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What is life insurance underwriting?
The underwriting process is how premiums for all insurance types are determined. The job of an underwriter is to look at an application and calculate risk—as in what’s the risk that the applicant will pass away and how soon. There are a number of standardized formulas available to calculate risk based on age, gender, body mass, and even how dangerous your hobbies are. Learn more about buying life insurance.
Companies get to choose which formulas they use to determine prices, so shopping and comparing coverage can get time-consuming and confusing. At SelectQuote, we can do the legwork for you, searching some of the most highly rated companies and comparing rates in just minutes. We provide unbiased quotes to help you decide because we work for you, not the insurance companies.
Frequently Asked Questions (FAQs) about Underwriting
How long does the underwriting process take?
The underwriting process starts with providing you with an accurate life insurance rate based on the general health and lifestyle information you share in your application. It’s important to provide the most accurate and up-to-date information, as this will help streamline the application process. As part of your application, you’ll need to undergo a life insurance medical exam, which typically takes less than an hour and is a simple checkup similar to your annual physical.
After your application and medical exam are submitted for underwriting with your life insurance carrier, you’ll typically hear back within eight to 12 weeks. While the process and timeline will vary by policy and carrier, your life insurance generally goes into effect at the time your application is received or following your first premium payment.
What if the underwriter doesn’t like what they see on your application?
Underwriters are mindful of the fact that every applicant is different, and there’s no one-size-fits-all rate or policy. If the underwriter encounters information on your application that brings concerns about your insurability, they may put your application and medical exam results through an additional evaluation to help improve your risk score, which could result in a lower premium rate for you. Remember to provide accurate, in-depth, and up-to-date answers to any additional questions during the underwriting process. The more detailed information you provide, the more accurate your premium quotes will be.
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Is there a way to accelerate the underwriting process?
The underwriting portion of obtaining life insurance can take weeks, so if you’re looking to get covered quickly, accelerated underwriting is an option available to you. Accelerated underwriting doesn’t cost anything extra and shouldn’t raise your premium options, but you might have to accept a lower coverage amount. You can also consider no medical exam life insurance, through which individuals under age 60 and in good health can qualify for up to $5 million in coverage in just minutes without having to undergo a medical exam or extensive underwriting process. Learn more about accelerated underwriting.
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