Qualifying for a Private Pension Alternative: Understanding the Medical Underwriting Process

If you’re considering a private pension alternative to the Survivor Benefit Plan, it’s important to know if you qualify. That’s why we’re here to help guide you through the medical underwriting process, and explain what to expect when deciding whether or not to decline the Survivor Benefit Plan.

What is Medical Underwriting?

Medical underwriting is a process that helps insurance carriers determine the cost of insurance and the amount of benefits you would have available to you. The process involves a professional underwriter looking at your medical records, and it’s crucial to know that there is no commitment to anything just from going through the process.

What to Expect in the Medical Underwriting Process

Going through the medical underwriting process involves a few different steps. First, we want to determine your interest in applying and seeing what it would look like to decline the Survivor Benefit Plan. We’ll work with you one-on-one to come up with a plan for your private pension, with life insurance as the main component.

To start the process, we’ll do a preliminary HIPAA release form that gives us a quick snapshot of your current medical situation. This will allow us to approach a number of carriers and see what they think about your insurability. There are dozens of carriers on the market, and if one company doesn’t like your situation, we’ll go to another.

After the preliminary medical assessment, we’ll know which company we want to actually apply for. The application process begins with a 20-30 minute phone call with our case design expert, where we’ll run through the application and do it all digitally, with digital signatures.

Once the digital signatures are in, there will be an interview process, sometimes done via telephone, where you’ll be asked a few questions. After that, you’ll finally get a firm offer back from one of the insurance carriers, and we can make a solid decision about your private pension.

The Importance of Knowing Your Health Status

One of the primary goals at US VetWealth is to see what you qualify for, whether it’s a private pension or just a life insurance policy. That’s why it’s important to know your health status, and to understand that the life insurance industry has changed in recent decades, especially with the new census data.

People are living longer, and the costs of insurance have come down. The military is generally healthier than the average American, and life insurance costs are based on the entire actuarial data of all Americans, not just the military. This means that you have a much better chance of qualifying for a preferred or preferred plus rate, which can equate to tens of thousands of dollars in savings over the long term.

Discover the Benefits of a Private Pension Alternative with US VetWealth

Going through the medical underwriting process is the first step in determining your eligibility for a private pension alternative. With US VetWealth, we’ll guide you through the process, answer any questions you have, and help you make the best decision for your future. Get started today, and secure your financial future with a low-cost, efficient private pension option. Schedule a Call today.

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