The ING life companies have introduced the Life Insurance Capacity (LIC) Calculator to help insurance producers estimate the maximum amount of coverage that could be in force for a given client based on the company's underwriting guidelines. Using this information, ING says producers can work with clients to help determine their needs, including determining if the client might want to take out additional coverage to ensure his or her future insurability.
"We're continually looking for tools to help our producers help their clients," said Kurt Fasen, SVP and head of ING Life Sales Support. "The Life Insurance Capacity Calculator is more than a unique new online tool. It has the potential to help life insurance producers minimize financial underwriting problems while increasing life insurance sales."
ING says the LIC Calculator estimates life insurance capacity by applying its financial underwriting guidelines to financial information provided by the client/prospect. It then subtracts out the amount of life insurance coverage currently in force (from all insurers) to estimate how much of the total capacity could potentially be purchased today. Verification of finances may be required during the underwriting process.
The LIC Calculator may help producers avoid financial underwriting problems. Because all calculations are performed using ING life companies' financial underwriting guidelines, it provides an estimate of the upper limit of the total life insurance coverage underwriters will likely deem appropriate for a particular person. Further, it estimates potential coverage limits for different categories of death benefit needs, including both personal coverage and business coverage, ING says.
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