Surefire R For Underwriting Woes: Prescription Details

Given the sheer number of those conditions, one would be correct to intuit that some reasons for using Prozac are questionable insurance risks, while others have little or no mortality (even morbidity, come to think of it).

To work through this scenario, the insurance underwriter needs some meat on the bones, so to speak. That being, obtain as much disclosure from the client as possible to amplify the circumstances that lead to the use of the SSRI prescription. (This is the perfect scenario for teleunderwriting.)

Quite literally, the more the underwriter knows, the better the odds of securing approval "as applied for."

One of the most prevalent impairments raising an underwriter's eyebrow is chest pain. Most patients who experience this scary phenomenon will go to an emergency room, be evaluated and sent home, strongly admonished to see their personal physician.

Does this sequence of events inherently mean the risk is favorable?

Not at all!

Everything now hinges on how the doctor assessed the problem.

If, in the end, the physician wrote a script for rabeprazole (acid reflux), the risk implications are entirely different than if he chose one of the mononitrates (angina).

Indeed, coupled with a tele-interview, the underwriter will likely act favorably on the first drug without medical records, whereas a full attending physician's statement will be the minimum evidence driving a decision in the face of a nitrate compound.

This analogy could be extended to virtually all major impairments in any underwriting manual.

In consideration of all the foregoing, producers are well advised to get as much detail as possible from their clients about any and all prescriptions: drug name, dosage, times taken each day, and why the proposed insured believes he was given the medication.

Studies have shown that by age 65, many readily insurable individuals will be taking three, four or even more medications. Therefore, be especially mindful to clarify that you have all the drug use details when working with older age clients.

Given the profound insurability implications of prescription drugs, it comes as no surprise that more and more insurers are making use of prescription drug profiling services as a routine screening resource. This testifies to the critical contribution that drug details make to the process of making accurate underwriting decisions as quickly and "painlessly" as possible, without compromising mortality and morbidity expectations.

Hank George, FALU, FLMI, CLU, is president of Hank George, Inc., Greendale, Wis. His e-mail address is [email protected].