by John Darer® CLU ChFC CSSC RSP
Rated age requests are trending tiwards a longer response times following submission of medicals . What was once the matter of several hours is now taking 24-48 hours in some cases. Whether the cause is a matter of a trimmed work staff, or a flood of workers comp medicals clogging up the system, the delays are something that now needs to be planned for in advance.
A rated age is an important component of a structured settlement pricing when there are life contingent payments such as:
- Pricing out a life care plan
- Providing a back stop to a special needs trust or to an investment strategy
- Funding the deferred component of a Medicare Set Aside Trust (MSAT) at the maximum discount
- Funding the temporary life elements of a New York 50A or 50B Structured Judgment
- Funding lifetime retirement benefits or any other lifetime payment stream
Brokers and their staff are encouraged (if they do not already do so) to take the time to review the medicals that they send before they send them. This helps to eliminate redundant reports and may identify salient points for the underwriter's consideration. Perhaps there will be enough resulting time saved to help speed up response times.