Underwriting in the land of LTC
As with the large variety of policy types, underwriting for Long-Term Care varies significantly from policy to policy and carrier to carrier. Here’s a visual of the underwriting process from the time the client decides to buy.
Traditional coverage – the most difficult of all Long-Term Care underwriting. It is critical for these cases that the client complete the Medical Pre-screen tool prior to applying. This will save considerable frustration.
Lincoln Money Gaurd – this is the second most difficult underwriting and the process is not forgiving. After the advisor’s appointment for this specific product is complete, a telephone interview is conducted between the carrier and the client. There is no exam nor are any records obtained. The decision to offer or not to offer a policy is solely based on the telephone interview.
Nationwide Care Matters and One America (aka State Life) – these cases begin with a telephone interview and each carrier may go to issue based solely on that information but both also offer full underwriting. One America has by far the most lenient underwriting process.