Underwriting is the process that insurance companies use to determine the risk profile of the applicant, whether or not the policy will be approved, and what the premium will be.
The life insurance underwriter has many factors to consider before an offer to insure an applicant is made. Some of the considerations are…
– The applicant’s age
– Sex (male or female)
– Smoking status
– Occupation (if hazardous)
– Recent medical history
– Family medical history
– Personal Habits (hazardous sports, travel, etc…)
– Duration of Coverage
– Current mortality rates
Keep it Simple
Buying life insurance can be complicate and you should start a solid relationship with an independent insurance professional who puts you first. With so many options and types of life insurance available, it is common for people to feel overwhelmed. A licensed insurance broker will work with you to make the process and smooth and enjoyable as possible.
If you’re concerned that a preexisting medical condition may disqualify you from receiving coverage, it’s still a good idea to check with an advisor. He/she has likely seen a similar circumstance and can offer expert guidance and help get you the best possible outcome.
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