We just buttoned up a case on 5 business partners as part of a Key Person, Buy Sell deal. We knew the health of the primary contact, and quoted Table 2 rates. We ran Preferred rates on the other 4.
4 lives were approved pretty quickly: 1 at Preferred, as expected. 2 at Best Class, so we’re ahead of the game. But our Table 2 guy got a Table 4, so that put our cumulative premium higher than expected. Still, we were close, and the agent knew he could place them all as long as we got the last guy Standard
Keep in mind-this is Key Person. This was an ‘all or nothing’ deal. We don’t get Standard on #5, we’re going to lose them all. We got Table 4. Blew the premium out of the water. But the offer was legit-according to his medical records, the guy had suffered a “lacunar infarction”, so…….a stroke.
We ran the case through our JNSU (Jeff Never Shuts Up) underwriting program, as evidenced by the 18-yes, EIGHTEEN-emails from Jeff to the underwriter on the case.