Case Study

Life Insurance Case Study: Speed & Flexibility Matter handshake150A life insurance agent had a case on an important high net worth client.  This client, a 55 year old male, wanted to purchase $5,000,000 of coverage for his estate.  Before finding Synaptiq Life, the agent had submitted this case to two other general agencies.  One of them had the case approved at Transamerica as Preferred Non-Smoker.  Being a sophisticated investor with a keen understanding of his own health, the client refused to accept anything less than Preferred Plus.  With the exam expiring in 3 weeks and the client refusing to be reexamined, the agent feared he had lost the case.  That’s when the agent went on a search to find a better solution, and that’s when he found Synaptiq Life.

 

Upon our first discussion with the agent, we immediately triaged the case as a simple misuse of carrier and product rules.  An indepth discussion with a senior underwriter at Transamerica unveiled that the crucial information that would help us place this case.  The client had lipid levels that were above Transamerica’s limits for Preferred Plus, but certainly not alarming.  Leveraging this insight, we were able to identify a carrier who might underwrite this case not only at Preferred Plus but also in an expedited manner.  This carrier was Lincoln Financial Group, and we immediately opened a dialogue with the underwriter and a case manager.  This dialogue convinced LFG to consider the case and push it through before the expiration of the exam.  Less than 7 business days later, the case was approved with the existing exam and no APS required.  The annual premium of $14,000 met the clients expectations, making the whole experience a home run for the agent:

 

“Working with Jeff at Synaptiq Life was the best move I made.  His attention to detail solved our underwriting problem and his expeditious efforts placed the case.  I’ll certainly be sending him all of my business from now on.”

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