Male, age 57, Scuba diver with Peripheral Vascular Disease (PVD), seeking $7,000,000 of X-year term life insurance with a monthly premium lower than $3000.00.
What were the challenges?
When the case was submitted, it was approved at a higher than anticipated rating due to the high number of dives (100 per year).
What was the First American solution?
We dug a little deeper to discover that the client dove with another skilled diver and limited depth to 120 feet. We worked with the carrier to get them to waive the $3.50/1,000 flat extra to make the competitive difference.
What was the outcome?
Credits given to reduce rating from Table 2 to Standard. Secured $7 million term policy at $30,118 annual ($2,509 monthly.)