Fully Underwritten Term

Fully Underwritten Term

Overview

With fully underwritten life insurance the available coverage amounts are higher compared to instant issue life insurance, plus the underwriting process can handle specific lifestyle situations, such as health issues, international travel or high face amounts that instant issue insurance cannot accommodate. You can purchase face amounts, which is how much would be paid in the event of your death, ranging from $50,000 all the way up to $10 million and coverage terms that range from 10 to 30 years. Fully underwritten life insurance requires a more thorough process to qualify than an instant issue product and may include some form of a medical exam.

Product

Fully Underwritten Term Life

Features of This Product Include:

  • Get the best rates when you choose from the top carriers
  • Coverage up to $10 million
  • Products for all ages
Details

Understanding term life

What does the underwriting process consider?

The criteria that are analyzed by a life insurance underwriter can include the following:

  • Applicant’s current age
  • Applicant’s gender
  • Height and weight of the applicant
  • Health history (in addition to family health history of the applicant’s parents and siblings)
  • The purpose of the insurance policy (estate planning, business, or individual life insurance)
  • Applicant’s marital status
  • Applicant’s children, if any
  • The amount of life insurance already in force by the applicant, as well as any additional life insurance that the applicant intends to purchase
  • Applicant’s occupation
  • Applicant’s income as income can help determine the suitability of the amount of life insurance
  • Applicant’s smoking habits or tobacco use
  • Use of alcohol by the applicant
  • Hobbies that the applicant engages in. Some hobbies are considered hazardous, such as rock climbing or hang gliding and are considered high risk
  • Amount of foreign travel that the applicant engages in as some types of foreign travel are considered risky

All of the above factors are considered to be elements of risk. Each is analyzed and factored in by the life insurance underwriters prior to an approval or rejection decision being made. Therefore, prior to applying for life insurance coverage, it is important to understand how underwriting works, as well as how different factors could affect the possibility of being accepted or rejected for coverage. Those applicants who have been rejected due to risk factors can still apply for high risk life insurance.

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Offered by Covr Financial Technologies