Favorable Underwriting for CAD

Mia Dempsey – Manager, New Business

Coronary heart disease is the most common type of heart disease, killing 365,914 people in 2017.1

Coronary artery disease develops when the major blood vessels that supply your heart with blood, oxygen and nutrients (coronary arteries) become damaged or diseased. Cholesterol-containing deposits (plaque) in your arteries and inflammation are usually to blame for coronary artery disease.2

If you have a client that has been diagnosed with CAD we have potential opportunities to get them a Standard or better offer with some of our carriers. 

  • American National – Ages 70+ with single vessel (right coronary artery) disease and other favorable factors, can receive standard rates. 
  • John Hancock – Possible Standard Plus or Preferred on treated CAD cases, ages 71+
  • Lincoln Financial – Cardiac credits – up to four tables’ worth of credits available to age 70. Standard rates may be available over age 70 with a history of coronary artery disease. 

1 https://www.cdc.gov/heartdisease/facts.htm

2 https://www.mayoclinic.org/diseases-conditions/coronary-artery-disease/symptoms-causes/syc-20350613

Contact your Asset Case Manager to obtain questionnaires.  Send completed forms back to receive tentative offers from the carriers and help your clients insure themselves for their loved ones.  

(Note:  Final offers subject to full underwriting)

Medical Information Bureau (MIB) – Facts and Myths

Mia Dempsey, Manager – New Business
(Asset Marketing Systems)

Everything You Need to Know About MIB

An essential part on the life underwriting process is the use of the MIB report. MIB, Inc. is a consumer reporting agency for use by insurance companies. 

MIB maintains a database for the member companies to exchange confidential information of underwriting significance when a person applies for life, health, disability income, long term care and/or critical illness insurance. This information is maintained and safeguarded in a coded format that is accessible only to authorized personnel of a member company.

To access this information, the member company must receive authorization from the proposed insured to use MIB as an information source. The authorization is provided by the completion of an insurance application and is signed by the proposed insured. The primary purpose of MIB is to protect the member companies from proposed insureds who knowingly or unknowingly omit information about their insurability on their application.

Frequently asked questions regarding MIB:

1. Can an insurance company obtain the final decision(s) of the proposed insured’s prior applications?

The answer is no. MIB does not provide the exact decision made by the insurance company only the details that affected the decision.

2. When a person checks online for information about an Insurance company or receives a quote online from a company do these actions get reported to MIB?

The answer is no. To access information from MIB the insurance company must receive a signed application by the proposed insured. The application can be either in paper form or electronic.

3. Does MIB receive information directly from an individual’s Medical Doctor?

The answer is no. Only insurance companies report information to MIB. This is only after the insurance company has received authorization from a proposed insured.

4. Can an insurance company obtain the name of the company(s) the proposed insured has applied to in the past?

Upon request MIB will supply the name of any insurance company(s) the proposed insured has applied to in the past.

 If your client would like information on MIB, you may provide a copy of the brochure “A Consumer’s Guide to MIB’s Underwriting Services” to the proposed insured.

Contact information for MIB:
50 Braintree Hill Park, Suite 400
Braintree, MA 02184
Phone: 781-751-6000
Website: www.mibgroup.com

Source: North American Company
This information for use only by Financial Professionals. Not for consumer use.