Been thinking about getting life insurance, but the long process has left you with second thoughts? Changes to the underwriting process may save you some of that headache.
Itâ€™s a tale as old as time. If you want life insurance you have to go through a weeks or even months-long underwriting process. Your insurance company has to evaluate things ranging from prescription drug records, medical exams, auto records, and more. Proving the information correct in all of these exams further delays you obtaining coverage. According to a study by LIMRA, more than 18.7 million people had given up on securing coverage during this long underwriting process.
Insurance companies are trying to automate the system so you and I can secure coverage without taking up as much time. Companies are employing technology to screen candidates based on key indicators. If you fit the criteria then the process moves along without the need for a medical exam. Please note that if you are flagged the process may require an exam.
What carriers offer this method?
Several carriers are beginning to use this accelerated program of underwriting, including:
- Minnesota Life
- Mutual of Omaha
This process is still being perfected, but if you are interested in whether this option could apply for you donâ€™t hesitate to give us a call at 352-371-7977 or email our Financial Insurance Advisor Nick Deas at [email protected].