6 Life insurance underwriting guidelines that you need to followPosted By: Marlon PowellAll the life insurance companies have their own underwriting guidelines.Many people apply for life insurance policies every year. But, the life insurance companies don't approve all the life insurance applications. All the life insurance companies have their own underwriting guidelines. People will get the life insurance policies only when they fulfill the underwriting criteria. Underwriting process The underwriting process is very complex. The life insurance underwriters examine the submitted applications, determine the premium rate based on risk factors, decide whether to approve the life insurance application. They also evaluate applicant's gross income, medical history, family's medical history, overall health of the applicant. Underwriting guidelines All the life insurance firms have underwriting guidelines. The underwriters look at the following informations: 1.Health: The underwriters look at the overall health of the applicant. If the applicant frequently suffers from diseases or have high mortality rate, they charge high premium rate. They can even reject the life insurance application. 2.Family history: The underwriters look at your parents and siblings medical history. They check whether your parents or siblings had heart problems or cancer issues. They also want to know whether any of your family member had due to cancer or heart attack. 3.Cholesterol: All the life insurance companies have their own cholesterol ratio. You can easily get life insurance policies provided your cholesterol ratio is low. Some firms charge low premium rate if they find that you take cholesterol medicines. 4.Blood pressure: The underwriters look at your blood pressure history, your current blood pressure level, whether you take any medicines for controlling blood pressure. Some firms charge low premium rate if you are on blood pressure medication. 5.Alcohol: The underwriters look at whether you have any history of alcohol abuse. If you have gone through some treatment, then you can get life insurance policies. But if you drink on a regular basis, then your life insurance application will not be approved. 6.Cancer: The underwriters look at whether you ever had cancer. If you had cancer, then they look at the type of cancer, possibility of its recurrence, time since treatment, etc. Only skin cancer has least effect on the premium rate. You can easily get life insurance policies if you fullfil these six life insurance underwriting guidelines.
Many people apply for life insurance policies every year. But, the life insurance companies don't approve all the life insurance applications. All the life insurance companies have their own underwriting guidelines. People will get the life insurance policies only when they fulfill the underwriting criteria. Underwriting process The underwriting process is very complex. The life insurance underwriters examine the submitted applications, determine the premium rate based on risk factors, decide whether to approve the life insurance application. They also evaluate applicant's gross income, medical history, family's medical history, overall health of the applicant. Underwriting guidelines All the life insurance firms have underwriting guidelines. The underwriters look at the following informations: 1.Health: The underwriters look at the overall health of the applicant. If the applicant frequently suffers from diseases or have high mortality rate, they charge high premium rate. They can even reject the life insurance application. 2.Family history: The underwriters look at your parents and siblings medical history. They check whether your parents or siblings had heart problems or cancer issues. They also want to know whether any of your family member had due to cancer or heart attack. 3.Cholesterol: All the life insurance companies have their own cholesterol ratio. You can easily get life insurance policies provided your cholesterol ratio is low. Some firms charge low premium rate if they find that you take cholesterol medicines. 4.Blood pressure: The underwriters look at your blood pressure history, your current blood pressure level, whether you take any medicines for controlling blood pressure. Some firms charge low premium rate if you are on blood pressure medication. 5.Alcohol: The underwriters look at whether you have any history of alcohol abuse. If you have gone through some treatment, then you can get life insurance policies. But if you drink on a regular basis, then your life insurance application will not be approved. 6.Cancer: The underwriters look at whether you ever had cancer. If you had cancer, then they look at the type of cancer, possibility of its recurrence, time since treatment, etc. Only skin cancer has least effect on the premium rate. You can easily get life insurance policies if you fullfil these six life insurance underwriting guidelines.