By Brian Billings, Director of Client Services-
Planning for the uncontrollable events life has to offer isn’t easy. Especially when it has to do with life insurance and making sure your loved ones have the appropriate level of comfort and freedom from financial difficulty should something happen to you. Financial difficulties might involve covering your mortgage, paying for your children’s education, or even the cost of your funeral. To complicate matters, you need to know how much life insurance you need, which may require you to provide Evidence of Insurability (EOI) also known as medical underwriting.
Evidence of Insurability (EOI) is the process of providing proof of your physical condition and acceptability for insurance. Life insurance companies use the EOI process to determine which applicants they want to accept and which they want to decline coverage. To help ensure they are accepting applications for life insurance from participants that don’t provide too high a level of risk, life insurance companies will ask health-related questions and in some cases request blood tests and urinalysis be completed. Accurately completing an EOI application to allow life insurance companies to correctly analyze risk associated with the application is a time consuming task that many employees choose not to complete.
Businessolver makes this process easier by integrating Benefitsolver, our web-based benefits platform, with the medical underwriting systems of many of our life insurance partners. Businessolver’s EOI services are beneficial for both our clients and our clients’ employees. The process becomes much easier for employees to complete and takes the burden of managing the paperwork and administration off of Human Resource staffs. It is a win-win for all involved.
To find out more on how Businessolver can help make your employee enrollment and Evidence of Insurability process easier visit us at www.Businessolver.com or contact us at 888.460.9625.
