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Have You Ever Thought About Life Insurance Underwriting?
Probably not, right? That's ok...most people don't think about underwriting until the life insurance company declines you or asks you to pay more money for life insurance than your agent originally quoted.
Discover the life insurance underwriting information you need to know before you apply for life insurance!
Save yourself time and money by learning what life insurance underwriters want to know about you and your medical history.
The results will save you needless aggravation and money on your term life insurance and permanent life insurance premiums.
Ready for a FREE, no risk, no obligation life insurance quote?
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Life Insurance Underwriting
You should know upfront that term life insurance underwriting and permanent life insurance underwriting takes 6 - 8 weeks from the time you complete your life insurance application until you receive your life insurance policy.
The last thing you need is to wait all this time only to receive a decline notice or a life insurance policy that is more expensive than expected.
We ask you a lot of life insurance underwriting questions upfront. The reason why we do this is to get the most accurate underwriting information possible in order to provide you with accurate life insurance quotes.
We want you to get the best possible life insurance policy for the lowest price possible. Spend some time with us in the beginning of the underwriting process and you will save time, effort and money on your life insurance premiums.
Life Insurance Underwriting Guidelines
At last count, there are over 100 life insurance companies available in the U.S. Each life insurance company has its own set of life insurance underwriting guidelines used by life insurance underwriters to determine your life insurance rate.
We maintain a database of life insurance underwriting guidelines by life insurance company to ensure that you get to the right life insurance company based on your specific health information.
What Are Life Insurance Underwriters Looking For??
Life insurance underwriting consists of both medical underwriting as well as non-medical underwriting.
Life insurance underwriters want to know about your health, your finances, as well as any civil or criminal information about you...
Whatever your circumstances are, let us help you get to the right life insurance company.
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How Life Insurance Underwriting Works:
We review your individual health information and compare it to the life insurance underwriting guidelines of multiple term life insurance companies or permanent life insurance underwriting guidelines.
We are then able to determine which life insurance company will be best for you based on your specific health and information. If you have no health problems or only minor health issues, it is relatively straight forward and easy to provide you with life insurance quotes at that time.
If you have a health issue life insurance underwriting may become more complicated but we can still help you.
There are a number of life insurance companies available, called impaired risk life insurance companies that specialize in helping you if you currently have a significant health issue or if you had a health issue in the past.
We know which term life & permanent life insurance companies are the most aggressive when it comes to medical underwriting of your health issues. We know the life insurance companies, we know which life insurance companies are best based on your health issues, and we know how to work with life insurance underwriters to ensure that they understand your health history.
We'll get you to the most competitive life insurance companies based on your individual health. We know which impaired risk life insurance companies to go to.
When we discuss your life insurance, many times we are able to give you a preliminary idea of life insurance cost as we speak. We then shop your information out to multiple insurance life insurance companies on an informal basis to firm up your life insurance rate.
Are You in "Preferred Best" Health?
The "preferred best" rates look really good when you see them, right? Something that you need to know is that only about 10-15% of all life insurance applicants will actually qualify for the preferred best life insurance rates after medical underwriting. If you think you may qualify for those life insurance rates, we will share the underwriting rules of the life insurance company with you to ensure that you truly qualify.
There are no "Do Overs" with life insurance underwriting for preferred best rates...
What this means is that you need to be ready and meet the underwriting guidelines when you apply for life insurance.
If you are over the weight limit by a pound, you're out...life insurance companies will make you wait for up to 1 year before they will reconsider you for their best rates!
Let us help you get your best possible rate the first time!
Here is some general life insurance underwriting information to remember before you apply for life insurance:
Did you know that...
- You will pay 20% more for your life insurance coverage if you are 1 pound over this life insurance company's build limits? You can be preferred best with one life insurance company and standard with another life insurance company! Life insurance underwriters have very little flexibility when it comes to the "preferred best" rates...you need to meet each underwriting guideline requirement or you will not get that life insurance rate!!
- You will pay 20% more for your life insurance if your cholesterol is 5 points over this life insurance company's limit? Each life insurance company has different limits for total cholesterol, cholesterol ratios, etc.. We'll give you paramed exam tips to ensure optimal results from your paramed exam!
- Did you know that your family medical history can cost you 40% more with life insurance company "A", but may cost nothing more if you went to life insurance company "B"! Life insurance companies will hold family history of either your parents or siblings having heart disease or cancer prior to their turning age 60...We know which life insurance companies will give you the best rates!
HOW IS IT POSSIBLE THAT...
- Taking blood pressure medication will drop you to the "standard" rate class with one life insurance company, but "preferred best life insurance rate" with another life insurance company? We know which life insurance companies to go to if you have high blood pressure.
- Cholesterol Medication can cost you a bundle unless you go to the right life insurance companies that don't care about cholesterol medication. Which life insurance company should you go to if you take cholesterol medication? We'll tell you.
- Cigars, Pipes, Chew - Most life insurance companies will treat you like a cigarette smoker. We have life insurance companies that will give you non-smoker rates!!! Some of these life insurance companies may even offer you their preferred best rates if you qualify for their underwriting.
- Cigarette smokers?? - Did You know that there is a life insurance company out there that will give you non-smoker life insurance rates for the first few years as an incentive to quit smoking! If you quit smoking, non-smoker rates become available one year after quitting.
WHAT ABOUT health problems:
- Diabetes Life Insurance - Most life insurance companies will add 50%-100% to your life insurance rates! Find out which life insurance companies specialize in Diabetes underwriting and may offer you standard rates! Find out what the life insurance companies are looking for and how to ensure the best results for you if you have diabetes.
- Heart Attack, Heart Bypass, Angioplasty - Why pay double or triple when there are some life insurance companies that may give you standard rates! There are steps you can take to obtain more favorable life insurance underwriting rates if you have had a heart problem.
- Prostate Cancer history? - We have a life insurance company that may consider you for preferred life insurance rates! Others will give you standard or worse! If you are a prostate cancer survivor, let us help you. We can also help you if you have had other types of prostate disorders.
- Breast Cancer, Skin Cancer, Bladder Cancer, plus many other types of cancer. There are niche life insurance companies for each one of these underwriting conditions. We'll get you to the right life insurance company.
- Do You Jump from Planes or Fly them? Find out which life insurance companies will treat you right, and which ones will charge you an extra $250 for every $100,000 in coverage you get.
- Asthma, Depression, Ulcerative Colitis, Thyroid problem, liver disorders, Parkinsons, Epilepsy, Stroke, mini stroke TIA, anxiety, and more. There are niche life insurance companies for all of these. We'll get you to the right life insurance company every time.
- Bipolar Disorder - We have a number of life insurance companies available for bipolar disorder. We are able to help insureds with Bipolar Disorder 1 and Bipolar Disorder 2. Let us help you.
What life insurance underwriting criteria determine your life insurance rate?
Regardless of the life insurance company, each life insurance company will consider the following information when determining your life insurance rate.
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Family History - Your parents and siblings medical history is held against you for life insurance underwriting purposes. Family history of cancer, heart disease, and diabetes are the main concerns to life insurance companies when they are underwriting you.
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Cholesterol - Each life insurance company has its own total cholesterol, cholesterol/HDL ratio that are used to determine your life insurance underwriting classification. Some life insurance companies will offer their best underwriting rate if you are taking cholesterol medication while other companies will not.
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Blood Pressure - Your current blood pressure, your blood pressure history, blood pressure medications will affect the best life insurance underwriting rate that is offered to you. Some life insurance companies will offer you their best life insurance underwriting rate if you take blood pressure medication while other companies will not. We'll even tell you the blood pressure readings you need to have in order to qualify.
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Driving History - If you have had a traffic ticket, most life insurance companies will not hold this against you for life insurance underwriting purposes. If you have had multiple tickets, many companies will hold this against you. If you have had a DWI, DUI, reckless driving, license suspension, etc., companies will hold this against you for life insurance underwriting purposes.
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Nicotine - Nicotine use affects your life insurance rate. It is important to note that non-tobacco rates are available for cigar, pipe, chew, snuff, and occasional cigarette smokers.
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Alcohol Abuse History - Life insurance underwriters look for any history of abuse to determine your best rate. Any current abuse would be declined, but anyone who has been through treatment and clean, may be considered for coverage. We are sensitive to this and work with you to ensure that your information is kept private. We know how to secure favorable offers from various impaired risk life insurance companies.
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Cancer History - If you have had cancer, the life insurance rate you pay will be determined based on the type of cancer, staging, location, treatment, time since treatment, recurrence, etc.. Basal cell skin cancer is one of the few cancers that has little if any affect on the life insurance rate you pay.
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Hazardous activities or occupations - If you play in risky sports such as scuba, skydiving, mountain climbing, hang gliding, parachuting, etc.. we can help you get the best possible life insurance rate, but you will most likely pay a little more for life insurance coverage. The same applies to risky occupations. Some examples considered risky are mine workers, underwater salvage divers, explosives experts, etc.
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Build - Your build affects your life insurance rate. Each life insurance company has its own build chart to determine the life insurance rate you pay. It is important to note that when you are applying for the "preferred best" and "preferred" life insurance rates being offered, most companies will not give you the rate if you are 1 pound over the limit. Talk to us first as we will give you the underwriting guideline information upfront to ensure that you meet the life insurance underwriting criteria for that company.
Underwriting for term life insurance can be difficult at times, especially if you end up with the wrong life insurance company. Whether you are in preferred best health or have a health issue, let us help you get your best possible life insurance rate.
If You have health issues, it is important that we know about those health issues in order to provide you with the most accurate term life insurance quotes possible. You will find more information here about health issues such as:
Alcohol Related, Angioplasty, Asthma, Bipolar, Blood Pressure, Build, Cancer, Crohn's, Depression, Diabetes, Family History, Heart Disease, Hepatitis, Liver Enzymes, Melanoma, Sleep Apnea, Tobacco Use, Ulcerative Colitis, and many more Impaired Risk Life Insurance topics. |
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