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Surplus Life Markets
Do you often run into cases that cannot be placed for medical reasons, travel declines or even foreign residents? Here is an opportunity to offer life coverage for your clients that cannot be placed in Canada. With the option now to apply for coverage either in the U.S. Bermuda, you will gain from greater placement & stronger credibility while adding value with your clients. Any case that can’t be placed within the Canadian market qualifies.
This would include medically declined cases over the age of 65, travel declines, foreign residents anywhere in the world, excess capacity cases, and geriatric insured annuities where the yield spread is not acceptable to the client, even at standard rates. U.S. & Bermuda are the life markets that you would have access to. The U.S. is the world’s largest primary life insurance market. Bermuda is the global center of insurance liquidity. It is also exclusively a high net-worth life insurance market.
The first step in the process is a case review of the key facts. At the risk of oversimplifying, medical declines, excess capacity and U.S. resident cases are likely to be best suited to the U.S. market. High net worth international residents, Canadians with international assets and Canadian travel decline cases are most likely to see a fit with the Bermuda market.
Surplus Life Markets Process
Field screening/underwriting – a case review of key details is a critical first step to determine market suitability and the merits of proceeding. Underwriting – the details will be slightly different between the U.S. and Bermuda markets. In the U.S. market, medical evidence done in Canada may not be acceptable in the U.S. In the Bermuda market, all medical evidence must be provided out of the country of primary residence. In both cases, complete medical records are required, not summary attending physician’s statements. Placement – U.S. market requires a U.S. owner to issue, ie U.S. corporate entity or trust, while the Bermuda market requires a similar process. Other issues – binding premium in U.S. feasible with monthly mode, Bermuda requires annual premium.

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