This is how the life Insurance companies process your application and calculate your final premium after your application has been submitted to the underwriting department. The very first step is the completion of a paper, online or telephone application soon to be followed by a Para-Med nurse. When the nurse visits you, she will also have you sign your application which will be forwarded to the insurance companies home office. These nurses are nice and friendly people which will make the applicant feel relaxed.
Medical underwriters have to carefully review your health history along with other forms of information.
There are a number of important factors life insurance companies have to take into consideration when processing your life insurance application. Keep in mind that this is a normal procedure for a fully underwritten type of application. The underwriting is the same for Term Life Insurance, Universal Life and Whole Life insurance products. Here is a list of some of the most important stages that the underwriting department has to perform in order to process your application.
The life insurance application is the first step in the process.
1. The answers to the questions contained in your initial application for life insurance.
Medical Underwriters use your application for life insurance as a preliminary guide to reviewing your health history and use of prescription medication. They will also normally run a Medical Information Bureau report to locate further details of your health history and history of visits to hospitals.
Expect a telephone interview from the underwriter in charge of your case.
2. Telephone interviews conducted by the insurance carriers. There could be more than one telephone interview depending on your health history. This is a standard procedure where a representative from the life insurance company gives the applicant a call on the phone to usually discuss details on a medical condition that was listed on the application. This is a simple process of clarifying questions and answers so they can get more detailed information which will help them process the application with greater accuracy. Telephone interviews will normally take a few minutes to complete.
Your doctor will receive a request for your medical records which is referred to as a attending physicians statement.
3. Medical records from your doctor as requested by the life insurance company.
This is usually considered standard procedure nowadays where the life insurance companies request an “Attending Physicians Statement” otherwise known as an “APS”. In plain terminology this is simply a request for medical records so the underwriter assigned to your application can get a better idea of your health history.
A Para-Med nurse will come to see you at your home or place of employment.
4. Results of your Para-med visit (Nurse) such as height, weight, blood pressure, urine sample etc. This will depend on your age and the face amount you are applying for. A Para-med is a nurse which will come to your home or place of employment (this is at your discretion) to check for example your height and weight, blood pressure, saliva test, urine test and other possible procedures like an EKG and a blood test.
The results from this visit will be sent to the insurance carrier to review. You can look at this step as having a small physical examination at no cost to you. The insurance company pays the Para-med Company for this service. This is a very quick visit that usually takes less than 30 minutes.
Your parents health and longevity can also come into play.
5. Parents health history such as cancer or heart conditions and other medical concerns possibly in the family genes that could be passed on to the applicant. The life insurance companies only want to see if there is a family history of major illnesses in your family background such as Cancer or heart disease for example. They do not do any investigative work with your parent’s health history. They want to find out if your parents are still alive and if not how long was their lifespan. For example if both parents passed away in their forties from forms of Cancer, this could be passed on to you in their genes.
Your driving record is usually reviewed to see how safe of a driver you are.
6. The underwriting department will review your driving history to see how safe you are behind the wheel and how you obey traffic laws.
The insurance carrier will at times request a Motor Vehicle Report to check for major violations such as driving under the influence of alcohol or drugs, frequent speeding tickets or reckless driving. These types of violations naturally can lead to a fatal motor vehicle accident.
Don’t hesitate to use our quote engine to review the best term life insurance quotes.
The rates you view on a life insurance quote engine are just a starting point. The final rate classes such as “Super Preferred”, “Preferred” and “Standard” rate classes are solely determined by the medical underwriter who is handling your application. We recommend a simple pre-screen to be able to get a better projection on what your rates will be to eliminate any surprises after your application is submitted. These variables cannot simply be interpreted on a quote engine.
The help from an experienced agent can make all the difference in the world when purchasing Term life insurance.
This is where the experienced agent assists the individual considering applying for a life insurance. Using a quoting engine to review life insurance quotes is a great improvement and convenience we now have in the modern times, but always remember there is a lot that happens after you application has been submitted before your final rate which could be the same if you’re in good health or it could change if you have medical conditions to take into consideration. Either way we know how to make the process simple and easy for you. Contact us today to get your questions answered with no obligation.
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