How To Prepare For Life Insurance Underwriting
When you apply for a life insurance policy to protect your family and their assets after your death
, your health and lifestyle will be scrutinized by life insurance underwriters in order for them to determine what kind of risk you will present to the insurance company once you are insured. It is this risk, and the resulting likelihood of death, that will determine whether or not your life insurance policy can be issued, whether the death benefit can be immediate or needs to be graded, and how much your premium will be.There is nothing that a life insurance applicant needs to do to prepare for underwriting but if you are in a hurry for your policy to be underwritten and subsequently issued, there are some things that you can do to speed the process up.
1. Get your records.
Depending on your age, health and the amount of life insurance death benefit you are applying for, the underwriters may need to see your last 5 years' worth of medical records. They can order these from your doctor's office, but it can take a few days for them to get there. Instead, you can get a copy of your own records (in a sealed envelope from the doctor's office) and send them to the insurer immediately if they ask for them. Make sure the envelope that contains them is from your Doctor's office and is sealed or they will not accept them since they may have been tampered with.
2. List your meds.
The insurance company will need a list of all your medications and dosages when you apply for an insurance policy. Instead of completing this list after your agent leaves with the application and then forwarding it to the insurance company, create the list ahead of time. Be sure to write down the name of the medication you take, the dosage instructions and amount of milligrams in the prescription as well as the reason or medical condition that necessitates your taking them.
3. Be available.
Depending on your age, health and the amount of death benefit you apply for the insurance company underwriters may require you to have certain medical exams and tests done by a paramedical company before they issue your insurance policy. These tests can include blood and urinalysis, stress tests, blood pressure and weight checks and more. These exams and tests must be scheduled with you, and if you are only available for a very limited amount of time each day or week, it can take a while to find a suitable time to meet. Keep your schedule open during the couple of weeks following the submission of your application so that you can meet with the paramedical examiner quickly.
It shouldn't take more than one or two weeks for the underwriting of your life insurance policy to be completed. As long as you are flexible and responsive to the needs of the underwriters, the process will be quick, easy, accurate and will get your family protected sooner rather than later.
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