Why are insurers utilizing Remaining Expense?
At this time, there are greater than 35 million Individuals age 65 and older. That features 10,000 Child Boomers who flip 65 day by day and this pattern will proceed for not less than 15 extra years.[i]Â Moreover, there are 95 million Individuals who do not need life insurance coverage[ii], and roughly 36 million individuals who do not need any financial savings, retirement financial savings or investments.[iii]
So what occurs when certainly one of these people with no life insurance coverage, no financial savings, and no retirement financial savings passes away and their household is left with the bills incurred for a funeral? Many insurance coverage carriers provide a Remaining Expense product to cowl this rising phase of shoppers.
Remaining Expense is a life insurance coverage product that may be bought to cowl funeral and burial prices in addition to payments and debt. They’re issued as small face quantities and most are lined below simplified problem underwriting.
How ScriptCheck can help you in your underwriting of Remaining Expense
In response to the LIC/CSG Remaining Expense 2013 survey report, 46% of Remaining Expense merchandise incorporate a prescription historical past verify. When issuing a life insurance coverage coverage to somebody over the age of 65, likelihood is they’ve a larger record of prescribed drugs than a youthful particular person.
Via ScriptCheck®, you possibly can construct a extra full profile in your applicant.* We work with a few of the largest pharmacy profit administration (PBM) firms within the nation and have developed unique relationships that assist seize a extra complete evaluation of your applicant’s prescription drug historical past. We’re the one supplier that represents 85% of the PBM market share. Moreover, roughly 40% of upkeep drugs are mail in orders which might solely be pulled via a PBM.
Advantages:
- Saves time permitting underwriters to make sooner selections
- Flags regarding treatment
- Eliminates pricey human errors
- Interprets massive quantity of knowledge into actionable info for an underwriter
Moreover, via our huge information product providing, we will present further providers that may enable you to construct your applicant profile. We will full a well being historical past cellphone interview, present a real-time, scored motorized vehicle report, and supply a QuestCheck® and MIB report.
Whereas Remaining Expense merchandise are smaller face quantity insurance policies, it’s extra vital than ever to precisely assess danger and to make sure honest and applicable mortality assumption. Contact Beth Millay at Beth.A.Millay@ExamOne.com in the present day to study extra.
*ExamOne requires prior written consent from insurance coverage candidates, which seems within the HIPAA-compliant authorization that’s a part of the insurance coverage software. The authorization have to be signed and dated previous to accessing the knowledge.
[i] US Census Bureau
[iii] Social Safety Administration
