BSMG Blog: Protecting the Future of Families and Businesses

High Risk Life Insurance Underwriting at it's Finest

The Case Challenge:

A 75 yeaIr old gentleman was previously deemed uninsurable by 7 life companies for $9,000,000 of Survivorship coverage due to extensive coronary artery disease history. An initial clinical triage unveiled past inferior and anteroseptal heart attacks, diffuse coronary artery disease, enlarged heart, Stage II chronic kidney disease and a 2012 brain injury.

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Use These Proven Methods When Submitting Business Owned Life Insurance


Our guest blog is written by Jeff Backofen, Regional Chief Underwriter for Principal Financial Group. He held underwriting leadership positions at Mass Mutual and Phoenix Life prior to joining Principal in June 2013.  Jeff has presented at several industry and association conferences, including the Association of Home Office Underwriters (AHOU) and Bramco Underwriting Conference. Jeff shares tactics that you can use to generate a successful underwriting risk management strategy with business owned life insurance. 


Okay, you just sold a large business insurance life case. Next step: underwriting.

If you just yelled “help!” — you aren’t alone. Many financial professionals fear the life underwriting process, but it doesn’t need to be daunting.

One of my favorite sayings is “you’ve sold the client, now sell the underwriter.” And you can often use the same tactics you used to convince the client of the need for life insurance to explain the need for coverage to the underwriter.

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The Pillars of Risk Differentiation Underwriting

Preparation & Perseverance: The Pillars of RDU

The express purpose of Risk Differentiation Underwriting (RDU) is designed to deliver high risk life insurance underwriting pricing based upon the individual merits of a client’s unique clinical profile, versus a risk assessment based upon the law of large numbers. In the arena of high-risk underwriting, RDU strategies are built to recognize specific idiosyncrasies of a clinical impairment in order to favorably separate that risk from an otherwise statistical/actuarial grouping. However, achievement in this regard requires an RDU practitioner committed to meticulous preparation and persevering earnestness.

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Is Policy Review Risky Business?

Do you shy away from policy review because of the notion that it's too risky of a business? When you assess your client's policy, their health and financial circumstances, you qualify the best fit for their current position and needs. Preforming a policy review is a part of an advisor's due diligence, as needs change and new products are continually becoming available. Identifying an opportunity to put your client in a better position will boost your business, while also build client loyalty. What happens if you uncover an impactful health condition that could affect your client's chances of obtaining this new policy? With the right back office support and impaired risk underwriting team you can overcome what may seem like an impossible policy rescue.

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Impaired Risk Series Iss. 2 - Turning a Declined Client, Due to Recurrent Cancer, into Approved for Life Insurance

The Challenge:

A 76 year old gentleman and his 73-year-old spouse applying for $8,000,000 SUL coverage.  The female previously declined by several insurance carriers due to recurrent Stage Ta papillary bladder cancer with multiple transurethral resections and adjuvant chemotherapy.  Moreover, the client experienced two high grade recurrences in the last (2) years with aggressive treatment tied to both events. 

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Impaired Risk Series Iss. 1 - Approach to a Severely Under Water Plan

The Challenge:

The client, a highly successful business owner in his 70’s, was sold a permanent life insurance policy funded through a Premium Financing arrangement. He had become concerned about the current performance and whether or not it was still the best product for his situation. With a shared concern, his agent dug deeper. What he found as he dug into the details of the case was a very challenging situation, one which needed fixing.

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Taking Home the Gold with Risk Differentiation Underwriting

In a market where financial plans and life insurance cases are often classified by their statistical groupings rather than the nuances that are inherently present within them; where can the ultra-affluent go to find solutions to match their extra-ordinary lifestyles? They turn to advisors, like yourself, to produce the best possible results under their unique circumstances. BSMG's experts saw the need for a new approach in presenting these highly significant cases to carriers. As a result, BSMG created Risk Differentiation Underwriting (RDU). 

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Big Cases with Big Ages- Family Office Elite Magazine

The big game hunter is a different breed. He is not your average weekend sportsman. He spends days and sometimes weeks planning and preparing his strategy for a successful campaign. His equipment is more expensive and his hours are longer, yet the reward for his efforts is handsome. Such is the life of a big game hunter and such is the job of a big case underwriter.

Big cases come in different shapes and sizes, but their lure is always the same … success. Everyone wants to bag the elephant, but few are truly prepared to do so. The purpose of this article is to provide guidance through the big case underwriting process, with special attention to the older age client.

Read the rest of the article posted in Family Office Elite Magazine here

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Special Risk Underwriting: Life Insurance For Breast Cancer Survivors

Your clients with a history of breast cancer can still get life insurance!

Many breast cancer survivors think that they won’t be able to get affordable life insurance, but that is not true! Thanks to advances in medical treatment many special risk life insurance companies have changed their coverage guidelines. With special risk underwriting, securing life insurance for breast cancer survivors is possible and will help protect more families who need this coverage. At BSMG we have taken it one step further with our Risk Differentiation Underwriting (RDU). RDU looks at an individual, rather than the law of large numbers.

October is National Breast Cancer Awareness Month, the perfect time to spread the word about the options for life insurance coverage for breast cancer survivors.

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BSMG’s 2014 RDU & Policy Review Event

A big “thank you” goes out to everyone who made our recent event at Showcase Live at Patriots Place in Foxborough, Massachusetts a huge success! The event, entitled “RDU & a Breakthrough View on Policy Review”, was hosted by BSMG’s own Russ Towers, VP Business & Estate Planning and Tim Moynihan, Sr. VP & Director of Risk Appraisal.

Key takeaways from the presentation include:

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