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Why are insurers utilizing Last Expense?
Right now, there are greater than 35 million Individuals age 65 and older. That features 10,000 Child Boomers who flip 65 every single day and this pattern will proceed for a minimum of 15 extra years.[i] Moreover, there are 95 million Individuals who shouldn’t have life insurance coverage[ii], and roughly 36 million individuals who shouldn’t have 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 supply a Last Expense product to cowl this rising section of customers.
Last 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 coated below simplified situation underwriting.
How ScriptCheck can help you in your underwriting of Last Expense
In response to the LIC/CSG Last Expense 2013 survey report, 46% of Last Expense merchandise incorporate a prescription historical past examine. When issuing a life insurance coverage coverage to somebody over the age of 65, chances are high they’ve a higher listing of prescribed drugs than a youthful particular person.
By ScriptCheck®, you possibly can construct a extra full profile in your applicant.* We work with a number of the largest pharmacy profit administration (PBM) corporations within the nation and have developed unique relationships that assist seize a extra complete assessment 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 by means of a PBM.
Advantages:
- Saves time permitting underwriters to make quicker choices
- Flags regarding remedy
- Eliminates pricey human errors
- Interprets massive quantity of information into actionable data for an underwriter
Moreover, by means of our huge information product providing, we are able to present further providers that can assist you to construct your applicant profile. We will full a well being historical past telephone interview, present a real-time, scored motorcar report, and supply a QuestCheck® and MIB report.
Whereas Last Expense merchandise are smaller face quantity insurance policies, it’s extra necessary than ever to precisely assess danger and to make sure truthful and acceptable mortality assumption. Contact Beth Millay at Beth.A.Millay@ExamOne.com at the moment to be taught 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 utility. The authorization have to be signed and dated previous to accessing the data.
[i] US Census Bureau
[iii] Social Safety Administration
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