Underwriting Process |
You may be under the impression that obtaining whole life Insurance
coverage is simply a matter of making a decision based on a quote
an agent gave you. This is not an easy commodity purchase, you will
only end up with an in-force policy if you are not willing to take
an active role in the underwriting process. There is going to be a
lot of back and forth between the insurance company, the agent, and
you. How you manage the process will dictate whether or not you obtain
a policy, and how quickly that occurs.
After You Send in Your Application?
The first thing to occur is a review of the application by an in-house
whole life ins urance specialist. If the application appears to be
of good quality the following will occur.
- You will receive a confirmation e-mail regarding the application.
- You will receive weekly status e-mails detailing any outstanding
requirements until your policy is issued.
- Once we have received all the necessary requirements,
we will obtain a final offer from underwriting.
- We will send you an issued policy for review and delivery.
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Time Delays
After you get a quote and apply for coverage,
the largest time delay comes from obtaining medical records from some
physicians. Normally we get them within a week of our request. However,
sometimes it takes the physicians several weeks to process our request.
We are at the mercy of their office to send us the records, so if
your underwriting time goes beyond 45 days, it is most likely because
we are having difficulty obtaining the necessary medical records for
your whole life Insurance policy.
Your Responsibilities
To finish the whole life Insurance underwriting process quickly, fill
out the complete application and provide as many details as possible.
We are working behind the scenes with your assigned underwriter negotiating
the best offer from the insurance company. Whole Life Insurance is
not an easy product to purchase, so you want to have somebody with
the knowledge and experience we offer as your advocate during underwriting. |
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Have Underwriting or Application Questions?
1-866-582-0003
Whole Life Insurance underwriting is not an exact science, and every
situation is unique. Don't hesitate to talk to us about
any questions you may have on a possible underwriting scenario,
or on how to correctly fill out your application. |
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