Improving Your Underwriting Process
Preparing your clients for the Insurance Exam. Make your life easier:
The Do's The Don'ts
Mass Mutual Platinum Pass
From Sept. 18-Dec. 17, brokers can use MassMutual’s Platinum Pass express underwriting to help eligible clients boost existing coverage up to double their existing face amount or $5 million, whichever is less, without an exam. The Platinum Pass program usually limits coverage to $3 million.
· Policies need to be submitted from Sept. 18-Dec. 17 and reported by year-end 2019.
· Can add MassMutual’s LTCAccess Rider (LTCR) for all carriers in the program—not only MassMutual policies.*
· Can replace non-MassMutual term life insurance.
· Cannot replace New York contracts.
· Policies submitted before Sept. 18-Dec. 17 are eligible for the usual Platinum Pass maximum amount of $3 million.
· Consult the Platinum Pass flyer (LI7379) for criteria, requirements, and more. Refer to the Platinum Pass Program producer guide (LI7210) for program details and instructions for submitting business.
· Ages 18 to 60.
· Ten approved carriers—including MassMutual.
· Traditionally underwritten in the past five years using a blood draw.
· A new Legacy individual whole life policy (no survivorship whole life).
· Minimum face amount of $100,000 base.
· Maximum face amount of two times the face amount of the original policy up to $5 million, whichever is less.
· Lifetime program maximum of $5 million.
· Riders: Life Insurance Supplement Rider (LISR), Waiver of Premium Rider (WP), Additional Life Insurance Rider (ALIR), and LTCR.*
· Aviation and avocation risks are considered—may require a supplement.
· Fewer, shorter interviews: Platinum Pass uses a significantly shorter version of the Personal History Interview (PHI), the E-Z Interview (EZI), which is required only for cases over $1 million, foreign risk, or for cause.
· Foreign nationals (citizens residing outside the United States) and professional athletes are not eligible.
Use the Platinum Pass Underwriting Program Eligibility Checklist (LI7913) to prequalify clients (see Further Info for other resources).
The Platinum Pass Program is available for new life insurance policies, not for face-amount increases due to regulatory filing limitations of the Client Medical Interview (CMI). If the existing policy is Legacy Whole Life 65, 100, or High Early Cash Value (HECV) Whole Life, it may be in the client’s best interest to submit a policy-change request to increase existing coverage if a pricing band is crossed. Review face-amount increase pricing versus using Platinum Pass.
The Platinum Pass Program is express underwriting and not a guaranteed-issue program; some underwriting is required. The issuance of the original policy cannot have been as the result of facultative reinsurance, special reinsurance programs, table shaving, or other class-improvement programs. MassMutual may request full underwriting for an impairment that was not present during the original underwriting, new complications to existing impairments, or a significant change in disease severity.