Updated Underwriting Guide
Our underwriting team is always looking for ways to responsibly improve how we evaluate risk. By mining our growing data sources and experience, we can ultimately help more customers get the affordable coverage they need. We’re pleased to be making changes in the following areas:
Marijuana use consideration for non-tobacco rate classes
Previously, with any Marijuana use our best offer was Preferred Tobacco rates. We review the overall unique medical context of each applicant and can now consider:
- Preferred Plus NT for very infrequent use of 1-2x per year
- Standard Plus NT for recreational use up to 8x per month
- More frequent use will be reviewed for individual consideration
Please keep in mind, these are best case ratings and do not include other medical conditions or histories which will be taken into consideration. With these changes we’re introducing Marijuana screening to our urine test panel. For those who test positive, a delay of a few days may be expected while a confirmation second screening using existing blood work is conducted. No reconsiderations will be made on previous cases.
Electronic Inspection Reports (EIRs) replacing all Inspection Reports (IRs)
Previously, for applicants over age 60, face amounts over $1 million, or applicants of any age with face amounts over $5 million required an IR. Starting January 28th, these requirements will now be collected by LGA using EIRs.
In addition to the EIR, verification of financial status (from CPA, Attorney, or direct from applicant via tax returns, W2) is required for personal insurance amounts over $5 million and a Business Beneficiary Report is required for business insurance amounts over $3 million.
EIRs greatly improve the customer experience over traditional IRs and speed up cycle times. BGAs that currently order IRs will no longer need to proactively order since LGA will automatically order an EIR if needed. Please discontinue ordering IRs by January 28th.
Visa and Green Card consideration
We’ve expanded the types of Visas and Green Cards for consideration, with at least 2 years of U.S. residency, to include:
- IR1, EB-1, EB-2, EB-3 Green cards
- CR1, CR6 Conditional Green cards
- H1B, H4, E3, K1, L1, L2 visas