Incorporating ScriptCheck into your Final Expense underwriting process

by Stacy Steuart on July 5, 2016

Why are insurers using Final Expense?

Drug2Today, there are more than 35 million Americans age 65 and older. That includes 10,000 Baby Boomers who turn 65 every day and this trend will continue for at least 15 more years.[i]  Additionally, there are 95 million Americans who do not have life insurance[ii], and approximately 36 million people who do not have any savings, retirement savings or investments.[iii]

So what happens when one of these individuals with no life insurance, no savings, and no retirement savings passes away and their family is left with the expenses incurred for a funeral? Many insurance carriers offer a Final Expense product to cover this growing segment of consumers.

Final Expense is a life insurance product that can be purchased to cover funeral and burial costs as well as bills and debt. They are issued as small face amounts and most are covered under simplified issue underwriting.

How ScriptCheck can assist you in your underwriting of Final Expense

According to the LIC/CSG Final Expense 2013 survey report, 46% of Final Expense products incorporate a prescription history check. When issuing a life insurance policy to someone over the age of 65, chances are they have a greater list of prescribed medications than a younger individual.

Through ScriptCheck®, you can build a more complete profile on your applicant.* We work with some of the largest pharmacy benefit management (PBM) companies in the country and have developed exclusive relationships that help capture a more comprehensive review of your applicant’s prescription drug history. We are the only provider that represents 85% of the PBM market share. Additionally, approximately 40% of maintenance medications are mail in orders which can only be pulled through a PBM.

Benefits:

  • Saves time allowing underwriters to make faster decisions
  • Flags concerning medication
  • Eliminates costly human mistakes
  • Translates large volume of data into actionable information for an underwriter

Additionally, through our vast data product offering, we can provide additional services that will help you build your applicant profile. We can complete a health history phone interviewprovide a real-time, scored motor vehicle report, and provide a QuestCheck® and MIB report.

While Final Expense products are smaller face amount policies, it is more important than ever to accurately assess risk and to ensure fair and appropriate mortality assumption. Contact Beth Millay at Beth.A.Millay@ExamOne.com today to learn more.

*ExamOne requires prior written consent from insurance applicants, which appears in the HIPAA-compliant authorization that is part of the insurance application. The authorization must be signed and dated prior to accessing the information.


[i] US Census Bureau

[ii] www.Lifehappens.org

[iii] Social Security Administration

Previous post:

Next post: