Tips to Better Understand Underwriting
Power of Attorney Reminder
We will accept applications signed by a power of attorney. The legal document must be a durable power of attorney, allowing that individual to handle the applicant’s insurance interests. When the power of attorney signs an application, the corresponding paperwork must be submitted along with the application.
To sign as the power of attorney, sign the applicant’s name followed by the power of attorney’s name, such as “Joe Applicant by Anna Applicant power of attorney.”
If a health interview is needed, the applicant must be able to answer the underwriting questions, themselves. If they are unable to complete the interview, the last two years of medical records will be needed to determine their eligibility.
Update Your Contact Info
Be sure your information is up to date on Sales Professional Access (SPA), so underwriting can contact you. Underwriters will reach out via email, unless you specify a different method of communication. Keep your email address updated through Contracts and Appointments.
Any information needed on pending cases will also be visible through your broker portal. Underwriting information sent to the applicant, is usually sent to the producer, as well. Make sure your mailing address is also up to date, to receive those communications.
MBI Number Needs to Be Included on Apps
The Medicare Beneficiary Identifier (MBI) needs to be included on the application or if making a claim. Applicants who are 65 and older should have a Medicare card with a corresponding MBI number. The MBI number is a more secure identifier for beneficiaries. If the applicant is within three months of their 65th birthday and haven’t received an MBI card, they can get their MBI number by going to medicare.gov.
To prevent delays in getting business issued, follow the above tips to make underwriting a breeze. You can also reference our handy Underwriting Guide.
We look forward to doing business with you.