Advisor Today - November/December 2016 - 31

of approval is known as a modified
offer, and it doesn't mean that your
client received suboptimal coverage.
It just means that there are limitations
for what is covered by the policy.
If an application comes back with
a modified offer, it's important that
you've made your client aware of the
possibility so he isn't taken by surprise
if this happens. This is an area in
which your General Agent can be a lot
of help, and she should have tips on
how you can approach this subject.
Tip 5: Present documentation
up front. As mentioned previously,
there is a lot of information that
a carrier needs to analyze with a
client's IDI application. To help, many
carriers have a list of the information
that should be included with an
application. While it may feel like a
laundry list of information, submitting

new products

all the documentation in a timely
manner is crucial to ensure a policy is
approved, and it eliminates back and
forth between you, your client and
the underwriting team. Your General
Agent often can help with ways to
streamline this process and make sure
you are getting the right information
from your client up front.
Tip 6: Write a cover letter.
Submitting a cover letter with your
client's application is a great way to
provide the carrier's underwriters
with an overview of your client and
provide information that may not be
gleaned from the application. The
cover letter should provide context
around his or her occupational duties
and employment as well as medical
and financial history. Including
a cover letter with an application
helps underwriters have a better

understanding of the applicant's
history and potentially reduce the
number of questions, which can
lead to a quicker and more efficient
underwriting process.
Above all, it's important to work
with an IDI carrier that helps evaluate
every applicant to provide the best
possible offer. While the underwriting
process may seem extensive, the
process hopes to ensure that your
client has the best coverage at the
best price to help protect him if an
unforeseen illness or injury arises.
Sue Schweitzer, senior director of
Individual Disability Insurance
underwriting at Standard Insurance
Company, leads IDI underwriting
operations, including distribution system
support and case management for fully
underwritten businesses.

cont'd

Penn Mutual and Vantis Life Insurance
Companies to Combine

T

he Penn Mutual Life Insurance
Company (Penn Mutual)
has entered into a definitive
agreement to merge with Connecticutbased Vantis Life Insurance Company
(Vantis Life), a deal which will expand
Penn Mutual's presence in the life
insurance industry by leveraging Vantis
Life's bank-focused distribution model.
As a result of this deal, Vantis Life will
become a wholly-owned affiliate of
Penn Mutual, a Pennsylvania mutual
life insurer since 1847.
The deal, which is contingent upon
regulatory approval, allows Penn
Mutual to expand the reach of its
life insurance and annuity products
through Vantis Life's direct-toconsumer and bank channels. Both
companies will continue to operate
under their current brands and
maintain their respective management
teams and workforces.
"Penn Mutual is committed to
growing our leadership position
within the life insurance industry and

maintaining our strong track record
of success," begins Eileen McDonnell,
chairman and CEO, Penn Mutual.
"This combination will allow us to
reach more Americans with much
needed financial products and advice."
Vantis Life has distribution
agreements with more than 150 banks
and credit unions, including large
super-regional and regional banks, and
a footprint that spans 45 states with
more than 10,000 branch locations.
"For 75 years, Vantis Life has had
unyielding dedication to providing
protection products to underinsured,
middle-income households," says
Peter L. Tedone, president & CEO of
Vantis Life. "Penn Mutual's 169-year
history and financial wherewithal
will allow Vantis Life to continue
to develop and deploy cutting-edge
technologies and distinctive strategies
to reach new customers."
Penn Mutual is one of only 12
life insurers to maintain a rating
of A or better by A.M. Best for

over 75 years-making the list for
88 consecutive years and is currently
rated A+ (Superior) by A.M. Best. Penn
Mutual is rated Aa3 (Excellent) by
Moody's and A+ (Strong) by Standard
& Poor's. The outlook for all three
ratings is stable.
"We anticipate that Penn Mutual's
financial strength and solid ratings with
the three major rating agencies will open
new distribution opportunities for Vantis
Life," says Tedone. "Penn Mutual's culture
and status as a mutual life insurance
company is a natural fit for Vantis Life,
which is focused on providing 'A Better
Life Experience' to customers and agents."
For more information, visit Penn
Mutual at http://www.pennmutual.com/
or call Vantis Life at 1-860-298-5410.
November/December 2016 | ADVISOR TODAY 31


http://www.pennmutual.com/

Advisor Today - November/December 2016

Table of Contents for the Digital Edition of Advisor Today - November/December 2016

FROM THE EDITOR
VIEWPOINT
NEW PRODUCTS
I Love My Job, But I Don’t Want to Do it Forever!
Building a Practice You Love
The New American Dream
A New View of Retirement
College Education Funding: Helping Clients Evaluate What’s Best
Portfolio Allocations for New Market Conditions
Leveraging the Power of Study Groups
An Interview with MassMutual’s James Ocampo on Critical Illness Insurance
Start with “Why”
Best Practices for Selling Group LTCI
From Yes to Success
Meet NAIFA’s New President
NAIFA’s 2016 Performance + Purpose Conference
NAIFA GOVERNMENT RELATIONS
4 Ways to Build an Effective Email Marketing System
ADVERTISER INDEX
BACK PAGE
Advisor Today - November/December 2016 - cover1
Advisor Today - November/December 2016 - cover2
Advisor Today - November/December 2016 - 1
Advisor Today - November/December 2016 - 2
Advisor Today - November/December 2016 - 3
Advisor Today - November/December 2016 - 4
Advisor Today - November/December 2016 - 5
Advisor Today - November/December 2016 - 6
Advisor Today - November/December 2016 - 7
Advisor Today - November/December 2016 - FROM THE EDITOR
Advisor Today - November/December 2016 - 9
Advisor Today - November/December 2016 - VIEWPOINT
Advisor Today - November/December 2016 - NEW PRODUCTS
Advisor Today - November/December 2016 - 12
Advisor Today - November/December 2016 - I Love My Job, But I Don’t Want to Do it Forever!
Advisor Today - November/December 2016 - Building a Practice You Love
Advisor Today - November/December 2016 - The New American Dream
Advisor Today - November/December 2016 - A New View of Retirement
Advisor Today - November/December 2016 - College Education Funding: Helping Clients Evaluate What’s Best
Advisor Today - November/December 2016 - 18
Advisor Today - November/December 2016 - Portfolio Allocations for New Market Conditions
Advisor Today - November/December 2016 - 20
Advisor Today - November/December 2016 - Leveraging the Power of Study Groups
Advisor Today - November/December 2016 - 22
Advisor Today - November/December 2016 - 23
Advisor Today - November/December 2016 - An Interview with MassMutual’s James Ocampo on Critical Illness Insurance
Advisor Today - November/December 2016 - 25
Advisor Today - November/December 2016 - Start with “Why”
Advisor Today - November/December 2016 - 27
Advisor Today - November/December 2016 - Best Practices for Selling Group LTCI
Advisor Today - November/December 2016 - 29
Advisor Today - November/December 2016 - From Yes to Success
Advisor Today - November/December 2016 - 31
Advisor Today - November/December 2016 - Meet NAIFA’s New President
Advisor Today - November/December 2016 - 33
Advisor Today - November/December 2016 - 34
Advisor Today - November/December 2016 - 35
Advisor Today - November/December 2016 - 36
Advisor Today - November/December 2016 - 37
Advisor Today - November/December 2016 - NAIFA’s 2016 Performance + Purpose Conference
Advisor Today - November/December 2016 - 39
Advisor Today - November/December 2016 - 40
Advisor Today - November/December 2016 - 41
Advisor Today - November/December 2016 - 42
Advisor Today - November/December 2016 - 43
Advisor Today - November/December 2016 - 44
Advisor Today - November/December 2016 - NAIFA GOVERNMENT RELATIONS
Advisor Today - November/December 2016 - 4 Ways to Build an Effective Email Marketing System
Advisor Today - November/December 2016 - ADVERTISER INDEX
Advisor Today - November/December 2016 - BACK PAGE
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Advisor Today - November/December 2016 - cover4
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