Term Life Insurance Underwriting Process
The Underwriting Process
The application process is generally referred to as underwriting. For the most part, these two terms are used interchangeably. In its broadest sense, underwriting involves the collection and analysis of applicant information and ultimately results in an underwriting decision and offer made by the insurance company.
QuickQuote is unique in the Internet brokerage world in that we stay actively involved throughout the underwriting process. Our Case Management and Customer Service teams work with you and the insurance company to obtain outstanding requirements, facilitate exams, clarify answers, answer questions and much more. We keep you posted on the progress of your application and any important developments.
Once an underwriting decision is made, we will contact you with the terms of the offer and work with you to place your policy in force.
Speeding Up the Process
The underwriting process involves gathering information about you. This is done in several ways: the application, the paramed exam, and additional requirements by the insurance company, to name a few. There are several ways to avoid delays in the process.
Let's start with the application. The quicker you return it to us, the quicker we can start the whole process. Also, a quick return of your application makes it more likely you will receive the premium rate you were originally quoted (this, of course, is subject to underwriting and not guaranteed). As time goes by, events occur that change premium rates: you get older, your health changes, insurance companies change premiums, etc. Submitting your application promptly helps to avoid these events.
Equally important is the completeness of the application forms. Missing information can introduce delays into the process. This is a simple problem to avoid. Our applications are sent to you highlighted and include an instruction sheet to assist you. And of course, your assigned QuickQuote sales representative is always available to assist you by email or telephone.
Now, let's look at the paramed exam. Schedule it quickly. It's that simple. Do not delay or cancel the appointment unless it is absolutely necessary. If you will be traveling, get it done before you go. If you work 80 hours a week, free up 30 minutes in the morning, on a lunch break or on a weekend. This can be the biggest time-saver in the entire process.
Finally, we have the additional requirements. These will not apply to everyone. Examples are additional tests (e.g. electrocardiogram and treadmill), physician's statements, and medical records. These can be sources of long delays. If any of these are ordered, we will notify you. Your assistance in obtaining these is appreciated and encouraged. You can schedule any additional tests immediately and call your physician(s) to expedite records and statements.
If all goes well, we will help you through the underwriting process and have you insured within four to six weeks. With your help, we may be able to shorten the process.
Get a Term Life Insurance Quote now.
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