Underwriting can be defined as the process of examining, accepting or rejecting insurance risks, and classifying those selected, in order to charge the proper premium for each. An underwriter will review your application, medical exam results and additional information as needed and will assign you a health class, which your rates will be based on.
When you receive your initial quote on our website, the premium displayed is based on the information you enter on our quote form. The final quote offered by the underwriter may differ from your original quote if additional data gathered would indicate a different health class than the one quoted.
Information Typically Required for Underwriting
The underwriting process typically takes 3-6 weeks from the date the underwriter receives your completed application, but can vary, depending on how quickly the information is supplied. Waiting for the Attending Physician Statement from a physician is most often the #1 item slowing down the process. Sometimes a phone call from the applicant to their physician can speed things up.
Once the underwriter has received all the requirements, they will review all the information and determine your health class and premium, based on their underwriting guidelines and will notify us of their decision. Your LifeInsure.com Case Manager will notify you of the underwriter’s decision and, if the application has been approved at a different health class than applied for, will discuss your options with you.
If you agree to the the offer, your policy will be sent to you our office, we will review it and mail to you via UPS. You will have a specified amount of time to review the policy and accept the offer.
Next: Policy Delivery
Your spouse doesn’t even want to think about you passing away, let alone have to sit down and actually discuss it. It’s never easy to talk about death, especially the death of someone you love. That’s why discussing life insurance with your spouse can be so difficult. But since the … Continue reading How to Talk About Life Insurance With Your SpouseRead More
Deciding which type of life insurance product is right for you can be difficult; regardless of whether you’re considering retaining your current policy or you’re shopping for new coverage, it’s important to note that there are benefits to both term life insurance and whole life insurance. Which is the best … Continue reading Term Life Insurance vs. Whole Life InsuranceRead More
We all know how a good life insurance policy can positively affect your family—providing stability, financial security, peace of mind, etc. But have you ever considered how this relationship works in reverse? It’s true, while life insurance does wonders for your family, your family might have some not-so-desirable effects on … Continue reading How Family History Affects Your Life Insurance RatesRead More