Aiming to make its producers and distributors more productive and accurate, the ING life companies (Minneapolis) have introduced a Life Insurance Capacity (LIC) Calculator. The LIC Calculator will 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, producers will be able to work with clients to help determine their needs, including determining if they might want to take out additional coverage to ensure their 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, in a press release. "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-appointed producers can access this calculator on the ING for Producers website or ING Presents.
The LIC Calculator estimates Life Insurance Capacity by applying the ING life companies' financial underwriting guidelines to financial information provided by client/prospect. Then it 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, according to ING. Because all calculations are performed using the 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 also estimates potential coverage limits for different categories of death benefit needs, including both personal coverage and business coverage.
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio