If the app tells the story, what else is needed? Most advisors believe that the job is done when they submit the app, since very few consider having a cover letter accompany their life applications. A carefully written cover letter also sends the message that the advisor is proactive and committed to securing the best possible offer for the client.
Using a life insurance cover letter when submitting life insurance applications is one of the easiest and quickest ways to increase your placement. And, earn more commissions. Yes, this is something top insurance agents have learned to do because they know it increases their productivity!
You have a strategy for your life insurance sale pitch right? Why not have one for your underwriters? You just submitted a life insurance application and after a few days the emails begin pouring in about outstanding requirements holding the case from moving forward. A life insurance cover letter submitted with the original application will help avoid these interruptions.
Tip…life insurance underwriters love cover letters because it makes their job easier! Save yourself the time and headache and include a life insurance cover letter with every application you submit. One of the easiest ways to get a request for letter of explanation is by not including the information ahead of time in your cover letter.
Each life insurance cover letter should include the basic information that an underwriter will want to review.
Below are the items you should include in your life insurance cover letter at a minimum. Employment and community involvement Your relationship with the client Example, new, longstanding, center of influence, etc.
The offer you are looking for and the timeline you are trying to work within Any other pending applications or life insurance offers Explanation why any requirement is not available or attainable Purpose of Insurance, Sales Strategy, and Financial Information: Is the applicant married, divorced, widowed?
Do they have children or other dependents?
Is there a formal buy-sell agreement or business appraisal in place? How was the value of the business determined? Are all partners applying?
How experienced is this person in the industry? How was the loss to the company determined? How long has this business been in operation? Is this the only key person? What is the purpose of the loan? Is this an SBA loan? What is the duration and value of the loan? Was an estate planning attorney or CPA involved?
How was the face amount determined? Will the policy be owned by a trust?
What is the exit strategy to repay the loan? Has a lender already been identified? Health and life style summary: For more information on how we can make it easier for you to write and place more life insurance, please email us or call ext.
Redbird Insurance Income Estimator Ever wonder what your true income potential is in the insurance business? Use our Redbird Insurance Income Estimator and accurately forecast your income.Template for an Insurance Cover Letter. A helpful writing idea: Believability is one Human Resources · Job Search · Graphic Design · Health Care.
Insurance Underwriter Cover Letter Insurance Underwriters decide if applications for insurance covers should be accepted or not and under what terms and conditions. These professionals need to estimate how likely it is for a claim to be made and determine the risk of ensuring a potential customer.
Although only a small percentage of life insurance applications are accompanied with an advisor’s cover letter, those advisors who do send a letter experience an easier underwriting process.
Make it a habit to bring your client alive in the eyes of the underwriter by providing an introduction. Complaints, rating and review of Auto-Owners Insurance. In-depth analysis of Auto-Owners Insurance pricing, financial strength and Better Business Bureau Rating. One Call Insurance Customer Service.
One Call Insurance provides the best insurance deals for car insurance, home insurance, van insurance and travel insurance in . In the past, life insurance carriers have suggested the producer attach a cover letter explaining the details around the sale.
Today, most carriers expect a cover letter and these have proven to .