AIG Clarifys 'Better Choice Preferred' Underwriting Concept
09-24-2007
AIG American General recently introduced the underwriting concept of “better choice preferred,” in which applicants with numerous certain medical conditions that previously would result in an underwriting
classification of “Standard” at best may now result in an underwriting classification of “Preferred.” To receive a “Preferred” underwriting classification, the client must meet all the criteria for the particular preferred class.
THIS BULLETIN IS WRITTEN TO PROVIDE TWO IMPORTANT CLARIFICATIONS ABOUT THE “BETTER CHOICE PREFERRED” UNDERWRITING CONCEPT.
1) “Better choice preferred” is simply a concept and not a new underwriting class. Underwriting classes for Term and UL/VUL product lines have not changed.
2) All Preferred classes are possible, but not necessarily available for all individuals with the following conditions:
Asthma
Arrhythmia
Anxiety/Depression
Crohn’s Disease
Elevated Liver Function Tests (LFTs)
Epilepsy
Treated Sleep Apnea
Ulcerative Colitis
Remember: To be eligible for “better choice preferred” consideration, clients must be a pure standard for the above conditions and then meet all the criteria for a particular preferred risk class. (“Pure standard” is defi ned as meeting the standard risk classifi cation without the use of underwriting credits.)
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