5 Essential Questions to Ask Clients Upfront
Managing Client Expectations and Underwriting Discussions with Confidence
At ICON, we collaborate with over 250 independent financial advisers each month, providing tailored solutions for clients by considering their needs and affordability. However, a crucial aspect often overlooked in the initial evaluation process is the client's health status.
Increasingly, underwriting results indicate heightened risks, leading to premium loadings or exclusions. While this news is unwelcome, it is not uncommon. To mitigate these issues, we recommend having a proactive conversation with your clients from the outset.
Here are five essential questions to ask your clients before proceeding with their applications:
1. Have you taken any chronic or long-term medications in the past five years?
This includes medications for conditions such as anxiety, depression, heart issues, or high cholesterol.
2. What is your BMI (Body Mass Index)?
Request their height and weight to calculate this important health indicator.
3. Can you provide a high-level overview of your medical history?
Ask about any existing conditions and whether they have been recently hospitalized or needed to consult a specialist physician
4. Smoker Status – Do you smoke ?
Understanding their smoking habits can significantly impact underwriting outcomes.
5. Occupation Status - What percentage of your work involves manual labour versus administrative tasks?
This helps assess the physical demands of their job, which can affect their health and risk profile.
By addressing these questions early, you can manage client expectations and navigate the underwriting process more smoothly. This proactive approach not only helps in setting realistic expectations but also in preserving the client-adviser relationship.
Pro Tip:- Consider implementing a personal information capture form in your office to gather this data alongside FICA documentation.
Engaging in these candid conversations with your clients can prevent unpleasant surprises and enhance your advisory service. At ICON, we're here to support you every step of the way. Let's work together to ensure your clients receive the best possible advice and coverage.
