Why are insurers utilizing Ultimate Expense?
At present, there are greater than 35 million Individuals age 65 and older. That features 10,000 Child Boomers who flip 65 day by day and this pattern will proceed for at the least 15 extra years.(i) Moreover, there are 95 million Individuals who should not have life insurance coverage(ii)and roughly 36 million individuals who should not have any financial savings, retirement financial savings or investments.(iii)
So what occurs when one among 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 supply 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 below simplified challenge 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 test. When issuing a life insurance coverage coverage to somebody over the age of 65, chances are high they’ve a higher checklist of prescribed medicines than a youthful particular person.
By ScriptCheck®, you’ll be able to construct a extra full profile in your applicant.* We work with a few of the largest pharmacy profit administration (PBM) corporations within the nation and have developed unique relationships that assist seize a extra complete evaluate 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 may solely be pulled by means of a PBM.
Advantages:
- Saves time permitting underwriters to make quicker choices
- Flags regarding medicine
- Eliminates pricey human errors
- Interprets giant quantity of information into actionable data for an underwriter
Moreover, by means of our huge information product providing, we will present further providers that may assist 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 vital than ever to precisely assess threat and to make sure honest and applicable mortality assumption. Contact Beth Millay at Beth.A.Millay@ExamOne.com in the present day 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 software. The authorization should be signed and dated previous to accessing the knowledge.
(i) US Census Bureau
(iii) Social Safety Administration
