More than ever, process matters in our business. In this Case Success Story, Principal’s Accelerated Underwriting platform allowed the Member to solve a case involving a young, healthy client and a cynical financial advisor. Read on to see how it played out!
AT A GLANCE:
Product: Principal IUL Flex with Accelerated Underwriting
- An advisor was working on a case on a 42-year-old male client with a life insurance need of $1MM and a desire to accumulate cash in a tax efficient vehicle
- The Producer was introduced to the client by a financial advisor with a high level of both cynicism and discomfort regarding the life insurance underwriting process.
- Principal IUL Flex
- Principal Accelerated Underwriting
- The advisor illustrated the Principal Indexed UL Flex product with a 20 year premium payment period and a balance of both cash accumulation and death benefit protection.
- Principal’s Accelerated Underwriting program on face amounts from $50K to $1MM allows healthy clients under the age of 60 to obtain coverage on any Principal product based on a TeleApp, Motor Vehicle Report, prescription history and MIB report.
- If the application is approved for Principal Accelerated Underwriting, it proceeds to issue, and the process takes a mere 8 days on average from application to policy issue. If not approved, Principal initiates a traditional underwriting process to further evaluate the case.
- In this case, the client qualified under the Accelerated Underwriting platform, without an exam, fluids or medical records.
- Principal’s streamlined process thrilled all the interested parties: client, financial advisor and producer.
- $25,201 of Target Premium placed with Principal.
- To learn more about the Accelerated Underwriting platform from Principal, follow this link to the Accelerated Underwriting section of or reach out to use here at CBS.