The challenge

An advisor approached Modern Life on behalf of a 58-year-old male executive who needed $150M of term life insurance as key person coverage. The over-jumbo face amount exceeded typical autobind limits, requiring either carrier retention or reinsurance.

The client also presented several medical complexities that created underwriting and reinsurance hurdles. Initial underwriting flagged an M-protein spike on a blood test conducted by the client’s primary physician, leading to a recommended referral to an oncologist. 

An M-protein spike can be consistent with monoclonal gammopathy of undetermined significance (MGUS), which may progress to multiple myeloma and often results in a two-year postponement from diagnosis or a decline if lab results are indicative of multiple myeloma.

In addition to the M-protein finding, other mortality considerations included a mildly positive coronary calcium score, chronically elevated ferritin, mildly elevated A1C, suspected (but not formally diagnosed) sleep apnea, and an enlarged prostate with normal PSA. Together, these findings complicated the placement of the full $150M at favorable rates.

Our approach

This is where Modern Life’s strategy and vendor partnerships prevailed. We tackled each hurdle with operational precision and targeted underwriting advocacy, working closely with carriers, reinsurers, and vendors to avoid unnecessary delays or repeat testing.

M-protein spike

Rather than requiring the client to complete an oncology referral before proceeding—an approach that would have introduced delays—we worked with the exam vendor to preserve the original blood specimen beyond its standard expiration. Although the blood sample was already nine days old, our team coordinated with the vendor to store and preserve it for 30 days.

We then negotiated with a leading carrier to run the same reflex testing an oncologist would order (SPEP). This strategy did not introduce new risk and allowed us to address carrier concerns without requiring the client to schedule additional appointments. The reflexed SPEP returned normal M-protein levels, providing carriers with sufficient comfort to proceed.

The preserved blood specimen later proved essential when additional carriers required NT-proBNP testing, allowing those tests to be completed without a new blood draw.

This approach enabled the placement of a $76M preferred term policy with one carrier through a special internal program to avoid immediate reinsurance submission.

Pancreatic cysts

After the initial placement, new imaging identified pancreatic cysts classified as an intraductal papillary mucinous neoplasm (IPMN) subtype, a pre-cancerous pattern that typically requires two years of imaging stability or surgical removal before additional coverage is considered.

Modern Life outlined the significance of this finding to the advisor and we collaborated on a strategy to obtain clearer diagnostic information. We recommended a more comprehensive MRI rather than repeating ultrasound imaging. The MRI showed resolution of the original cyst but identified a smaller cyst elsewhere in the pancreas with less concerning characteristics.

By clearly documenting the size, stability, and non-concerning features of the new cyst, we worked through the case with carrier partners and secured internal retention at standard and preferred categories, ultimately obtaining an additional $74M of coverage.

Filling the gap

Our strategic case design and carrier relationships enabled us to complete the remaining placement through internal retention without forcing the client to endure extended waiting periods or downgraded ratings. We also coordinated with carriers to satisfy financial requirements by utilizing publicly available information about the client—this eliminated the need to obtain additional personal or business financial documentation from the client, which would have delayed placement.

The solution

By combining clinical advocacy, strong carrier partnerships, and creative placement tactics, we secured the client’s full $150M of term coverage with offers ranging from standard to preferred-best rates.

Next steps

If you’re working on a complex or jumbo case, our team can help. Reach out today to see how we can partner with you to secure the best possible outcome for your clients.