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The Life Insurance Underwriting Process

What is Underwriting?

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

  • Completed Application
  • Lab results from medical exam
  • Medical exam reports
  • Medical records (Attending Physician Statement)
  • Motor vehicle report
  • Inspection report (there is often a phone interview conducted by a company representative.
  • Medical Information Bureau (MIB) report

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.

life insurance underwritingOnce 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.

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