Express path is immediate acceptance with no medical exam required ('fluidless process'). Issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.
- 'Lite touch' express path
- This case is undergoing a second review by an underwriter to see if it can be approved without a medical exam. Typically the second review is completed within 48 hours.
- This takes slightly longer than standard express path as noted above (where there is immediate acceptance) but will result in more of your clients being eligible for fluidless underwriting
NEW! Express path (fluidless) expansion program
Effective Tuesday, 5/19/2020, Coverpath expanded its express path fluidless program to enable more clients to receive coverage without a medical exam. This program is available to all Coverpath users.
Fluidless expansion eligibility includes:
- Applications submitted starting 5/19/2020
- Individual Whole Life 100 or 65 policies (joint applications are not eligible)
- Applicants ages 18-45 (actual age)
- Face amounts $25k-$250k
- All fluidless policies with face amounts $50k to $250k under this program will be offered at Select Preferred.
- The premiums for Select Preferred and Ultra Preferred offers are the same, the difference between the two rate classes is the dividend schedule
- For policies with face amounts under $50k, the rate class will be Standard.
Impact to your clients:
- As you work with your clients during the application process, we encourage you to inform them that they can reapply for Ultra with fluids.
- If a client wishes to be considered for Ultra, they can retroactively reapply to get re-underwritten with fluids within the first 6 months of their issue date
Who Qualifies for Accelerated Underwriting
For the initial release of express path, only a small percentage of applicants may qualify. Keep in mind that applicants who meet the following criteria are NOT eligible for express path:
- Applicants under age 18 or over age 59 (<45 if pregnant)
- Applicants seeking over $1M of coverage
Also, the following are NOT likely to qualify for express path:
- Applicants who are taking one or more prescription medications
- Applicants who have a family history of medical conditions
Non-US Citizens are NOT eligible for express path (fluidless) underwriting at this time. However, they may be eligible for 'lite touch' express path as described above.
How Express path Works
If the client gets an express path offer, they will be shown the following screen.
When a client receives an express path offer, the advisor will receive an email as shown below. The advisor will be able to edit the final offer in their Account Center and send to the client for review and signature.
- The advisor will need to eSign the application after the client’s signature. The client will be notified that they are approved for coverage and that the policy will be issued once your e-signature is complete.
- You can view the status of applications that qualified for express path in your Account Center and reach out to the client if they have not e-signed it.
IMPORTANT: Approved Messaging
Due to regulations, Compliance prefers the express path offering to be described as "streamlined or accelerated underwriting."
If you need to reference the non-medical aspect of express path, please utilize the following disclosure:
“With regards to express path underwriting, issuance of the policy or payment of benefits may depend upon the answers given in the application and the truthfulness thereof.” or “With regards to express path underwriting, It's very important to be honest when completing the application. The issuance of the policy or payment of benefits may depend upon the truthfulness of the answers given in the application."
From our Underwriting Team: FAQ