Life Insurance Underwriting

Determining Cost

Life Insurance Underwriting is a process that determines the risk of insuring a person. Therefore, underwriting involves looking at the application and evidence. This provides the information to determine the risk the insurance carrier takes in insuring this individual. Ultimately, this calculation is translated into the cost of the policy. This means the more risky the individual is to insure, the more the policy will cost.

How Long does it take?

The underwriting process generally takes about 4 to 6 weeks. Sometimes, Attending Physicians Report (APS) is required this could add several more weeks. An APS is a report from your doctor summarizing your health history.

How is Life Insurance Evaluated?

Factors an insurance underwriter use include; the applicant’s age, general health, family medical history and any preexisting medical factors. Also included are an individual’s choices such as; smoking, engage in risky activities such as sky-diving, bungee jumping or motor vehicle racing. Therefore, if you are looking to purchase life insurance it is imperative that you understand the options that are available to you.

Broker Can Help You Navigate Life Insurance Underwriting

Buying life insurance can be a confusing undertaking without the guidance of an insurance specialist. With so many options and types of policies offered, it is no wonder people often feel weighed down. In summary, a life insurance broker works with you to make sure this is as simple and effortless as possible.

Speaking with a life insurance specialist with Solutions Financial is a step in the right direction.