Underwriting data and eligibility
Our instant underwriting platform uses the following data to approve applications, in tandem with applicants’ answers during the application process. Ethos underwrites policies on behalf of most of our carrier partners using rules developed in partnership with them. Additionally, we partner with CUNA Mutual Group to offer their TruStage TM product suite, available through CUNA Mutual’s proprietary underwriting rules and application.
Complete and honest disclosures are essential. Lack of disclosure can lead to adverse ratings, ineligibility, or loss of coverage.
Credit-based insurance (CBI) score
Initial product eligibility is based on age and a credit-based insurance (CBI) score, determined through a soft inquiry of the applicant’s credit. A soft inquiry does not impact their credit score.
Ý Applicants 20-65 are routed to an initial product application, or “interview,” based on their CBI score. Final eligibility is based on the applicant’s medical and other information collected during the interview. Applicants who are ineligible for one product will be reconsidered for a higher risk product until the most favorable match is found.á Ý Applicants 66+ are routed to TruStage™ Advantage Whole Life. Based on medical and other information collected during the interview, those who become ineligible will be reconsidered for a higher risk product until the most favorable match is found.
F or clients aged 6 1 and older w here medical history cannot be established, an additional re v ie w by an under w riter w ill be required.
T he CBI score is predicti v e of mortality and policy lapse and is generated using consumer data around credit use. H ere are some things to as k your client about that could lead to a less fa v orable CBI score :
F S horter credit histor = F R ecent credit account delinquenc = F L o w credit limits
F Collection account R F F oreclosureá F Ban k ruptcy
6
Made with FlippingBook - professional solution for displaying marketing and sales documents online