices in addition to payments and debt. They’re issued as small face quantities and most are coated underneath simplified situation underwriting.
How ScriptCheck can help you in your underwriting of Ultimate Expense
In accordance with the LIC/CSG Ultimate Expense 2013 survey report, 46% of Ultimate Expense merchandise incorporate a prescription historical past examine. When issuing a life insurance coverage coverage to somebody over the age of 65, likelihood is they’ve a better record of prescribed medicines than a youthful particular person.
By means of ScriptCheck®, you possibly can construct a extra full profile in your applicant.* We work with among the largest pharmacy profit administration (PBM) corporations within the nation and have developed unique relationships that assist seize a extra complete overview of your applicant’s prescription drug historical past. We’re the one supplier that represents 85% of the PBM market share. Moreover, roughly 40% of upkeep medicines are mail in orders which might solely be pulled by means of a PBM.
Advantages:
- Saves time permitting underwriters to make sooner choices
- Flags regarding treatment
- Eliminates expensive human errors
- Interprets giant quantity of information into actionable data for an underwriter
Moreover, by means of our huge knowledge product providing, we will present further providers that can enable you construct your applicant profile. We are able to full a well being historical past cellphone interview, present a real-time, scored motorcar report, and supply a QuestCheck® and MIB report.
Whereas Ultimate Expense merchandise are smaller face quantity insurance policies, it’s extra essential than ever to precisely assess threat and to make sure truthful and acceptable mortality assumption. Contact Beth Millay at Beth.A.Millay@ExamOne.com at the moment to be taught extra.
*ExamOne requires prior written consent from insurance coverage candidates, which seems within the HIPAA-compliant authorization that’s a part of the insurance coverage utility. The authorization should be signed and dated previous to accessing the data.
[i] US Census Bureau
[iii] Social Safety Administration