Underwriting knows the life insurance sale doesn’t start at the time of application. You may have been working on it for weeks, or even months.  That is what makes your preparation and the story so important.

A cover letter is critical to saving time in the underwriting process. And when it’s positioned as suggested below, your cover letter can make all the difference in reducing the life insurance application handling time and enhancing your client’s overall experience.

Cover letters for large cases

Defining a large case can be different for each producer. Many companies focus on the death benefit or premium amount for the large case (like the Allianz $10,000,000+ death benefit or $200,000+ planned premium threshold). But Allianz Life Insurance Company of North America (Allianz) offers a special process – Large Case Concierge Services – to support these types of cases:

When writing a cover letter for a large case, consider incorporating the following:

• The financial decision to pursue
• How the wealth was built and the current status
• The client’s occupation, business success, and details on the business they own
• Links to internet information detailing their success
• Purpose of coverage: estate planning, income replacement, transition of asset to the next generation
• Special medical history, avocation or aviation, beneficiary, ownership approach
• Other details that may not be as obvious on the application

Cover letters for Advanced Sales

From split-dollar loan regime to 162 bonus plans to intergenerational cases, the support behind the sale is critical to reducing extra touches in the risk analysis process. A cover letter with the advanced sales details, including the support that you offered in reaching out to us before the sale, makes for the best foundation to successful underwriting in a reduced timeframe. 

Cover letters for complicated medical histories

Medical field underwriting done prior to submission is most important to determining whether the client may or may not qualify for the better rate.

We know the value of the price quoting prior to formal application submission, and how critical it can be to the placement success. Call for a tentative quote, and include the conversation on your cover letter. If you submitted an informal quote, share a copy of it with the application at submission.